Animal husbandry and aquaculture startup Aqgromalin laid off around 30% of its workforce, or 80 full-time employees, from its corporate offices.
Aqgromalin had to lay off employees while it attempted to raise a new round of funding, which did not materialise. For the funding round, Aqgromalin had discussions with several investors, including a Korean-based fund that invests in early-stage startups. However, on the day the agreement was to be signed, the lead investors backed out, citing an economic downturn. Aqgromalin is also in merger talks with other companies, as well as with the country's first D2C meat unicorn, Licious.