Khatabook is a Bengaluru-based fintech company that provides digital payment solutions for small and medium-sized businesses. The company was founded in 2018 by Ravish Naresh, Dhanesh Kumar, Ashish Sonone, and Jaideep Poonia. In January 2023, Khatabook announced that they have laid off 42 employees, which raised some concerns among the stakeholders and the industry.
History
Khatabook is one of the fastest-growing fintech companies in India, which offers user-friendly apps to track business transactions digitally. Their app is widely used by small and medium-sized businesses to manage their finances and transactions with ease. The company has raised a total funding of $187 million through various rounds, including Series A, B, and C.
Investors
Khatabook’s investors include Sequoia Capital, Tencent, GGV Capital, Rocketship.vc, B Capital Group and Y Combinator.
Performance
Khatabook has been growing at a steady pace since its launch in 2018. The company has become a leader in the digital payment segment, and their user base has been growing significantly. According to reports, Khatabook has over 10 million registered users across India.
Reason for Layoffs
In September 2023, Khatabook announced that they have laid off 42 employees as a part of their restructuring process. This decision was made after analyzing the company’s current financial situation, and it was necessary to ensure its long-term success. According to a company spokesperson, these layoffs were a part of their “business optimization strategy” and not a result of any financial crisis.
Number of Employees Laid Off
Khatabook has laid off 42 employees from their Bengaluru office.
Statement from Company Stakeholders
Khatabook’s CEO, Ravish Naresh, stated that “these layoffs were necessary to ensure the long-term sustainability and growth of the company. We are restructuring our business to optimize our operations and resources. We deeply value our employees and are committed to providing them with necessary support during this transition.
In conclusion, Khatabook’s decision to lay off 42 employees is a part of their business optimization strategy. The company is growing rapidly, and this move will help them optimize their operations and resources to ensure long-term success. As a leading player in the digital payment segment, Khatabook continues to be committed to providing excellent services and support to their users and employees.
