Livspace CEO Lalit Mittal Resigns Amid Layoffs and Co-Founder Departure

Livspace Experiences Senior-Level Departures Amid Organisational Changes

Key Developments:

• Lalit Mittal, Chief Business Officer at Livspace, has left the company after a 6-year tenure.
• Mittal's departure comes just days after the announcement of Saurabh Jain, India CEO and co-founder, stepping down from his position.
• Livspace has undergone significant organisational changes, including the firing of at least 1,000 employees to reduce costs and increase efficiency through the use of artificial intelligence (AI).

Background:

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• Lalit Mittal, who served as Livspace's Chief Business Officer, played a key role in running India operations alongside CEO Saurabh Jain and other top executives.
• Mittal was elevated to the role of CBO in 2022, following Saurabh Jain's move from CBO to CEO of Livspace India.

Financial Performance:

• Livspace reported a 23% increase in sales to Rs 1,460 crore in FY25, up from Rs 1,185 crore in FY24.
• The company's losses shrunk from Rs 416 crore to Rs 242 crore during the same period.

Leadership Transition:

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• Livspace has acknowledged the back-to-back senior leadership exits but views them as a natural evolution of a mature, high-growth organisation.
• The company has a history of "graduating" leaders who go on to build significant companies of their own.