In September 2024, the Bengaluru-based fintech startup Klub, backed by Peak XV and Trifecta Capital, laid off approximately 60-70 employees, reducing its workforce from over 100 to about 45—a cut of more than half. This significant downsizing, affecting most of the team in its Ahmedabad office, was driven by funding challenges, leading the company to restructure its operations. Klub has paused its cross-border commerce enablement business, a vertical launched about a year ago, and is focusing on clearing remaining inventory before potentially closing it. The company's core offering remains its revenue-based financing for businesses. CEO Anurakt Jain stated that Klub is pursuing operational efficiencies and is in active discussions to raise new capital, aiming to strengthen its financial position in the competitive fintech industry.
