In a continuation of the persistent trend of layoffs in various sectors, a fintech startup in Bangalore, known as Fam, has been impacted. The co-founders of Fam, Sambhav Jain and Kush Taneja, have been compelled to take the challenging step of releasing 18 employees from their roles. This move comes as Fam redirects its focus towards maintaining stability rather than rapid expansion, a decision influenced by the current business landscape. Despite this difficult choice, the founders are actively assisting the affected employees in their pursuit of new career opportunities.
Sambhav Jain took to the social media platform X (formerly Twitter) to express his sentiments regarding this trying situation. He acknowledged the emotional difficulty that founders face when having to let go of team members. He shared that the current circumstances have necessitated the layoffs and explained that the roles within the company no longer align with the employees’ growth aspirations and passions. In a plea for support, Sambhav Jain extended an invitation to companies seeking individuals in EPD or growth functions to consider the retrenched staff.
Kush Taneja echoed a similar sentiment, reaching out to potential employers to provide fresh opportunities for the laid-off Fam employees.
The founders’ actions have sparked mixed reactions among users. Some criticized the decision, questioning the “people-first” or “family” label for businesses that resort to layoffs during funding constraints. Others, however, extended a helping hand by offering job prospects to the affected employees.
The Fam layoff incident underscores the broader challenges faced by startups and businesses in navigating the delicate balance between stability, growth, and employee welfare. The founders’ commitment to aiding their retrenched staff in transitioning to new roles serves as a testament to their dedication to the well-being of their workforce.
