An Online marketplace PolicyBazaar Cuts 1,500+ Jobs – Paisabazaar, an online marketplace for providing marketing of banking loans and credit cards including various financial products like insurance etc. has laid off 1,500-2,000 people due to the impact of Covid-19. Paisabazaar has cut their 50% of their employee workforce. The original staff strength at Paisabazaar is 3,000-4,000 employees. PolicyBazaar, a unicorn backed by SoftBank.
According to report the overall revenue of the Paisabazaar’s has been down by around 90% since March. Owing to the coronavirus impact, other unicorns and large startups like Oyo, Curefit, Swiggy, Ola, makemytrip and Zomato too have had to cut their team sizes by 10-30%, while some have placed additional staff on furloughs.
In 2019, Paisabazaar had claimed to have disbursed annualized loans to the tune of Rs 10,000 crore. Apart from loans and credit cards, it also lets one invest in mutual funds through its platform.
Also Read – MakeMyTrip Lays off 350 Employees