Singapore-based TiA, which expanded to India in 2015 by opening an office in Bangalore, has also cancelled plans to bring its events as it doesn’t think that will “be sustainable on a unit economics basis.” The company has no plans to wind up India operations, according to the report.
TiA, which currently employs around eight people, will retain just three editorial staff post the lay-off.
In a statement to MediaNama, TiA said: “Tech in Asia has downsized our India operations. However, we are not shutting down in India. We’re keeping an editorial team of 3 to provide coverage of the Indian market for an international audience.”
The company further added that it looks forward to expanding its presence in India again in the future. “If we do, it’ll have to be done on a basis that is scalable, sustainable, and provides maximum value to the Indian ecosystem,” it added.
TiA was founded in 2011 as a news portal with a focus on tech startups in Southeast Asia. The company has received multiple rounds of funding since launch. In June 2015, it secured US$4 million, led by SB ISAT Fund, with participation from Facebook Co-founder and Singapore resident Eduardo Saverin, Walden International, Marvelstone, m&s Partners, and Andrew James Solimine, Co-founder of Nitrous. Existing investors East Ventures, Fenox Venture Capital and Simile Venture Partners had also participated.
TiA graduated from the Winter 2015 batch of Y Combinator’s highly acclaimed accelerator programme.
Disclaimer: TiA is a direct competitor to e27.