Chinese Multinational LeEco Fires 85% Indian Workforce, Plans To Exit India
00:50, Mar 4, 2017
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He also said there had been no mass layoffs at its operations but confirmed that the unit is going through a restructuring. The company managed to outpace rival Chinese manufacturers Oppo, Vivo and Xiaomi with an advertising budget of Rs. 80 crore/month. Moreover, LeEco India has a robust R&D team working for India as well as LeEco globally, as the company values the R&D function, as it is integral to long-term business. LeEco television and smartphone business continues in India and has gained significant market recognition.
It looks like LeEco is planning to exit India as the company has fired 85% of its employees over here, claims a recent report.
Indian sales also nosedived after the November currency swap, hastening the decision, they added.
India Chief Operating OfficerAlex Li confirmed the exit of LeEco's executives but denied plans to exit India or liquidate stock. Company's Mumbai and Delhi offices are left with minimal staff after the firing.
In November past year, LeEco CEO Jia Yueting had written an email to employees saying the firm had burnt cash too quickly and that it would cut costs and realise efficiency. "All this certainly does not signal a company in wind-up mode", it said.
The report further citing another senior industry executive said LeEco was now liquidating stock and will exit in the next few months.
According to the company statement, the resource head count in India, however, is well aligned to the scale of operations envisioned and in line with industry benchmarks.
Bloomberg had cited the billionaire chairman's letter likening the expansion to speeding blindly, causing cash demands to balloon. Two of its top executives in India have also quit, a spokesperson told BloombergQuint. According to reports, CEO Atul Jain and COO for Content Debashish Ghosh have stepped down from the company.
Industry executives attributed the likely exit to the financial crisis at the parent firm and its decision to focus on China and the United States, the report said.
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