Buy now pay later (BNPL) firm ZestMoney will be shutting down its operations this month and will lay off the remaining 130 employees.
The layoff will affect the 130 employees. However, the company will retain a skeletal legal and finance team to see through the shutdown.
The move of layoff came after ZestMoney’s founders resigned in May this year, as the fintech startup failed to raise fresh capital. The company was founded in 2015 by fintech professionals Priya Sharma, Lizzie Chapman, and Ashish Anantharaman.
Zest was backed by global digital financial services investors including PayU, Ribbit Capital, and Omidyar Network.
Recent Layoffs
Recently, Simplilearn laid off 200 employees due to poor performance. The layoffs at Simplilearn have impacted employees from the sales, marketing, and operation teams. However, layoffs have been sudden.
L&T Technology has sacked 200 employees.
The company spokesperson said, “We conduct annual performance reviews as a standard process to assess the capabilities of our workforce every year and act appropriately based on skill sets and performance.”
“This is essential for the maintenance of our high standards of service delivery”, the spokesperson further said.
The layoffs are affecting the employees due to performance reviews and additionally, the company is also reducing the overlapping positions.
Indian EdTech Firm, PhysicsWallah (PW) has sacked nearly 120 employees due to a performance review.
Satish Khengre, Chief Human Resources Officer at PhysicsWallah said, “At PW, we regularly assess performance through mid-term and end-term cycles.”
“For the cycle ending in October, less than 0.8 percent of our workforce, ranging from 70 to 120 individuals with performance concerns—may be asked to transition”, Satish Khengre added.
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