Toronto-based takeout service, Ritual, underwent a substantial downsizing, joining the wave of layoffs in the global tech sector.
The company, known for its mobile app that allows consumers to skip lines at quick-service restaurants, reduced its workforce by nearly 45%.
Lior Samfiru, an employment lawyer, confirmed that approximately 40 employees were affected by the cuts. This is the third round of staff reductions for Ritual, which previously employed over 300 individuals.
The pandemic severely impacted Ritual’s business, particularly its office-worker customer base.
Despite revenue stagnation and ongoing operating losses, Ritual has secured nearly USD $135 million in venture capital funding.
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