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.
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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 MyStore 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.
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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 crore+ 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.