Fintech startup Khatabook lays off 42 employees

Fintech startup Khatabook has laid off 42 employees, or 6 per cent of its total workforce, to reorient business in line with its targets, the company said on Friday. The company had a total workforce of 700 prior to the layoffs.

"In-line with our profitability goals, we are reorienting some parts of our business which requires us to operate with a leaner team on certain business verticals," a Khatabook spokesperson said.

"This restructuring has impacted 6% of our 700 employees. All impacted employees have been provided with a separation package which covers 3 months of pay, stock vesting option, health insurance extension and other job search-related support," the spokesperson said.


Khatabook -- valued at $600 million (about Rs 4,500 crore) after its previous funding round -- is backed by Sequoia Capital (now PeakXV Partners), Tencent, Tribe Capital, and Moore Strategic Ventures, among others.

The company had raised $100 million (about Rs 743 crore) in the funding round in 2021.