FamPay Layoffs
April 2023
FamPay announced a layoff affecting 0 employees in April 2023. The company operates in the Finance sector.
0
Apr 17, 2023
About
In April 2023, Indian teen-focused fintech startup FamPay conducted layoffs as part of a restructuring effort, with reports indicating nearly 50 employees were let go to cut costs and extend runway, though the company's CEO stated the number was less than 10. This follows the Bengaluru-based neobank's last major funding round—a $38 million Series A in 2021—with no subsequent raises, amid challenges in scaling and controlling expenses, as evidenced by a significant loss of Rs 43.3 crore against minimal revenue in FY22. The company, which has over 10 million users and had raised about $42.7 million total, also saw several top-level exits and was reportedly exploring fundraising or M&A opportunities, which its CEO denied.
Source
View Sourceentrackr.comRelated Events
More Finance Layoffs
Report an Error
If you find incorrect information, please let us know so we can correct it.
support@layoffs.nl