OkCredit, a Digital bookkeeping startup has laid off around 40 % of employees
- ByStartupStory | February 24, 2022
OkCredit has laid off about 40-45 staff as they can not see much potential in the entire Kirana-led commerce opportunity which relates to eCommerce expedition and other products, according to sources. This is happening the first time when the Lightspeed-backed firm is laying off its staff.
The company used to have members of over 140 people but now it’s around 80 people. Most of them are from the growth and payments departments. This situation comes at a time when most India-based startups are raising large sums of money and hiring bull market as well.
OkCredit provides bookkeeping and e-commerce services for midmost merchants through different apps. It has raised close to $90 million. The company competes with B Capital-backed Khatabook, Vypaar and a few others. The last round of funding happened in September 2019 where It had raised $67 million.
We can see the change in priorities of OKCredit from downloads numbers of OKShop and its core bookkeeping application.,OKShop’s download growth has been flat in the past six months. It has 40 million downloads with only 1.2 million coming in the past three months.
During the financial time ending March 2021, OkCredit remained a pre-revenue stage company. It made a scanty of Rs3.80 lakh in operating income with a loss of Rs 109 crore.
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