Rupeek

Gold loan fintech startup Rupeek has laid off approximately 50 employees on September 7, marking its second round of workforce reductions this year after cutting 180 jobs in June, bringing the total to about 230 employees let go in 2022. This represents around 5% of its total workforce. The Bengaluru-based company cited a subdued macroeconomic environment and a strategic shift toward achieving profitability within the next 12-18 months as key reasons, aiming to adopt a leaner cost structure. Concurrently, Rupeek is in advanced discussions to secure $16 million in funding from existing investors like Sequoia Capital and Accel, having already raised $7.4 million to bolster its financial position and core operations.

Gold loan fintech platform Rupeek laid off over 180 employees in June 2022, representing 10-15% of its workforce of over 1,200. The company cited a subdued macroeconomic environment and the need to recalibrate strategy, reduce costs, and create a leaner organization to ensure sustenance and growth. This move marked one of the first significant layoffs in the fintech sector amid a challenging funding winter. Despite reporting strong growth and a $1 billion annual disbursement run rate, Rupeek undertook this restructuring to align its workforce with revised strategic plans, acknowledging the difficulty of the decision while committing to support affected employees.