Gold loan platform Rupeek lays off 180 employees citing business reassessment

New Delhi: Bengaluru-based gold loan enabler Rupeek has laid off 10-15% of its workforce.

Rupeek, the first fintech to lay off workers, employs over 1,200 individuals and has laid off more than 180 of them.

The company spokesperson told Zee Media said, "With deep regret, we have taken the difficult decision to part ways with 10-15 percent of the employees. The subdued macroeconomic environment has compelled us to re-calibrate our strategy, relook at our costs and make our organisation structure leaner, so as to support our sustenance and growth."

"We acknowledge the selfless contributions made by all the employees who are being impacted and we are committed to supporting them through this transition," the company added.

Sumit Maniyar and Ashwin Soni founded Rupeek in 2015 to facilitate gold loan lending and monetise India's idle gold. The firm has over 500K subscribers and operates in over 30 locations across India. 

On June 2, the digital-focused gold loan lender backed by Sequoia and Accel, announced that it will offer gold loans at a monthly interest rate of 0.49 percent, the lowest rate ever offered by any company in the country.

Muthoot Finance, Manappuram Finance, and India Infoline are among the biggest brick-and-mortar NBFCs that Rupeek competes with.

Meanwhile, Mobile Premier League (MPL), an app for esports and skill games had recently laid off 100 employees, or approximately 10% of its workforce, and abandoned the Indonesia market.