In April 2023, Indian neobanking unicorn Open laid off 47 employees, citing performance-based reasons amid a broader slowdown in fintech funding. The company, which became India's 100th unicorn in May 2022 after a $50 million Series D round, stated the layoffs were part of efforts to cut costs and extend its financial runway, with its founders also taking a 50% salary cut. While Open emphasized it is still hiring in key areas like growth marketing and product, affected employees reported abrupt dismissals with only one month's notice pay as severance. The firm, backed by Google and investors like Temasek, saw its losses widen to Rs 167 crore in FY22 despite revenue growth, reflecting the challenging market conditions prompting this restructuring.
