Close Menu
    Facebook X (Twitter) Instagram
    • Our Story
    • Partner with us
    • Reach Us
    • Career
    Subscribe Newsletter
    HR KathaHR Katha
    • Exclusive
      • Exclusive Features
      • Research
      • Point Of View
      • Case In Point
      • Dialogue
      • Movement
      • Profile
      • Beyond Work
      • Rising Star
      • By Invitation
    • News
      • Global HR News
      • Compensation & Benefits
      • Diversity
      • Events
      • Gen Y
      • Hiring & Firing
      • HR & Labour Laws
      • Learning & Development
      • Merger & Acquisition
      • Performance Management & Productivity
      • Talent Management
      • Tools & Technology
      • Work-Life Balance
    • Special
      • Cover Story
      • Editorial
      • HR Forecast 2024
      • HR Forecast 2023
      • HR Forecast 2022
      • HR Forecast 2021
      • HR Forecast 2020
      • HR Forecast 2019
      • New Age Learning
      • Coaching and Training
      • Learn-Engage-Transform
    • Magazine
    • Reports
      • Whitepaper
        • HR Forecast 2024 e-mag
        • Future-proofing Manufacturing Through Digital Transformation
        • Employee Healthcare & Wellness Benefits: A Guide for Indian MSMEs
        • Build a Future Ready Organisation For The Road Ahead
        • Employee Experience Strategy
        • HRKatha 2019 Forecast
        • Decoding and Driving Employee Engagement
        • One Platform, Infinite Possibilities
      • Survey Reports
        • Happiness at Work
        • Upskilling for Jobs of the Future
        • The Labour Code 2020
    • Conferences
      • HRKatha Futurecast
      • Automation.NXT
      • The Great HR Debate
    • HR Jobs
    WhatsApp LinkedIn X (Twitter) Facebook Instagram
    HR KathaHR Katha
    Home»News»Layoff»47 workers laid off at OPEN; co-founders salaries  cut in half
    Layoff

    47 workers laid off at OPEN; co-founders salaries  cut in half

    HRK News BureauBy HRK News BureauApril 21, 20232 Mins Read2601 Views
    Share LinkedIn Twitter Facebook
    Share
    LinkedIn Twitter Facebook

    On April 20, 2023, OPEN, a neobank, announced that it had laid off 47 employees based on performance evaluations.  

    OPEN is actively recruiting for critical functions like growth marketing, product, and sales, while its founders have taken a 50 percent pay cut to lead the way towards scale and profitability. 

    The company claims that none of its current employees’ salaries have been reduced, and high performers who were laid off received an average hike of 20-30 percent and ESOPs. Despite the layoffs, OPEN is optimistic about its profitability and has visibility on a runway above 30 months to handle market conditions.

    Founded by Anish Achuthan, Mabel Chacko, and Ajeesh Achuthan, OPEN automates business finances for small and medium enterprises and claims to serve over 2.3 million SMEs. In May 2022, OPEN raised $50 million in a Series D funding round with a valuation of $1 billion, which made it the 96th entrant to India’s unicorn club. This funding round coincided with a surge in fintech deals, with investors pouring billions into internet startups that cater to both consumers and SMEs.

    Due to the funding slowdown in 2022 and 2023, OPEN is one of many startups that have resorted to layoffs to conserve cash.

    Layoff OPEN Salary Cut
    Share. LinkedIn Twitter Facebook
    HRK News Bureau

    Leave A Reply Cancel Reply

    17 − twelve =

    Related Posts

    Vizhinjam Port expansion to double workforce by 2028

    May 12, 2025

    SAP revises diversity targets; shifts focus to employee well-being

    May 12, 2025

    Swedish work perks leave Indian netizens dreaming of better office life

    May 12, 2025

    Panasonic to cut 10,000 jobs in major global restructuring effort

    May 12, 2025
    EDITOR'S PICKS

    The invisible wall: How tariffs are reshaping Indian tech’s talent strategy

    May 12, 2025

    How Accor is cultivating homegrown leadership in India

    May 9, 2025

    Why freelancers should embrace slow periods

    May 8, 2025

    Why ‘emotional onboarding’ is key to sustaining new hire enthusiasm

    May 7, 2025
    Latest Post

    Bhavana Khera is chief marketing officer, Genefied

    Movement May 12, 2025

    Genefied, an IT services and consulting company, has appointed Bhavana Khera as chief marketing officer…

    Vizhinjam Port expansion to double workforce by 2028

    News May 12, 2025

    Vizhinjam International Seaport, Kerala, is poised for major growth, with plans to double its workforce…

    SAP revises diversity targets; shifts focus to employee well-being

    News May 12, 2025

    SAP is undergoing a major shift in its diversity and inclusion strategy. The global software…

    Swedish work perks leave Indian netizens dreaming of better office life

    News May 12, 2025

    An Indian software developer based in Sweden has sparked widespread attention online after sharing a…

    Asia's No.1 HR Platform

    Facebook X (Twitter) Instagram LinkedIn WhatsApp Bluesky
    • Our Story
    • Partner with us
    • Career
    • Reach Us
    • Exclusive Features
    • Cover Story
    • Editorial
    • Dive into the Future of Work: Download HRForecast 2024 Now!
    © 2025 HRKatha.com
    • Disclaimer
    • Refunds & Cancellation Policy
    • Terms of Service

    Type above and press Enter to search. Press Esc to cancel.