“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 verticals,” a Khatabook spokesperson said.
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“This restructuring has impacted 6% of our 700 employees. All impacted employees have been provided with a separation package which covers 3 months of pay, stock vesting option, health insurance extension and other job search-related support,” the spokesperson said.
Khatabook — valued at $600 million (about Rs 4,500 crore) after its previous funding round — is backed by Sequoia Capital (now PeakXV Partners), Tencent, Tribe Capital, and Moore Strategic Ventures, among others.
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The company had raised $100 million (about Rs 743 crore) in the funding round in 2021.