Web and mobile investment information and research platform Tickertape has given pink slips to 29 of its employees or around 30% of its team, as a part of internal restructuring. With this, Tickerpate has joined several other startups that have resorted to layoffs at a time when the funding environment turned tepid.
“I have 29 talented and driven folks who are available to join immediately across multiple teams. These are a few of the most talented folks I’ve worked with and it’s my loss that I won’t get to learn more from them. If hiring, please DM me and I’ll connect you ASAP,” said Ujjwal Anku, founder of Tickertape in a tweet.
Tickertape raised $5 million in a seed round from the fintech firm SmallCase in November 2021. Earlier, Tickertape used to be a business vertical of Smallcase that spun off into a separate corporate entity in the same month.
Tickertape is a content, information, and analytical platform for stocks, ETFs, Mutual Funds and other investment products that offer various tools and services like stock screener, Market Mood Index, Learn, and others.
For the fiscal year ending on March 31, 2022, the company posted Rs 3.01 crore in revenue and Rs 16.4 crore in loss. On the other side, Amazon-backed wealth management company Smallcase’s scale shot up 2.5X to Rs 29.17 crore in FY22. However, the company didn’t manage to control its losses which jumped 3.38X to Rs 95.53 crore from Rs 28.26 crore in FY21.
Over the past few weeks, a bunch of fintech companies have gone through layoffs. As per data compiled by Fintrackr, BNPL startup Simpl, neobanking platform Open and teen-focused fintech startup Fampay also fired more than 200 employees collectively.