LeEco may exit India as they fired 85% of its Indian Staff

According to the report from The Economic Times, LeEco has fired 85 percent of its employees in India and is said to be looking to exit the country.
This latest news comes after four months when it confirmed of facing financial crunch.
Citing three top industry sources, the report further mentions that two top executives — Atul Jain, chief operating officer of smart electronics business, and Debashish Ghosh, chief operating officer for Internet applications, services and content have resigned from the company. In December last year, LeEco exited the offline sales model owing to limited funds allotted for the Indian unit. The company had outpaced Xiaomi, Vivo and Oppo with an advertising budget of Rs. 80 cr per month.
LeEco India chief operating officer Alex Li confirmed the exit of the two senior executives, but denied any plans to exit the market. Speaking on the layoffs, Li said the company has recalibrated and reimagined its business in India since last year and has taken steps to ensure that the scale of operations is in sync with resources, said the report. LeEco’s Mumbai and Delhi offices are said to be left with minimal staff, while firings are on in its Bengaluru research and development centres.
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