People, who lost their jobs in the
exercise, have been given standard severance packages, including three-months' salary, among others, the report said, citing people aware of the matter.
According to an Entrackr report, citing sources, the platform
communicated job cuts to employees across sales, marketing and analytics and
technology verticals in a town-hall meeting.
People, who lost their jobs in the exercise, have been given
standard severance packages, including three-months salary, among others, the
report said, citing people aware of the matter.
Khatabook had shut down its e-commerce enablement product My Store in November 2021.
The platform has raised $187 million to date, including its
Series C round of $100 million led by Tribe Capital and Moore Strategic.
It also has PeakXV and Better Capital as its investors,
according to the report.
Ravish Naresh, co-founder and CEO of Khatabook, had said last
year that the company was aiming to clock a loan book size of Rs 1,000 crore by
October 2023.
According to Naresh, the company was likely to turn profitable
in mid-2024.
According to the company’s website, it is “building utility
solutions for the nation’s 6.3 crore strong MSME sector”.
“Our first offering -- an Android App enabling businesses to
digitally record the credit they extend to customers -- went viral and so far
Khatabook has been downloaded over 5 crores+ times,” it reads.
Sriram Krishnan, general
partner at the top VC firm Andreessen Horowitz (a16z) where he invests in
early-stage consumer startups, is also one of the angel investors in Khatabook.
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Credit: ZEE NEWS
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