India, March 26 -- IPO-bound electric mobility startup Zypp Electric has laid off nearly 10% of its workforce in the past three months due to "performance" issues.

Zypp cofounder and CEO Akash Gupta told Inc42 that the retrenchments were part of a "rationalisation" exercise aimed at driving efficiency, sustainable growth and profitability.

"As a company, we have not officially conducted any layoffs but, in fact, we did appraisals in the month of February. During appraisals, we have to look at some kind of rationalisation to keep driving efficiencies, to drive sustainable growth, and profitable growth. In January, we were at about 1,300 employees and now we are close to 1,180 or 1,190 odd people," Gupta said.

The development was first r...