India, Feb. 21 -- Saurabh Jain, co-founder of Bengaluru-based Livspace, has stepped down from his position as the CEO. In a LinkedIn post, he hinted at "working on something new" without explicitly mentioning the reason behind his exit. This came amid the reports of the company laying off over 1,000 employees, nearly 12 percent of its total workforce.

The company reportedly laid off employees in an attempt to lower costs and use AI to replace humans, Moneycontrol reported, citing individuals familiar with the development.

At Livspace, we've always been a technology-first company. As we look at the next phase of our growth, we are fundamentally reorganizing our internal operations to become an AI-native agentic organization," the spokesp...