Bengaluru-based fintech startup Jodo, which is backed by Tiger Global, Elevation Capital, and Matrix Partners, laid off approximately 100 employees last week in a significant cost-cutting move. The layoffs, conducted across departments including engineering, data, customer success, and sales, came after the company failed to meet its ambitious business targets for 2023. Jodo had aimed to increase the fees processed on its platform tenfold this year but is projected to achieve only a threefold rise. During a virtual town hall on November 17, founders cited lower-than-expected growth and the need to sustain operations as reasons for the restructuring. The startup, founded in 2020 and employing around 300 people prior to the cuts, offered a severance package of 45 days' pay and outplacement support to affected staff.
