Drip Capital didn’t provide any clear reason for the layoffs that affected over 75 employees, sources said
The layoffs came just a year after the trade financing startup raised $175 Mn in a funding round in October 2021
The layoffs left employees bewildered as Drip Capital told them in September 2022 that the business was doing well
California- and Mumbai-based Indian trade financing startup Drip Capital laid off about 20% of its 400-member workforce in November last year in a restructuring exercise, sources told Inc42. In an email response to Inc42’s query about the layoffs and business restructuring, Drip Capital said, “Unfortunately, we won’t be able to comment on this matter right now.”A source said that the mass layoffs left employees bewildered as Drip Capital had told them in September 2022 that the business was doing well.
While the layoffs impacted employees across teams, the tech, engineering, and sales departments took the biggest hit.