Tickertape, an investment analysis platform, has let go of 33% of its workforce in an effort to reduce costs. Additionally, the company intends to return control to the wealth management firm Smallcase.

According to a source who spoke to Business Today, Tickertape's founder Ujjwal Ankur made the announcement in a company-wide meeting on Thursday.

"Around 33 per cent of the staff has been terminated. Tech as well as product roles have been impacted, founder did the meeting today and told this to everyone," the source said.

Sources indicated that the company has a workforce of around 90 employees.

According to another source, following the downsizing, the control of the company will be transferred to Smallcase. " Smallcase will take over control of company from here on," said the source.

Tickertape was established as an independent corporate entity separate from Smallcase on November 1, 2021, and is a spinoff of the wealth management company. 

Ujjwal Ankur was appointed as the founder and CEO of Tickertape following the spin-off. Smallcase also provided funding to the investment analysis platform.

Tickertape has been facing tough competition from rivals such as Screener and Trendlyne amid the increasing funding crunch.