Layoffs in India

Mumbai-based audiobook startup Kuku FM has laid off 80-100 permanent employees this week as part of a cost-cutting restructuring, with the overall impact extending to around 300 on-roll and off-roll staff. The content team, including writers and producers, was the most affected. The company, which more than doubled its revenue to INR 88 Cr in FY24 while narrowing losses, is likely shifting toward leveraging artificial intelligence for content creation. This move follows a $25 million Series C funding round last year and occurs amid similar restructuring by competitors in the audio content industry.

Stoa, a Bengaluru-based startup offering an alternative MBA program, has shut down its operations after four years, effectively laying off its entire team. The company, which had served over 1,500 students, cited a post-pandemic dip in demand for online learning as a key reason. Co-founder Raj Kunkolienkar explained that while the company built a strong brand, it decided against transitioning to an offline model due to unfavorable economics that conflicted with its mission of affordable education. Earlier this year, Stoa attempted to pivot by launching an AI-based enterprise agent platform called Zeus, but this initiative did not sustain the business. The closure marks the end for a notable player in the edtech and alternative business education space.

Toplyne, a startup in the technology and sales enablement industry, has ceased operations after 3.5 years, resulting in layoffs for its entire 30-person team. The company's founders announced the wind-down, citing an inability to achieve the necessary scale or product-market fit despite their efforts. Their current focus is on assisting the displaced employees in finding new roles and ensuring a smooth transition for their customers. The closure effectively represents a 100% reduction in staff, with the decision made public in a recent announcement.

Bengaluru-based used two-wheeler marketplace BeepKart has laid off approximately 130 employees over the past five months, representing about 40% of its workforce, as part of a significant cost-cutting initiative. The startup, which operates in the e-commerce and automotive industry, conducted three rounds of layoffs, with the latest in late September affecting 60-70 staff. Facing a funding crunch, heightened competition, and rising operational expenses, BeepKart also halved its physical presence by closing six of its 11 stores in Bengaluru and Chennai. The company, backed by investors like Vertex Ventures and Stellaris Venture Partners, had expanded aggressively but struggled to scale profitably, leading to this restructuring to conserve cash.

Agritech startup Greenikk, which was building a digital ecosystem around banana cultivation, has shut down operations. Founded in 2020 and backed by investors like 100Unicorns, the company faced insurmountable challenges including significant loan defaults through its NBFC arm, low revenues, mounting losses, and a failure to achieve product-market fit. Despite initial traction and a pivot from its loan-focused model, the startup was unable to scale beyond financial services and could not secure further investor interest to remain viable. This closure highlights the difficulties in the agritech sector, particularly for ventures aiming to serve specific agricultural value chains.

Aakash Educational Services Limited (AESL), owned by Byju's, has laid off approximately 80 to 100 employees over the past couple of months, including senior and middle-level executives, with some long-tenured staff affected. This marks the first layoffs since Byju's acquired the company in 2021. The company cites its biannual performance review cycle and a strategic shift under "Aakash 2.0," which involves restructuring roles and new hiring, aiming to be a net hirer by year-end. Operating in the edtech and test-prep industry, Aakash continues to function independently under the Think and Learn brand following a withdrawn merger, with expectations of strong revenue growth.

Healthtech startup Dozee laid off approximately 40-50 employees last month as part of a restructuring effort to reduce losses, impacting teams including on-field operations, customer success, sales, and marketing. With a total workforce of about 250-270 prior to the layoffs, this represents a reduction of roughly 15-20%. The company, backed by Prime Venture Partners and founded in 2015, attributed the move to a strategic reallocation of resources toward HealthAI, clinical research, and international expansion, though sources cited tepid revenue growth and mounting losses as key drivers. Despite Dozee's official statement downplaying the scale as a "very miniscule" change, the layoffs reflect broader challenges in the healthtech sector as startups strive for financial sustainability.

Dunzo, a hyperlocal delivery startup, has laid off 150 employees, reducing its workforce to just 50 across supply and marketplace teams. This drastic cut, representing a significant portion of its staff, stems from severe financial difficulties as the company struggles to secure new funding. Reporting a massive loss of INR 1,801 crore in FY23, Dunzo faces delayed salary payments, vendor dues, and legal insolvency applications. Amid leadership changes and investor exits, the Bengaluru-based company is pivoting toward B2B operations while desperately seeking capital to survive.

