Gold loan platform Rupeek lays off 10-15pc of its staff amid rising inflation
The fintech startup is the latest to announce job cuts after the likes of Vedantu, Unacademy, BYJU'S-backed WhiteHat Jr, Furlenco, Trell, and Ola.
Gold loan platform on Tuesday said it is culling 10-15 percent of its workforce across the organisation after the subdued global macroeconomic environment led it to reevaluate it costs.
The total employees being laid off are less than 200, a source familiar with the matter told YourStory, adding the layoff is across the organisaton and not limited to specific functions.
"We conducted a thorough exercise, and have decided to keep the right fitment of the workforce required, aligned with our revised strategic plans," said Rupeek founder Sumit Maniyar in a note to employees at the startup.
Founded in 2015, Bengaluru-based Rupeek is currently present in 35+ cities and has disbursed loans worth Rs 6,500+ crore, with 55 percent of its customers being first-time borrowers. Its investors include Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital, and Lightbox.
In January this year, the startup raised $34 million from Lightbox.
The startup ecosystem has seen a spate of layoffs happening across sectors, although job cuts in the fintech/BFSI sector have been muted.
Venture capital and private equity funding has also been broadly slowing down: A report by industry body VCA (Indian Venture and Alternate Capital Association) and Ernst & Young said monthly startup investments have plunged 50 percent, on a year-on-year basis, due to a slowdown in large funding rounds.
Startups in the edtech, ecommerce, direct-to-consumer (D2C), and transport aggregator sectors have been hit the most.
Edited by Megha Reddy