Simpl

Fintech startup Simpl has laid off approximately 80 employees, a move driven by regulatory pressure from the Reserve Bank of India (RBI). The RBI directed the company to halt its payment operations due to a lack of necessary licenses, effectively pausing its core buy now, pay later (BNPL) service. CEO Nitya Sharma stated the layoffs, which particularly affected sales and marketing teams, are part of restructuring to conserve capital. Despite this, Simpl maintains it is profitable and has a healthy runway. The Bengaluru-based company, which serves over 26,000 merchants and has more than 7 million users, is working with regulators to resume operations and potentially rehire staff.

Simpl, a Bengaluru-based buy-now-pay-later (BNPL) startup, has laid off 30 employees in June 2024, following a larger round of 160 layoffs just a month prior. This recent reduction is part of an ongoing organizational restructuring aimed at achieving profitability by mid-2025. The company, which operates in the fintech and consumer credit industry, also saw the resignation of several senior executives. This follows a significant layoff in April 2023, where about 25% of the workforce, or approximately 150 employees, were let go. Simpl is concurrently rejigging its senior leadership to streamline operations and focus on fiscal prudence amid widening losses, despite reporting a growth in total income.

Indian fintech startup Simpl, operating in the buy now, pay later (BNPL) space, has laid off approximately 160-170 employees, representing about 25% of its workforce of around 650. This cost-cutting measure, announced in May 2024, is part of the company's push to achieve profitability by the 2025 fiscal year. The layoffs have most severely impacted the direct-to-consumer (D2C) checkout vertical and higher-paying functions like engineering and product, coming amid elevated monthly cash burn and slowed user acquisition. This marks the second major round of layoffs for Simpl in consecutive years, following a similar reduction in March 2023.

In April 2023, the buy-now-pay-later fintech startup Simpl laid off over 150 employees, which constituted more than 25% of its workforce. The Bengaluru-based company, which had raised $83 million in funding, undertook this significant cost-cutting measure to extend its financial runway and become a leaner organization amidst challenging economic conditions. The layoffs, communicated via email and a virtual town hall by the CEO, affected staff across various departments. This move followed a period of rapid growth and mounting losses, reflecting broader pressures within the BNPL industry.