Gold lending platform Rupeek lays off 10-15% of staff amid rising inflation

Gold lending platform Rupeek said on Tuesday it was cutting 10-15% of its workforce across the organization after the gloomy global macroeconomic environment caused it to reassess its costs.

The total number of laid off employees is less than 200, said a source familiar with the matter. Your story, adding that the layoff affects the entire organization and is not limited to specific functions.

“We conducted a thorough exercise and decided to keep the right workforce mix required, aligned with our revised strategic plans,” Rupeek founder Sumit Maniyar said in a memo to startup employees. .

Founded in 2015, Bengaluru-based Rupeek is currently present in over 35 cities and has disbursed loans worth Rs 6,500+ crore, with 55% of its clients being first-time borrowers. Among its investors are Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital and Lightbox.

In January of this year, the startup raised $34 million from Lightbox.

The startup ecosystem has seen a series of layoffs across all sectors, although job cuts in the fintech/BFSI sector have been muted.

Venture capital and private equity funding has also largely slowed: A report by industry body VCA (Indian Venture and Alternate Capital Association) and Ernst & Young said monthly investments in startups fell by 50%, on an annual basis, due to a slowdown in major funding cycles.

Startups in the edtech, e-commerce, direct-to-consumer (D2C) and transportation aggregator sectors were hit the hardest.