Fi, a neobanking startup backed by Peak XV Partners and Alpha Wave Ventures, has undertaken a restructuring exercise. This exercise involves laying off approximately 10% of its workforce, affecting approximately 30 employees across various teams. Fi's CEO and co-founder, Sujith Narayanan, has emphasized that the company is committed to providing support to the impacted employees by offering several months of severance pay and accelerating the vesting of Employee Stock Ownership Plans (ESOPs) reported by inc42
Details of the Restructuring: Fi's decision to streamline its workforce is part of a broader effort to allocate resources more efficiently and strategically. By reducing its workforce, the company aims to redirect its focus toward key growth areas within the business. This restructuring initiative aligns with Fi's vision of achieving sustainable growth and optimizing its operations.
Support for Affected Employees: As part of its commitment to employee welfare during this transition, Fi is offering several months of severance pay to the impacted staff members. This financial support is intended to assist employees during their transition to new opportunities. Furthermore, Fi will expedite the vesting of ESOPs for departing employees, ensuring that they can still benefit from their ownership stakes in the company.
Fi's Background and Financial Standing: Fi, a neobanking startup, has attracted substantial backing from prominent investors, including Peak XV Partners and Alpha Wave Ventures. To date, the company has successfully raised $168.8 million in funding. This financial backing reflects the confidence that investors have in Fi's potential for growth and innovation in the neobanking sector.
Fi's decision to restructure its workforce, while a difficult one, is part of its broader strategy to achieve long-term sustainability and refocus on key growth areas. The company's commitment to supporting affected employees through severance packages and accelerated ESOP vesting demonstrates its dedication to responsible corporate practices. With a strong financial foundation and backing from notable investors, Fi is poised to continue its journey towards innovation and growth in the neobanking industry.
