Layoffs an ‘unfortunate but necessary’ step in the company’s route to develop into economically sustainable, said CEO Ujjwal Ankur
Tickertape noted a loss of INR 16.4 Cr in FY22, whilst its earnings stood at a mere INR 3.01 Cr
Tickertape has joined a growing checklist of fintech startups, which involves ZestMoney, Simpl, FamPay and Open up, that have laid off employees in the past several weeks
Fintech startup Tickertape has sacked approximately 30% of its workforce, or 29 workforce, as element of an inner restructuring exercising.
“Today was just one of the most tricky days for me skillfully – we at Tickertape experienced to enable go 29 of our colleagues as portion of a restructuring exercising,” Tickertape founder and CEO Ujjwal Ankur reported in a tweet.
As for each the startup’s LinkedIn webpage, it has a workforce of 100 men and women.
Without having mentioning the groups impacted by the layoffs, Ankur explained that the 29 staff are instantly available to be part of other companies throughout many verticals. He also reached out to fellow cofounders on line for hiring the impacted staff members.
Ankur termed the retrenchments an ‘unfortunate but necessary’ step in the company’s path to come to be monetarily sustainable.
“An emotional working day nowadays, but the foreseeable future is promising and time heals all wounds,” added the fintech startup’s CEO.
Started in 2015, Tickertape is an investment-focused content material and analytics platform. It delivers a a single-halt-platform for instruments and expert services that help buyers to delve further into shares, ETFs and mutual resources. It operated as an entity of fintech startup Smallcase till November 2021 when it elevated a funding of $5 Mn. Afterwards, it was spun off as a independent entity in the same 12 months.
The layoffs are likely the end result of mounting losses and the ongoing funding winter season in the Indian startup ecosystem. Tickertape raked up a decline of INR 16.4 Cr in FY22, although its profits stood at INR 3.01 Cr.
With the layoffs, Tickertape has joined a growing checklist of fintech startups that have fired workforce in the past handful of months. Very last week, neobanking system Open fired 47 personnel though purchase-now-shell out-later on (BNPL) soonicorn Simpl dished out pink slips to 120-150 staff members.
Teen-targeted fintech system FamPay also witnessed a number of top-degree exits though it also culled its workforce by 50. Fintech ZestMoney was also mentioned to be laying off almost 30% of its workforce as section of a price-slicing training following its prepared acquisition deal with PhonePe fell by.
When fintech proceeds to be the selection of sector for traders, world-wide macroeconomic headwinds, coupled with adverse industry ailments, have dried up funding. In a bid to consolidate operations and aim on profitability, several fintechs have resorted to mass layoffs and shelving enlargement options.
Inspite of the hurdles, fintech startups elevated the best amount of money of cash in the 1st quarter (Q1) of 2023 even as funding through the time period declined 75% YoY to $3 Bn.