MobiKwik has shut down two of its offices in India, laid off several employees, and scaled back its retail business, sources have told MediaNama. A current employee said that upto 200 employees and contractors have been asked to leave in all. MediaNama was unable to verify this number from other sources, and MobiKwik’s founders have not responded to multiple requests for comment. According to sources, MobiKwik's Chennai office, which housed 5-10 employees, according to one person familiar with the matter, was shut down. This was likely a satellite office, like its other offices in Pune, Mumbai, Hyderabad, Kolkata and Mumbai, where the employee strength is not very high. MobiKwik is headquartered in Gurgaon where most of its staff works out of. MediaNama has reviewed a document which states that MobiKwik will not expand its business in particular verticals (sources say auto, milk and food and beverages + retail) “hence the need for the team ceases to exist.” Multiple sources said that MobiKwik employees and contractors were let go of on the spot, either through a phone call, a letter or both. They were asked to not come to the office from 15 November after surrendering all company equipment. They have also been promised a 2 month severance package, to be paid in 45 days. MediaNama has contacted Upasana Taku and Bipin Singh, MobiKwik’s co-founders, and will update this when we hear from them. According to sources, the following reasons could be behind MobiKwik scaling back its retail business and operations:…
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