Smallcase Layoffs: CEO’s Statement and Employee Support

Introduction

Smallcase, a Bengaluru-based start-up, is a company that provides financial investment services to individuals and organizations. The company was established in 2015, with a focus on equity investments. Smallcase has raised a total of $62 million in funding and is backed by Sequoia Capital, India’s leading venture capital firm.

Company History:

Smallcase was founded by three Indian Institute of Technology (IIT) Kharagpur alumni, Vasanth Kamath, Anugrah Shrivastava, and Rohan Gupta. The trio was fascinated by the stock market and wanted to create a platform where investors could invest in the stock market with ease. The idea behind Smallcase was born in 2015, and since then, the company has grown exponentially.

What is Smallcase Into?

Smallcase is a platform that allows investors to build custom portfolios of stocks, Exchange Traded Funds (ETFs), and Mutual Funds. Smallcase offers pre-designed portfolios or themes based on specific investment strategies, such as small-cap and mid-cap stocks, sustainable investing, and high-dividend yielding stocks.

Funding and Investors:

Smallcase has raised a total of $62 million in funding. The company’s latest funding round was Series C, which was announced in February 2021. The funding round was led by Sequoia Capital, along with existing investors, such as Blume Ventures, Straddle Capital, and DSP Group.

How is Smallcase Performing?

Smallcase has shown promising growth over the years. The company has over 2.5 lakh (250,000) users, and the number is increasing day by day. The company has partnerships with several top brokerage houses in India, such as HDFC Securities, Kotak Securities, and Axis Direct.

Reason for Layoffs:

Smallcase recently announced that it would be laying off 15 employees, which represents 4% of its total workforce. The layoffs are part of a cost-cutting measure that the company has implemented to optimize its operations. Smallcase’s CEO and Co-founder, Vasanth Kamath, stated that the company is focusing on streamlining its operations and ensuring optimal efficiency to sustain its long-term growth.

Number of Employees Laid Off:

Smallcase has laid off 15 employees, which represents 4% of its total workforce. The company has stated that the laid-off employees will be provided with adequate support and compensation.

Statement from Company Stakeholders on Layoffs:

In a statement, Vasanth Kamath, CEO and Co-founder of Smallcase, stated, “We have been optimizing our operations to ensure that we are well-positioned for long-term growth. As part of this process, we have taken the difficult decision to lay off 15 employees. We are committed to supporting our employees during this period and providing them with adequate compensation and support.”

Conclusion:

In conclusion, Smallcase is a growing start-up that has shown significant promise in the financial investment industry. The company has raised a substantial amount of funding and has several promising partnerships. The recent layoffs are part of a cost-cutting measure that the company has implemented to optimize its operations. It remains to be seen how Smallcase will perform in the future. Nevertheless, Smallcase continues to be an interesting player in the investment market.

Abhishek Sharma