Digital bookkeeping startup OkCredit has laid off about 40-45 employees as it reorganizes its focus to fintech initiatives from bookkeeping and e-commerce enablement. This is the first time the Lightspeed-backed firm is laying off part of its workforce.
It is said that the company used to have over 140 people but now it’s about 80 people and most of the impacted employees are from growth and payments departments. Affected staff have been given standard severance pay along with other benefits including insurance and outplacement services.
OkCredit provides bookkeeping and e-commerce enablement services for small and medium size merchants through separate apps. The company has raised close to $90 million and majorly competes with B Capital-backed Khatabook, Vypaar and a few others.
One of the spokespersons added, “As a part of this strategy, we will be hiring talent with the relevant skill sets. This change in priorities also necessitated an assessment of our employee roles, and some restructuring has been deemed necessary, affecting some of our employees.”
