Subdued macro economic environment had compelled the company to trim its organisational structure, the company said
Gold loans start-up Rupeek has laid off 10-15 per cent of its team, which is estimated to be around 200 employees.
Rupeek has about 1,249 employees on Linkedin and the layoffs are said to have impacted all verticals at the company. In an internal email, CEO Sumit Maniyar said the subdued macro economic environment had compelled Rupeek to re-calibrate its strategy, relook its costs and make the organisation structure leaner.
“We conducted a thorough exercise, and have decided to keep the right fitment of workforce required, aligned with our revised strategic plans. This was definitely one of the most difficult processes that we as an organisation had to go through,” he added.
A Rupeek spokesperson said, “With deep regret, we have taken the difficult decision to part ways with 10-15 per cent of the employees. The subdued macro economic environment has compelled us to re-calibrate our strategy, relook at our costs and make our organisation structure leaner, so as to support our sustenance and growth. We acknowledge the selfless contributions made by all the employees who are being impacted and we are committed to supporting them through this transition.”
Founded in 2015, Rupeek is an asset-backed digital lending fintech platform that currently enables doorstep gold loans for customers at a low-interest rate. The company is present in over 55 cities. In December 2021, Rupeek had announced disbursing gold-backed loans worth $1 billion, which was double what it was doing in December 2020.
Recently, Rupeek raised a $34-million round of funding that was led by Lightbox and existing investors. Headquartered in Bengaluru, Rupeek‘s investors include Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital, VEF, and Lightbox, among others.