FinTech Lendingkart has sacked 200 workers, comprising 30 p.c of its workforce, amidst the coronavirus pandemic.
Lendikart started its operations in 2014, provide loans to SMEs within the Indian Market. The beginning-up on Might 19 raised Rs 319 crore in a collection D funding spherical by way of present buyers Fullerton Monetary Holdings, Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient.
In an e mail to ET, the Fintech lender has confirmed the layoff and acknowledged that the outbreak of the pandemic and the continued financial slowdown had impacted the economic system. It has a introduced in a debilitating impact on micro, small and medium enterprises, the place all the things has come to a digital standstill.
It additional added that NBFCs have been impacted considerably, with loan disbursements hindered and moratorium impacting collections.
The transfer was to make sure long run sustainable enterprise, stated the corporate spokesperson.
“We have been compelled to take some measures to rationalise our employee base across offices to ensure long term sustainable business,” added the spkesperson.
Lendingkart additionally stated this was in sync with its annual appraisal cycle, saying “Here, we do rationalise the team by about 15-20 percent basis performance. In 2020, additional right sizing has been undertaken to account for the business volumes that we anticipate in this financial year.”
Lendingkart additionally stated that it’s administration and management crew had additionally opted for vital pay-cuts, amidst the pandemic.