Tickertape, a fintech startup, has laid off around 30% of its workforce citing a restructuring exercise. The move comes at a time when the economic climate is challenging for the startup, which has struggled to gain traction while competing in the ecosystem.
Commenting on this, Ujjwal Ankur, founder and CEO Tickertape, taking to Twitter said, “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”.
Tickertape is a Bengaluru based startup, founded in 2015 by Ujjwal Ankur. The company aims to provide a platform for investors for them to discover and analyze stocks, mutual funds, and other investment options. With the goal of empowering individual investors so they can make more informed decisions, the platform provides a detailed financial data and analysis for a wide range of investment products.
Despite initial success and positive feedback from users, Tickertape has faced stiff competition in the crowded investment space. Other players that are established in the market include Zerodha, Groww, Smallcase and Kuvera.
The restructuring exercise will focus on smoothening operations and cutting costs in order to remain competitive. Further, the startup will work towards user experience and data analysis in order to stay innovative and up to date.
About 30% of the workforce has been laid off with majority people working in the non-technical areas such as marketing and business development.
Despite the challenges ahead, Tickertape remains optimistic about its future prospects. The startup has raised over $7 million in funding to date, and has built a loyal user base that values its data-driven approach to investing. With a renewed focus on core strengths and a commitment to innovation, Tickertape hopes to emerge stronger and more competitive than ever before.
