Start-up layoffs: Tickertape fires 33% employees, to hand control back to Smallcase

Investment analysis platform Tickertape has laid off 33 per cent of its staff in a bid to cut costs, sources aware of the matter told Business Today. The company also plans on handing back control to the wealth management company Smallcase.

The announcement was made by the company's founder Ujjwal Ankur in a company-wide meeting on Thursday, a source told Business Today.

"Around 33 per cent of the staff has been terminated. Tech as well as product roles have been impacted, founder did the meeting today and told this to everyone," the source said.

Sources noted that the company employees around 90 people.

Another source highlighted that post-downsizing, the control of the company will be handed over to Smallcase.

"Smallcase will take over control of company from here on," the source claimed.

Tickertape is a spinoff of Smallcase. The financial markets data provider was established as an independent corporate entity on November 1, 2021, separate from Smallcase. Ankur had been appointed as the founder and CEO of Tickertape following this spin-off. Smallcase also infused capital in the investment analysis company.

Business Today reached out to both the companies for comments on the same. The company responded by sharing the following tweet.

 Sources claimed that Tickertape has been facing tough competition from Screener, Trendlyne, among others, amid the growing funding crunch.

"Business has been tough, many competitors like Screener, Trendlyne, Trading View, etc have similar products. Further innovation gets tough especially now due to lack of fresh funding," the source claimed.

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