Tickertape, a fintech startup, sacked nearly 30 per cent of its workforce, which accounts for around 29 of its workforce. The company cited it as part of an internal restructuring exercise.
Ujjwal Ankur, Founder and CEO, Tickertape, said, “Today was one of the most difficult days for me professionally – we at Tickertape had to let go 29 of our colleagues as part of a restructuring exercise,” in a tweet.
Ankur said that the layoffs are ‘unfortunate but necessary.' He also highlighted that the step was taken to steer company becoming financially sustainable.
Tickertape is an investment-focused publishing and analytics platform that was founded in 2015. It provides a one-stop shop for tools and services that allow investors to learn more about stocks, ETFs, and mutual funds. It operated as a subsidiary of financial startup Smallcase until November 2021, when it raised USD 5 million in investment. Later that year, it was spun out as a distinct corporation.
The layoffs are most likely the result of rising losses and the Indian startup ecosystem's prolonged fundraising winter. Tickertape lost Rs 16.4 crore in FY22, while sales was Rs 3.01 crore.
Tickertape has joined a growing list of startups that have laid off employees in recent months. Last week, neobanking platform OPEN laid off 47 staff, while buy-now-pay-later (BNPL) unicorn Simpl laid off 120-150 employees.
According to the startup's LinkedIn page, it employs 100 individuals.