Kenko Health, a healthtech startup backed by Peak XV Partners and BEENEXT, has ceased operations due to a severe cash crunch and its inability to secure an insurance license from IRDAI. The company, which had raised over $13.7 million since its 2019 founding, informed employees in late June that it had exhausted funds and faced legal action from a debt investor at the NCLT. This led to the closure of its offices in Bengaluru and Mumbai and rendered its communication channels unresponsive. The shutdown followed internal disputes over equity dilution with a potential new investor, which was intended to help obtain the necessary license, ultimately derailing the company's transition to a full insurtech model.

ReshaMandi, a Bengaluru-based agri-tech startup backed by investors like Creation Investments, has laid off its entire workforce amid a severe financial crisis. The company, which had raised over $50 million, is struggling with liabilities, unpaid salaries, and operational costs, leading to a complete shutdown of its website and the resignation of its auditor. This follows corporate governance issues, including allegations of revenue inflation and fake invoices. The layoffs, reported in August 2024, mark a dramatic collapse for the firm, which had previously scaled operations in the textile and silk supply chain industry.

ShareChat laid off 30 employees representing approximately 5% of its workforce on 2024-08-03.

Pocket FM, an audio streaming platform backed by Lightspeed, has laid off close to 200 writers, specifically those working on US-based audio series. While the exact number was not officially disclosed, it is reported to be less than 200, and the company clarified that these writers were on short-term contracts rather than full-time employees. The layoffs, occurring around a month after Pocket FM partnered with GenAI platform ElevenLabs to convert text stories into audio, were implemented to align resources with the current show pipeline. Founded in 2018, Pocket FM operates in the media and entertainment industry and recently secured $103 million in Series D funding to expand in the US, Europe, and Latin America. Despite the layoffs, the company emphasized that these adjustments are common in content creation and do not reflect its overall health, noting significant revenue growth in its India division.

Agritech startup WayCool, based in Chennai, has laid off over 200 employees in its third round of job cuts within a year, as reported on July 26, 2024. This restructuring effort, affecting staff across multiple cities and subsidiaries, aims to streamline operations and achieve profitability amid a severe funding crunch. The company, backed by Lightbox, has faced worsening financial difficulties, including delayed salaries and client payments. Following previous layoffs of over 300 in July 2023 and 70 in February 2024, this move highlights ongoing challenges in the competitive agritech sector as the startup struggles to secure capital and manage losses.

Bluelearn, an edtech startup based in Bengaluru and backed by Elevation Capital, has shut down operations in July 2024. The three-year-old company, which began as a Telegram community and grew to over 250,000 members, struggled to scale its upskilling and job search platform into a sustainable, venture-sized business. As a result, the founders announced the closure and will return 70% of the approximately $4 million in capital raised to investors. This shutdown reflects broader challenges in the startup ecosystem, where many companies, including other edtech firms, have ceased operations due to difficulties in growth, funding, or regulatory environments.

Indian social media platform Koo is ceasing operations entirely in July 2024, resulting in the layoff of its entire workforce. The company, which had positioned itself as a local-language competitor to X (formerly Twitter), failed to secure a last-resort acquisition by the larger internet media company Dailyhunt. Despite raising over $60 million from investors like Accel and Tiger Global, Koo struggled to expand its user base and achieve sustainable revenue over the past two years. The shutdown follows the collapse of buyout talks, with founders citing that potential partners were hesitant to deal with the complexities of managing a user-generated content platform.

Indian edtech giant Unacademy laid off approximately 250 employees in July 2024, marking the latest in a series of workforce reductions. This round affected about 100 staff in marketing, business, and product roles, and around 150 in sales. Since the second half of 2022, the company has cut a total of roughly 2,000 jobs. The layoffs are part of a restructuring effort aimed at achieving profitability, a necessary move as the industry faces a downturn following the post-pandemic reopening of schools. The Bengaluru-based startup, valued at $3.4 billion and backed by investors like SoftBank, is also reportedly in merger discussions with K12 Techno. This reflects broader challenges in the edtech sector, exemplified by the struggles of former leader Byju's.

