In January 2023, the Bengaluru-based fintech startup Cashfree Payments laid off approximately 100 employees, representing about 6-8% of its workforce, as part of a cost-reduction effort amid a challenging funding environment. The company, backed by YCombinator and Apis Partners and valued at $200 million, conducted this organizational restructuring primarily affecting sales and merchant onboarding roles. This move reflects broader pressures in the fintech sector, including a funding crunch and tightening regulations from the Reserve Bank of India, which have complicated Cashfree's plans to raise additional capital.
