Bengaluru-based gold loan provider Rupeek has laid off around 200 employees from its workforce across multiple teams.
The company has laid off nearly 10-15% of its workforce. The reason behind the layoffs is tough macro conditions and a funding crunch.
The company’s founder and CEO Sumit Maniyar told employees about the decision through an email. The workforce strength of Rupeek is around 1300-2000 employees.
The company spokesperson said in a statement, “With deep regret, we have taken a decision to part ways with 10-15% of the employees. The subdued macroeconomic environment has compelled us to recalibrate our strategy, relook at our costs and make our organisation structure leaner, to support our sustenance and growth.”
In 2020, Rupeek decided to not renew the contracts of 600 contractual employees due to the situation around the COVID-19 crisis.
Most of the startups have laid off employees who had raised significant funding last year. There have been nearly more than 8000 employees that have been laid off potentially in a bid to conserve capital in a difficult funding environment.
In the past few months, Learning platform Udayy shut down its operations and laid off its entire staff comprising up to 100 employees. Digital health platform Mfine laid off over 50% of its staff due to a lack of funds to pay salaries.
Cars24 asked 600 employees to leave and ed-tech startup Vedantu laid off 424 employees. Lido Learning asked 1,200 of its employees to resign. Meesho laid off 150 employees followed by many more.
