New Delhi, September 28: Homegrown neobanking startup Fi, backed by Peak XV Partners (formerly Sequoia Capital India), is reducing around 10% of its workforce, or about 30 employees, as part of a restructuring exercise. The company will offer departing employees comprehensive support, including multiple months of severance, extended healthcare provisions, and extended ESOP vesting, reports Entrackr.

“We’ve recently undertaken a strategic restructuring, prioritising our focus and resources on key growth areas. This restructuring will enable us to double down on our core product features, streamline operations, and ensure a sustainable future,” Fi’s cofounder and CEO Sujith Narayanan was quoted as saying. Byju’s Layoffs: Edtech Major To Sack up to 3,500 Employees This Fiscal.

Fi offers digital banking solutions for millennials, including savings accounts. The company has received approximately $147 million to date and was valued in the range of $520-550 million following the final tranche in July 2022.

Despite raising back-to-back capital, the company failed to grow. Fi's revenue from operations was Rs 21 crore, with a loss of Rs 245.2 crore. The company has yet to file its FY23 annual report, the report said. Snap Layoff: Snapchat-Parent To Lay Off 150 Employees From Augmented Reality Department As Part of Its Reorganisation Exercise.

Founded in 2019 by former Google Pay pioneers Narayanan and Sumit Gwalani, Fi provides a digital layer over the traditional banking ecosystem. In early 2022, the startup also released its iOS app, which included features such as smart deposits, a digital financial assistant, a debit card, and many more.

(The above story first appeared on LatestLY on Sep 28, 2023 07:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website