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Future Group’s ecommerce venture, Retail 3.0, was announced in November 2017

The e-commerce arm had 600 employees by 2018

Future Retail has partnered with Amazon to list their products on Amazon.in

Mass layoffs are becoming a disturbing trend in India, with players like OYO, Quikr, Uber, Ola and many others trying to streamline their businesses. The latest listing was joined by retail giant Future Group under the leadership of Kishore Biyani.

According to Mint, Future Group has laid off close to 350-400 employees with the intention of reducing its e-commerce venture, Retail 3.0. These layoffs have impacted Future Group employees in sales, product development, marketing and ground operations.

The report adds that the layoffs have been ongoing for the past few months. A Future Group spokesman confirmed the report without revealing details.

E-commerce layoffs and reductions follow after Amazon acquired a 49% stake in Future Group promotional entity in the second half of 2019 for INR 1500. Amazon also bought a 3.58% stake in Future Group.

In addition, Future Retail and e-commerce giant Amazon have entered into a long-term agreement to sell Future Retail’s brands and products on Amazon in India. Through this, both companies plan to expand their offline and internet ventures with the help of each other. The connectivity means that much of Future’s e-commerce revenue would come from Amazon in India in the near future.

Amazon will help Future Retail to be available online through its e-commerce expertise, and meanwhile Future Retail will help Amazon expand beyond the web. That partnership will give up this month with a sale on Amazon to mark the future of Future Group’s “Sabse Saste Din Day”.

Future Group announced Retail 3.0 in November 2017 on the Nasscom product Conclave. Retail 3.0 was conceived as a blend of technology and the brick trade. “It’s a model called Tathaastu. This will help you get everything you want,” Biyani said at the time.

Reports say the company began hiring for Retail 3.0 in late 2016 and had over 500-600 employees in 2018.

In 2018, Future Retail has set a goal of becoming Asia’s largest integrated retailer by 2047 with revenue exceeding 1Tn with the help of such a technology model. Biyani also stressed that even over the next 10 years, the business model will not change. Retail 3.0 seemed focused on food, fashion and home, with production, supply chain, distribution and data.

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