The Bengaluru-based fintech company Khatabook laid off their employees on Thursday. The layoff of targeted employees is from engineering,products and marketing verticals and sources.
According to the statement of Backend SDE employee,
“Tech as well as non-tech roles were impacted, [along with] engineering, product, marketing, etc.”
The engineers noted that the company paid the separate employees for three months’ salary along with the insurance extension.
He also say,
“We got a three month salary as runway and extension on ESOP vesting. Medical insurance was also extended,”
Another source aware of the matter confirmed the statements and also said,
“They are trying to cut costs to attain profitability.”
The company responds to the business today’s queries and also say
“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 lines. This restructuring has impacted 6% of our 700 employees. All impacted employees have been provided with a separation package which covers 3 months of salary.”
According to the regulatory filings in FY22, company revenues from alln operations stood in Rs 71.1 cr. But company losses stood at Rs 111.1 crore. Even communication expenses came in the next and stood at Rs 24 cr which is 200%.
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