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Neobank Fi lays off 10% of workforce; lags behind on fiscal revenue target

Economic Times

Economic Times · 1y ago

Neobank Fi lays off 10% of workforce; lags behind on fiscal revenue target

Fi, a neobanking platform, has laid off approximately 10% of its workforce, or around 30 employees, in an effort to extend its cash runway from 1.5 years to two years. The layoffs were prompted by the company's failure to meet its minimum revenue target for the first half of the fiscal year. The restructuring will also involve a focus on products and services that generate revenue, including personal loans and credit cards. Departing employees will receive severance, extended healthcare, and extended ESOP vesting.

Related News

Physics Wallah lays off 120 employees

Economic Times

Economic Times · 1y ago

Physics Wallah lays off 120 employees

Edtech startup Physics Wallah is considering laying off 70-120 employees, representing less than 0.8% of its workforce, due to performance concerns. The company plans to hire 1,000 additional employees in the next six months. Physics Wallah, which offers coaching for engineering and medical entrance exams, became a unicorn last year after raising $100 million in funding. It aims to generate a revenue target of Rs 2,500 crore in FY24, with Rs 1,900 crore from its core operations.

Viasat to lay off 800 employees post Inmarsat acquisition

Economic Times

Economic Times · 1y ago

Viasat to lay off 800 employees post Inmarsat acquisition

Global communications company Viasat is set to lay off 800 employees, about 10% of its workforce, following its acquisition of Inmarsat. The layoffs will affect various geographies and divisions across the business. The company aims to focus its spending on growth opportunities and improve profitability. The reduction is estimated to cost Viasat $45 million, while saving $100 million in annual expenses starting from fiscal year 2025. This move will help the company achieve its fiscal year 2025 capex target.

Fi Money's losses widen to ₹301 Cr, expenses balloon in FY23

YourStory

YourStory · 1y ago

Fi Money's losses widen to ₹301 Cr, expenses balloon in FY23

Fintech firm Fi Money, also known as Epifi Technologies, reported increased losses of Rs 301.07 crore in FY23, a 20% rise from the previous year. However, its revenue from operations grew to Rs 38 crore, with financial services accounting for the majority. Fi Money, founded in 2019, is a neo-banking platform backed by Ribbit Capital, B Capital, Sequoia Capital, and Temasek. The company recently entered the mutual funds space and undertook a restructuring exercise that involved laying off 10% of its workforce.

Roku lays off 300 employees

Robots · 1y ago

Roku lays off 300 employees

Roku is cutting over 300 jobs, approximately 10% of its workforce, to streamline operations and reduce costs after a period of rapid growth. The company plans to consolidate office spaces, review its content portfolio, and limit hiring. Roku relies heavily on advertising revenue, notably from The Roku Channel. Despite revenue growth, it reported a net loss and doesn't expect immediate profitability. The layoffs will result in significant expenses, and the company anticipates challenges in achieving profitability in the near term.

Exclusive: BeepKart lays off more than 100 employees

Entrackr

Entrackr · 1y ago

Exclusive: BeepKart lays off more than 100 employees

BeepKart, a Bengaluru-based full stack retailer of used two-wheelers, has laid off more than 100 employees in the past few months, sources aware of the development told Entrackr. Sources added that the company conducted the layoffs in phases, starting right after the fundraise in April this year. The move has affected more than 20% of the workforce, with employees across various verticals, including marketing, tech, product, and operations, being laid off. “A few senior roles were also impacted. The layoffs, however, came as a surprise as it happened right after the funding. The company likely made the move to focus on profitability,” a source, who did not want to disclose their identity, told Entrackr. BeepKart declined to comment on the layoffs. Founded in 2020 by Hemir Doshi and Abhishek Saraf, BeepKart helps people buy and sell used two-wheelers. The company currently operates in Bengaluru and Chennai. As per startup data intelligence platform TheKredible, the company has secured around $18.5 million to date and is currently valued at around Rs 362 crore $44 million (post-allotment of new shares). In April, BeepKart raised $6.5 million in an extended Series A round. Entrackr exclusively reported the development. The company counts Stellaris Venture Partners, Vertex Ventures, Innoven Capital, and Chiratae Ventures, among others as its backers. BeepKart directly competes with CredR and Bike Bazaar. BeepKart was a pre-revenue stage firm till FY22 but it posted decent growth during FY23. The company reported Rs 21.86 crore revenue in the fiscal year ending March 2023 while its losses stood at Rs 27.88 crore in the same period. The firm is yet to file its annual report for FY24. Layoffs right after a fundraise is rare though they do happen. Last year, e-commerce-focused packaging company Bizongo laid off employees shortly after announcing a $50 million funding round. Similarly, Coffee chain firm Third Wave Coffee fired more than 100 employees months after raising $35 million in a Series C round whereas Euler Motors trimmed 10% of its workforce within six months of a $60 million round.

Zoom lays off 150 employees

Economic Times

Economic Times · 1y ago

Zoom lays off 150 employees

Zoom, the popular video conferencing platform, has announced that it will be laying off around 150 employees, accounting for approximately 1% of its workforce. The move comes as Zoom restructures its sales team in order to better align with its evolving business needs. Despite the layoffs, Zoom has experienced exponential growth during the COVID-19 pandemic, as businesses and individuals rely on its services for remote work and communication.

PocketFM lays off 75 employees as it pushes towards profitability

YourStory

YourStory · 7m ago

PocketFM lays off 75 employees as it pushes towards profitability

Audio series startup PocketFM has laid off 75 employees to cut costs and aim for profitability. This decision follows a previous reduction of 250 employees. In FY24, PocketFM reported a significant decrease in net loss and a revenue increase but faces rising expenses, particularly in employee benefits. The company, having raised $103 million in Series D funding, aims to expand services internationally while its competitor, Kuku FM, also recently reduced its workforce.

Fiscal deficit down to 0.8% of FY26 target in April-May

Economic Times

Economic Times · 1m ago

Fiscal deficit down to 0.8% of FY26 target in April-May

India's fiscal deficit for the first two months of the financial year reached 0.8% of the annual target, the lowest since 1997, aided by a substantial dividend transfer from the central bank, resulting in a fiscal surplus in May. Tax revenue rose by 10%, while non-tax revenue surged by 41.8%. Capital and revenue expenditures increased significantly as well, indicating strong early fiscal performance, though expenditures are expected to rise in subsequent months.

Edtech startup Scaler lays off 150 employees

Inshorts · 1y ago

Edtech startup Scaler lays off 150 employees

Scaler, an upskilling platform for techies, has laid off about 150 employees, reports said on Wednesday. The layoffs at the Bengaluru-based startup come a year after the platform said it expanded its workforce by over 150% to 2,000, compared to 800 employees in February 2022. IIIT Hyderabad alums Anshuman Singh and Abhimanyu Saxena founded Tiger Global-backed Scaler in 2019.

Exclusive: Hinge Health, a virtual physical therapist, lays off 10% of its workforce

TechCrunch · 1y ago

Exclusive: Hinge Health, a virtual physical therapist, lays off 10% of its workforce

Digital health company Hinge Health has reportedly laid off around 10% of its workforce as it looks to streamline operations and achieve profitability. The company, which offers a digital solution for treating chronic musculoskeletal conditions, did not disclose the exact number of employees affected but had over 1,700 prior to the layoffs. Hinge Health is currently preparing for an initial public offering (IPO) and was last valued at $6.2 billion. Its main competitor is Sword Health, which was valued at $2 billion in November 2021.

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