Skill-Lync, an Indian upskilling platform, laid off 20% of its workforce, approximately 225 employees, on June 27, 2024, to streamline operations and reduce costs amid a global funding crunch. The company's total headcount is now around 900 employees. This follows earlier layoffs of over 400 employees in late April 2024.

ReshaMandi, a B2B agritech marketplace specializing in silk and natural fibers, has laid off approximately 80% of its workforce due to a severe funding crisis. The company, which had raised about $70 million, failed to secure its Series B funding, leading to massive operational scaling. Burdened with over ₹300 crore in debt, it now faces court cases from lenders and vendors, with some creditors planning to push it into insolvency. This drastic downsizing, reported in June 2024, highlights the intense financial pressures in the tech startup sector, particularly for ventures struggling to transition beyond early funding stages.

Kissflow, a bootstrapped SaaS startup based in Chennai, has laid off approximately 45 employees, representing 11% of its workforce of about 400. The cuts, which occurred across India, the US, and the UAE in April and May 2024, were attributed to a strategic shift in procurement and annual performance reviews. The company, which provides workflow automation software, is operating in a challenging SaaS sector where growth has slowed since the post-pandemic boom. Despite previous employee appreciation gestures like gifting luxury cars in 2022, Kissflow conducted this restructuring to optimize operations and adjust its customer acquisition strategy, offering severance to all affected staff.

On June 10, 2024, Indian fintech giant Paytm, operated by One97 Communications, confirmed a new round of layoffs affecting an undisclosed number of employees. This restructuring follows a significant reduction in its workforce, with the sales division alone seeing a drop of about 3,500 employees, bringing the total headcount to 36,521 by March 2024. The primary catalyst for these job cuts is the severe regulatory action taken by the Reserve Bank of India (RBI), which banned Paytm Payments Bank from key services starting March 15 due to non-compliance issues. This ban has severely impacted operations, contributing to a widened quarterly loss of ₹550 crore. As part of its effort to streamline and drive profitability, Paytm is pruning non-core businesses and offering outplacement support and due bonuses to affected employees during this transition.

Simpl, a Bengaluru-based buy-now-pay-later (BNPL) startup, has laid off 30 employees in June 2024, following a larger round of 160 layoffs just a month prior. This recent reduction is part of an ongoing organizational restructuring aimed at achieving profitability by mid-2025. The company, which operates in the fintech and consumer credit industry, also saw the resignation of several senior executives. This follows a significant layoff in April 2023, where about 25% of the workforce, or approximately 150 employees, were let go. Simpl is concurrently rejigging its senior leadership to streamline operations and focus on fiscal prudence amid widening losses, despite reporting a growth in total income.

Unacademy Group's medical entrance test preparation platform, PrepLadder, laid off approximately 145 employees last week, representing about 25% of its then workforce of 560. This marks the third round of layoffs at the edtech startup in three years. The cuts are part of a sales strategy restructuring, impacting teams across sales, marketing, product, and technology, with the on-field sales team being the most affected. Unacademy, which acquired PrepLadder in 2020, has recently become more involved in its daily operations, prompting this reorganization to enhance business efficiency. The company is providing severance based on notice periods and extending medical insurance for impacted employees.

Paytm warned of job cuts on Wednesday after reporting a widened net loss in the fourth quarter, as it grapples with a regulatory clampdown by India's central bank. The company expects to cut employee expenses and reduce annual staff costs by $48 million to $60 million, following a ban on its banking partner Paytm Payments Bank in February.

Indian fintech startup Simpl, operating in the buy now, pay later (BNPL) space, has laid off approximately 160-170 employees, representing about 25% of its workforce of around 650. This cost-cutting measure, announced in May 2024, is part of the company's push to achieve profitability by the 2025 fiscal year. The layoffs have most severely impacted the direct-to-consumer (D2C) checkout vertical and higher-paying functions like engineering and product, coming amid elevated monthly cash burn and slowed user acquisition. This marks the second major round of layoffs for Simpl in consecutive years, following a similar reduction in March 2023.

