In November 2022, trade financing fintech startup Drip Capital laid off approximately 20% of its workforce, affecting over 75 employees out of a total of 400. The company, which operates in India, the U.S., and Mexico and provides digital financing solutions to small and medium businesses, described the move as part of a restructuring exercise. The layoffs, which primarily impacted tech, engineering, and sales teams, left employees surprised as they had been told just two months prior that the business was performing well. This restructuring occurred about a year after Drip Capital secured $175 million in funding in October 2021. The layoffs reflect broader trends in the startup sector, where many companies, including Drip Capital, have taken steps to reduce costs amid challenging funding conditions.
