Sequoia-Backed Gold Loan Platform Rupeek Lays off 200 Employees
Its investors include Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital, and Lightbox
Gold loan platform Rupeek on Tuesday said it is culling 10-15 per cent of its workforce across the organisation after the subdued global macroeconomic environment led it to reevaluate it costs.
"We conducted a thorough exercise, and have decided to keep the right fitment of the workforce required, aligned with our revised strategic plans," said Rupeek founder Sumit Maniyar in a note to employees at the startup.
Founded in 2015, Bengaluru-based Rupeek is currently present in 35+ cities and has disbursed loans worth Rs 6,500+ crore, with 55 percent of its customers being first-time borrowers. Its investors include Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital, and Lightbox.