Indian ride-hailing giant Ola laid off approximately 180 employees in late April 2024 as part of a restructuring effort aimed at improving profitability and preparing for its next growth phase. The job cuts, which represent a small percentage of its total workforce, coincided with the departure of its CEO, Hemant Bakshi, after just four months. This move follows Ola's recent exit from several international markets, including the U.K., Australia, and New Zealand. The company, a major competitor to Uber in India and backed by investors like SoftBank, is also focusing on its upcoming IPO and leveraging AI and technology investments for future expansion.

Bengaluru-based healthtech startup Healthify (formerly HealthifyMe) laid off approximately 150 employees this week, representing about 27% of its workforce, as part of a restructuring effort. The layoffs primarily affected sales and product teams. CEO Tushar Vashist stated the move aims to achieve EBITDA profitability for its India business within the next few months and to reallocate resources for expanding its offerings in the U.S. market. The company, which raised $30 million in a pre-Series D round last year, is providing affected employees with severance packages, extended insurance, and job placement assistance. This marks the second round of layoffs at the startup, following a similar reduction in December 2021.

The Good Glamm Group, a Mumbai-based content-to-commerce platform in the beauty and personal care industry, has laid off 150 employees, representing approximately 15% of its workforce. This reduction occurred over the past 15 months as part of a broader organizational restructuring aimed at streamlining operations and eliminating redundancies following the integration of several acquired companies. The company, which operates at a unicorn scale with a $1.2 billion valuation, stated this move finalizes its team integration phase with the goal of achieving profitability in FY25. Concurrently, the firm has made key executive appointments, including a new group COO and CFO, amidst some leadership departures.

Indian edtech startup Scaler, which focuses on upskilling tech professionals, has laid off approximately 150 employees as part of a restructuring aimed at ensuring long-term growth and sustainability. This marks the company's first layoff round since its founding in 2019. The cuts, announced in April 2024, primarily affected roles in marketing and sales. The Bengaluru-based firm, which had raised $75 million and was nearing unicorn status, stated the decision was not performance-based and offered support to those impacted. This move occurs amidst broader layoffs in the Indian startup ecosystem, with Scaler's action reflecting ongoing adjustments within the competitive edtech sector.

CoRover.ai, an Indian conversational AI startup known for BharatGPT, is shutting down its subsidiaries in the US and UK to concentrate its resources on the domestic market. While the exact number of layoffs is not specified, the closure of these international offices will result in job losses as the company exits those operations. This strategic pivot, announced by founder and CEO Ankush Sabharwal, is driven by overwhelming demand in India's rapidly growing generative AI sector, which is projected to become a $17 billion opportunity by 2030. The decision reflects a focused effort to prioritize the Indian market, where CoRover serves major clients like IRCTC and the Government of India, before potentially re-entering global markets in the future.

Pune-based fintech SaaS startup Lentra laid off an estimated 70-80 employees across various departments earlier this week as part of a restructuring effort to optimize operations and adapt to changing market dynamics. The company, which offers digital lending solutions to banks and has a global presence, confirmed the layoffs but did not disclose the exact number affected. Lentra, founded in 2018 and backed by investors like MUFG Bank, is providing severance packages, outplacement assistance, and extended health insurance to impacted staff. This move follows the startup's recent launch of AI products and comes after it raised $27 million in an extended Series B round last June, having secured over $100 million in total funding to date.

Byju's laid off 500 employees representing approximately 3% of its workforce on 2024-04-02.

Airmeet, a Prosus-backed virtual events platform, has laid off approximately 20% of its workforce this week, marking its second major restructuring within a year. This follows a previous round in May 2023, when the company let go of about 30% of its then 250-300 employees. The latest cuts impact various departments, with the tech team being the hardest hit. CEO Lalit Mangal stated the move shifts resource allocation from aggressive R&D investments toward go-to-market (GTM) strategies, aiming for financially healthy growth after achieving product maturity. Founded in 2019, Airmeet operates in the enterprise tech industry and has raised around $50 million in funding, serving clients like Ford and Unilever.

Pristyn Care, a surgery-focused hospital chain and unicorn based in Gurugram, has laid off approximately 120 employees, representing about 7% of its 1,700-strong workforce. This move, announced in early March 2024, is part of the company's strategic restructuring to achieve profitability by FY25 and prepare for an initial public offering targeted for 2027. The layoffs primarily affect entry-level and support roles following the discontinuation of three redundant business categories and an exit from six underperforming cities. This marks the second round of workforce reductions in a year, as the healthcare startup aims to streamline operations, reduce costs, and improve financial sustainability amid growing revenues and efforts to cut significant losses.

