Exclusive: Wint Wealth Fires 20% Of Its Workforce

SUMMARY

Wint Wealth laid off around 20% of its around 100-member workforce in a restructuring exercise earlier this month, sources told Inc42

Confirming the development, a spokesperson of the startup said the exercise was part of a regular business performance evaluation, which resulted in restructuring of low-priority functions

The development comes close on the heels of Wint Wealth acquiring a majority stake in Chandigarh-based non-banking financial company Ambium Finserve

Fintech startup Wint Wealth laid off around 20% of its workforce in an internal restructuring exercise earlier this month, sources told Inc42.

The restructuring exercise impacted employees across departments, including marketing, sales, and tech the sources said.

Confirming the development, a Wint Wealth spokesperson told Inc42, “As part of our regular business performance evaluation, we had to restructure some low-priority functions. This has impacted 19 people.”

The development comes close on the heels of the startup acquiring a majority stake in Chandigarh-based non-banking financial company (NBFC) Ambium Finserve. The startup however didn’t disclose the financial details of the transaction. With the acquisition, the startup said it now has an NBFC licence.

Ambium has already begun its wholesale lending operations under the brand name Wint Capital.

Wint Capital currently has a loan book of INR 50 Cr and expects this to grow to INR 500 Cr by the end of 2024.

Last year, Wint Wealth also received the online bond platform provider licence from the Securities and Exchange Board of India (SEBI).

Wint Wealth was founded by Abhik Patel, Ajinkya Kulkarni, Anshul Gupta and Shashank Chimaladari in 2020. It lets users invest in fixed deposits, corporate bonds, sovereign gold bonds, and bond baskets via its platform. It claims to have over 53,000 users and facilitated investment worth INR 1,300 Cr.

Wint Wealth last raised around $16 Mn in a funding round in 2022. It counts the likes of Eight Roads Ventures, 3one4 Capital, Unitary Fund, Blume Ventures, AngelList, Nithin Kamath, Kunal Shah and Lalit Keshre, and Vaibhav Domkundwar among its backers.

Prior to that, Inc42 exclusively reported that the startup raised an undisclosed amount from a cohort of financial influencers, including Ankur Warikoo, Finology Ventures’ Pranjal Kamra, marketfeed founder Sharique, and CA Rachna Ranade.