New Delhi, March 25 -- Electric scooter rental startup Zypp Electric has laid off at least 150 employees and introduced pay cuts linked to certain targets in efforts to cut costs, people aware of the developments told Mint.

Zypp's measures come shortly after it raised about Rs.55 crore as part of an ongoing fundraising and amid increasing adoption of electric scooters, although the domestic electric vehicle sector faces multiple challenges.

"The company has been firing people since late February to slash costs, and it's (the layoffs are) still going on," said one of the people mentioned above.

The Gurugram-based startup said it cut its employee count by about 150 people as part of a regular efficiency exercise.

"This isn't about cutti...