WayCool, an agritech startup based in Chennai, has laid off at least 70 employees over the past month in its second restructuring exercise within a year. This follows a previous round of about 300 layoffs in July last year. The job cuts, impacting departments like sales, research, marketing, and tech, are part of a strategy to rationalize warehouse operations and shift focus toward its own brands. The company, which has faced challenges in raising new funding over the last two years, aims to achieve EBITDA profitability by reducing its operational footprint.

Fintech startup Wint Wealth laid off 19 employees, representing about 20% of its roughly 100-person workforce, in a restructuring exercise earlier this month. The company confirmed the move was part of a regular business performance evaluation, leading to the restructuring of low-priority functions across departments like marketing, sales, and tech. This development follows Wint Wealth's recent acquisition of a majority stake in NBFC Ambium Finserve, which provides it with an NBFC license and expands its lending operations under the brand Wint Capital. Founded in 2020, the investment platform allows users to invest in fixed deposits, corporate bonds, and more, and last raised $16 million in 2022.

In February 2024, omnichannel meat brand Licious laid off 80 employees, representing about 3% of its 3,000-strong workforce, as part of an operational reset to sharpen its focus on growth and profitability. The Bengaluru-based unicorn startup, operating in the meat retail industry, stated it has over ₹800 crore in cash from previous fundraising rounds. Despite revenue growth from ₹682.5 crore in FY22 to ₹748 crore in FY23, losses widened, prompting a reprioritization of costs. The company, which aims for EBITDA profitability by FY25, offered the affected employees two months of compensation plus a variable payout for FY24, while planning renewed market expansion.

Bengaluru-based fashion apparel startup BlissClub laid off approximately 21 employees, or 18% of its workforce, in the second week of January 2024 as part of a restructuring effort to cut costs. The layoffs, which primarily affected teams like sales, marketing, growth, and product—with the creative team being completely dissolved—were driven by the company's inability to secure fresh capital amid high cash burn. Founded in 2020, BlissClub last raised $15 million in a Series A round in May 2022 and has since expanded from an online activewear platform for women to include offline stores. Despite reporting record revenue in December 2023, the startup faced significant financial pressures, with its net loss surging over 305% to INR 35.7 crore in FY23.

Youth-focused neobanking startup Muvin has shut down its operations, resulting in layoffs for its entire team. The closure, confirmed around February 2024, was a direct consequence of a Reserve Bank of India (RBI) directive in June 2023 that prohibited UPI services in co-branding arrangements for entities without a Prepaid Payment Instrument (PPI) license. This regulatory change forced Muvin, which catered to teens and young adults with prepaid cards and an app, to discontinue its core services. The fintech startup, which had raised $3 million in a pre-Series A round in early 2022, found itself unable to operate its business model and reportedly faced challenges in securing further funding, leading to the complete wind-down of the company.

Indian food delivery giant Swiggy is laying off approximately 400 employees, which represents nearly 7% of its workforce, as announced in January 2024. This marks the second such round of job cuts in about a year as the Bengaluru-based startup aggressively streamlines operations to improve its financial health ahead of a planned initial public offering (IPO). Despite its core food delivery business being profitable, Swiggy is not yet profitable at the group level. The move comes amid intense competition with rival Zomato, which has recently become profitable and expanded its market share lead. With a valuation of $10.7 billion, Swiggy is under pressure to strengthen its metrics to secure a favorable valuation when it goes public.

In January 2024, the Bengaluru-based advertising technology company InMobi initiated a workforce realignment as part of a strategic overhaul to adopt an AI-first approach across its operations. This restructuring resulted in layoffs affecting 125 employees, representing 5% of its global workforce of 2,500. The company stated the move was a proactive step to rapidly address evolving market needs and customer expectations, streamline processes through automation, and phase out legacy systems to stay competitive globally. The layoffs, expected to be completed by the end of the month, reflect a broader industry trend where tech firms are integrating AI, leading to organizational and workforce rationalization. InMobi, backed by investors like Google and Jio Platforms, operates in the adtech and consumer tech sectors through its subsidiaries InMobi Ads and Glance.

