Simpl Layoffs: 30 Employees Got Laid Off In Second Round 💵✂@StartupERA_IN

Bengaluru-based consumer credit startup Simpl has laid off 30 more employees, following the dismissal of 160 staff members last month. This move comes amid a series of executive departures and is part of the company's strategy to achieve profitability by mid-2025.

Affected employees were informed through one-on-one meetings and offered severance packages. Simpl has also restructured its leadership, elevating Vivek Pandey to CTO and assigning him the risk vertical, previously managed by CFO Russell Byrne. Despite tripling its income to Rs 96.3 crore in FY23, Simpl's losses widened to Rs 356.7 crore.

The company, which provides buy-now-pay-later services, has seen significant changes in its workforce, dropping from 613 employees in March 2023 to 208 in March 2024.

NEWS Source:- https://economictimes.indiatimes.com/tech/startups/bnpl-startup-simpl-undertakes-another-round-of-layoffs-rejigs-senior-leadership/articleshow/110764659.cms
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Company Profile:-

Founded:- 2015
Industry: E-commerce, Financial Services, Fraud Detection, Lending, Mobile Payments, Payments, Transaction Processing
Location:- Bangalore, Karnataka, India
Total Funding:- NA
Company Stage:- Series B
Founders:- Chaitra Chidanand, Nityanand Sharma
Website:- www.getsimpl.com/
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