Embracing Growth and Efficiency: An Update from Velocity

At Velocity, we’ve always believed in transparency, open communication, and putting our people first. Today, we want to share an important development in our journey – a restructuring that has led to a few changes within our team. We are dedicated to managing this transition with utmost care and respect for all those affected.

Our Thriving Business

Let us begin by reaffirming that Velocity stands strong as the largest and most well-capitalized company in our segment. Last month marked a historic achievement for us, as we reached our highest-ever disbursal volumes. Our business is on an impressive trajectory this year, with double-digit growth month over month. In total, we have made over 1500 investments in India’s fast growing eCommerce market. Furthermore, the $20 million of equity capital we raised in our last round of financing, remains largely untouched.

Restructuring for Efficiency

Getting to profitability is an important priority for us and this restructuring is a crucial step in that direction. We’ve carefully restructured our organization to avoid redundancies. We’ve also streamlined and automated key parts of our workflows, unlocking substantial efficiency gains. 

While this process was not without its challenges, it allows us to set a strong foundation for sustainable future growth. We’ve therefore had to make the difficult decision of reducing our team size by 22 individuals, which accounts for less than 14% of our total headcount.

A Heartfelt Thank You

We want to take a moment to express our deep gratitude to these 22 individuals. They have been an integral part of Velocity, contributing their talents, hard work, and dedication to our mission of empowering new age businesses with better financing products. As they transition to new opportunities, we want them to know that their contributions will always be remembered and appreciated.

To support these individuals during this transition, we are providing them with two months of severance / notice period pay, extended health benefits, and dedicated outplacement support. Our commitment to their well-being remains unwavering, and we are here to assist them in any way we can as they embark on their next professional journey.

Looking Ahead

We understand that change can be unsettling, and we want to assure our team that we do not anticipate any further reductions in our workforce in the foreseeable future. We are committed to fostering a supportive and nurturing environment where all our team members can thrive. Our focus remains on embracing growth and efficiency as we move towards our vision of building the future of business financing in India. 

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