Apparently they were doing really well.
Just got insights from a friend who used to work there:
Bukuwarung first tried to be Khatabook. But they didn’t have enough insights because that data used to be trash. Secondly, Indonesia didn’t have payment fintech stack as good as india. So they kind of tried to become khatabook+Paytm combo. If they could crack this then they can become good at lending.
Lot of fraud happened on the payment front, they couldn’t control it, so they scaled down the payments front. And it’s difficult to raise a round in this scenario. So they’ve kind of started with the lay offs.
Rumor is that the founder Chinmay has left or about to leave.
I heard about 2 weeks ago they were going to get shutdown or sold to some other company. Does anyone know what’s happening? I remember they had a decently sized tech team in Bangalore
Almost 90% of the employees (appx 130) have been laid off with the remaining being absorbed by Affinidi India. Both of them are Temasek funded in-house ventures.
I heard from my friend KukuFM is laying off it’s entire content and product team. More layoffs in other team to follow. Is it true?
What is kuku FM? I keep getting coupons on GPay.
Heard they have mandated 5 days WFO and one of the investor has become CEO. Would there be another round of layoffs?
