Food ordering service Ritual lays off nearly half of its employees
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- Ritual Technologies Inc., a Toronto-based takeout service, has laid off approximately 45% of its workforce, with about 40 employees being affected by the cuts. This marks the third round of staff reductions for the company in recent years, with its employee count decreasing from over 300 in 2019 to 77 as of March 31.
- Prior to the pandemic, Ritual was viewed as a promising and fast-growing Canadian startup, partnering with over 10,000 restaurants in Europe and Asia. However, the pandemic severely impacted its business, particularly due to the shift to remote work, which reduced its core customer base of office workers. The company's revenue stagnated, amounting to US$10.3 million in the 12-month period ended March 31, 2022.
- Despite efforts to improve operating losses, Ritual has struggled to regain momentum.
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Company Profile:-
Founded: 2014
Industry: Apps, Coffee, E-Commerce, Food and Beverage, Mobile
Location: Toronto, Ontario, Canada
Total Funding: $134.8M
Company Stage: Series C
Founders: Larry Stinson, Ray Reddy, Robert Kim
Website: www.ritual.co
Ritual Technologies is an innovative company that has transformed the way people order food and beverages through its mobile ordering platform. With a mission to make the dining experience more convenient and enjoyable, Ritual Technologies offers a user-friendly app that allows users to browse menus, place orders, and make seamless payments at their favorite local restaurants and cafes. By leveraging technology, Ritual Technologies streamlines the ordering and pickup process, reducing wait times and providing a hassle-free experience. Additionally, the platform offers features such as personalized recommendations, loyalty programs, and group ordering, enhancing customer engagement and satisfaction. With a growing network of partner establishments, Ritual Technologies is revolutionizing the way people dine out and supporting local businesses in the process.
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