Indian gold-loan platform Rupeek slashes nearly 200 jobs

Rupeek, a fintech firm that offers gold-backed loans, has dismissed nearly 200 workers, people with knowledge of the matter told Entrackr.

This represents 10% to 15% of the India-based company’s workforce, which its LinkedIn profile says numbers 1,200. Its sales, marketing, and operations departments were reportedly affected.

In an email to employees, Rupeek CEO and founder Sumit Maniyar noted how emerging markets like India are facing “an extraordinary situation” due to “rising inflation, a hike in US treasury rates, and the Russia-Ukraine war.”

Prior to this layoff, the company let go of 600 contractual employees in April 2020, at the start of the Covid-19 pandemic.

Rupeek, which has raised a total of US$140 million from investors such as Sequoia Capital, GGV Capital, and Accel, is valued at US$634 million.

See also: Tracking layoffs across Asia’s startup ecosystem