Khatabook, a fintech startup, announced on Friday that it had laid off 42 employees, or 6% of its workforce, to reorient its business with its targets. Before the layoffs, 700 employees were working for the company.
“In-line with our profitability goals, we are reorienting some parts of our business which requires us to operate with a leaner team on certain business verticals,” a Khatabook spokesperson said.
“This restructuring has impacted 6% of our 700 employees. All impacted employees have been provided with a separation package which covers 3 months of pay, stock vesting option, health insurance extension and other job search-related support,” the spokesperson said.
Following its previous funding round, Khatabook was valued at $600 million (roughly Rs 4,500 crore). It is backed by some companies, including Sequoia Capital (now PeakXV Partners), Tencent, Tribe Capital, and Moore Strategic Ventures.
In the 2021 funding round, the company had raised $100 million (roughly Rs 743 crore).
