Fintech startup Smallcase, backed by Sequoia and valued at $200 million, laid off 15 employees, representing 4% of its workforce, as part of a restructuring exercise over a three-month period ending around March 2023. The company described the move as a normal business adjustment, but sources indicate it followed the implementation of Performance Improvement Plans and came amid growing financial pressures. Smallcase reported a significant increase in losses, reaching Rs 76.2 crore in FY 2021-22, a 196% year-on-year rise, largely driven by a surge in marketing and promotional expenses. Founded in 2016, the platform enables retail investment in stock and ETF portfolios.
