Exclusive: Fintech SaaS Startup Lentra Lays Off Employees To ‘Optimise Operations’

SUMMARY

Lentra undertook the restructuring exercise, which impacted employees across departments, earlier this week, sources said

Cofounder and president Ankur Handa attributed the layoffs to the startup’s efforts to “optimise operations and adapt to changing market dynamics”

In June last year, Lentra raised $27 Mn (about INR 223 Cr) in its extended Series B funding round, led by MUFG Bank and Dharana Capital

Pune-based fintech SaaS startup Lentra laid off employees across departments in a restructuring exercise earlier this week, sources told Inc42.

The number of employees impacted by the restructuring could be as high as 70-80. However, Inc42 could not verify this.

The MUFG-backed startup confirmed the layoffs with Inc42 but did not disclose the number of employees impacted by the restructuring exercise.

“Our efforts to optimise our operations and adapt to changing market dynamics have led us to make the decision to reorganise our workforce. We are confident of maintaining our trajectory and positioning our company for continued success in the future,” Lentra cofounder and president Ankur Handa said in a statement.

Handa said Lentra is offering severance packages, outplacement assistance, counselling services, and six months of health insurance coverage to the impacted employees.

“As we move forward, we remain focused on our mission to transform lending, leveraging digital technologies and AI. Despite the challenges, the market continues to evolve, and Lentra remains a significant player. We are confident in our ability to sustain our momentum and position the company for ongoing success in the future,” he added.

The restructuring exercise comes almost four months after the startup launched its artificial intelligence (AI) products – Lentra Convo, Lentra Insights, and Lentra Wingman.

In June last year, Lentra raised $27 Mn (about INR 223 Cr) in its extended Series B funding round, led by MUFG Bank and Dharana Capital.

Prior to that, the startup raised $60 Mn in a Series B funding round in November 2022 from its existing investors Bessemer Venture Partners and SIG Venture Capital, with participation from Citi Ventures.

Founded in 2018 by D Venkatesh and Handa, Lentra offers digital lending solutions to banks. It offers a cloud-native full-stack platform that allows banks to automate the entire lending cycle from loan origination, fraud check to loan management.

Besides India, Lentra, which has raised over $100 Mn across funding rounds to date, has presence in countries like Philippines, Indonesia, Vietnam, and the US.