US-based fintech HighRadius sacks CTO Tanuj Vohra, say sources

Layoffs

US-based artificial intelligence-powered financial technology company HighRadius has sacked its chief technology officer Tanuj Vohra on February 23, sources told Moneycontrol.

The move comes after the Tiger Global-backed company fired over 2,000 employees in India so far, most of them being in the form of forceful resignations, according to sources.

In an email, Chief Product Officer Sayid Shabeer told employees that the rationale behind the decision to part ways with Vohra are “misalignment of priorities” and “unproductive working relationship,” a copy of which Moneycontrol has seen.

HighRadius offers cloud-based autonomous software for the office of the chief financial officer, to transform their order-to-cash, treasury, and record-to-report processes. Its customers include 3M, Unilever, Anheuser-Busch InBev, Sanofi, Engie GBS Solutions, Kellogg Company, Danone, Hershey’s, among others.

Sources say the company's valuation has fallen to $2 billion, from $3.2 billion in 2021. The company’s annual recurring revenue is as low as 2%. “So, there are lots of pressure on CEO from investors,” the source said.

Moneycontrol has reached out to the company for comments, the copy will be updated as and when the company responds.

"I have been compelled to file a legal case against HighRadius in the VIth Additional District Court, Kukatpally and have sought compensation and injunctions," Vohra told Moneycontrol on March 8.

Vohra further said that despite him being the face of HighRadius till as recently as January 31, representing the company in events, he was suddenly asked to leave without being given any reason.

"I am going through the toughest time of my 27 years of my professional journey as I have never faced such reputational damage. This is despite my having given my everything to HighRadius and I was one of the top performers there," Vohra said.

Vohra caveated saying the matter is pending consideration, and that he "shall not say anything about the merits. I have complete faith in the judicial system."