Peter Thiel’s Valar Ventures backed revenue-based financing startup Velocity lays off about 14% of staff

Revenue-based financing startup Velocity has laid off around 14% of its workforce, the Bengaluru-based company’s cofounder and chief executive Abhiroop Medhekar wrote in a blogpost on Friday.

“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,” he wrote.

“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,” he added.