Flipkart, the major Indian e-commerce platform, is reportedly planning to lay off between 1,100 and 1,500 employees, representing 5-7% of its 22,000-strong workforce, as part of a performance-based restructuring and cost-control strategy. This initiative, expected to be completed by March-April 2024, follows a year-long hiring freeze and aligns with similar cost-cutting moves in the tech industry. The company is concurrently finalizing a $1 billion funding round led by Walmart to support its strategic plans, including a delayed IPO.

Paytm, the Indian financial services and digital payments company, has laid off over 1,000 employees across various units, impacting at least 10% of its total workforce. This significant restructuring, implemented over recent months, is part of a cost-reduction and business realignment strategy. The move follows the company's withdrawal from small-ticket consumer lending and 'buy now pay later' segments due to regulatory restrictions by the Reserve Bank of India. As a publicly listed new-age tech firm, Paytm is now shifting its focus towards wealth management and insurance broking. These layoffs represent one of the largest job cuts by an Indian tech company in 2023, reflecting broader pressures in the sector as funding for loss-making enterprises has dried up.

ShareChat, operated by parent company Mohalla Tech, has laid off approximately 200 employees, representing 15% of its workforce, in a strategic restructuring announced in December 2023. This move is part of the company's annual planning for 2024, aimed at streamlining costs and achieving profitability within the next 4-6 quarters. The Indian social media unicorn, which includes platforms like ShareChat and Moj, had previously cut 500 jobs in January 2023 due to macroeconomic pressures. Despite raising significant funding, including $255 million in 2022 at a $5 billion valuation, ShareChat faces challenges with growing losses and is seeking additional capital at a reduced valuation. The layoffs reflect ongoing efforts to optimize operations in a competitive digital content industry.

Udaan laid off 100 employees representing approximately 10% of its workforce on 2023-12-18.

Simplilearn laid off 200 employees on 2023-12-07.

ZestMoney, a Goldman Sachs-backed Indian buy now, pay later fintech startup once valued at $450 million, is shutting down and laying off its entire workforce of approximately 150 employees. The closure, announced to staff in early December 2023, follows unsuccessful efforts to find a buyer or secure a new path after acquisition talks with PhonePe collapsed earlier in the year. The company, which had raised over $130 million, will wind down operations by the end of the month. This marks a significant failure in the competitive Indian consumer lending space, where ZestMoney aimed to serve first-time internet users with small-ticket loans.

Loco, a Mumbai-based game streaming platform backed by Krafton, has laid off 40 employees, representing 36% of its 110-person workforce, as part of a restructuring plan announced by founders Anirudh Pandita and Ashwin Suresh. The move, aimed at ensuring long-term sustainability, focuses the company on transaction-based monetization and a leaner cost structure while it continues global expansion efforts. This layoff reflects broader challenges in the Indian startup ecosystem, even as Loco reports growth with 6 million monthly active users. The gaming and live-streaming industry in India is expanding, with significant investor backing, including a $42 million Series A round last year.

Anar, a B2B networking platform for small and medium enterprises, has shut down operations after approximately 4.5 years, returning remaining capital to investors. Founded in 2020 and backed by firms like Elevation Capital and Accel India, the startup struggled with low user retention and failed to deliver sufficient value to sellers, particularly after difficult shifts in business models during 2023. At its closure, the platform listed over 1.5 million SMBs and 6.6 million products. Co-founder Nishank Jain cited the inability to solve enough problems for sellers as a key reason for the shutdown, while hinting at a future venture in the AI space.

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.

In November 2023, Indian edtech unicorn PhysicsWallah laid off between 120 to 150 employees, marking its first such workforce reduction. The company, which provides online and offline coaching for competitive exams like JEE and NEET, framed the move as a performance-based review affecting less than 0.8% of its total workforce, though sources cited a cost-cutting exercise impacting various departments. Despite the layoffs, PhysicsWallah announced plans to hire an additional 1,000 employees in the following six months. The company, founded in 2016 and valued at over $1 billion, had seen rapid revenue growth, reporting Rs 780 crore in FY23.