FinanceUS

Chargebee Layoffs

September 2023

Chargebee announced a layoff affecting 100 employees (10% of its workforce) in September 2023. The company operates in the Finance sector.

People Affected

100

Percentage

10%

Announced Date

Sep 11, 2023

About

Chargebee, a Chennai-based SaaS unicorn in the fintech industry, has laid off approximately 10% of its global workforce, affecting 100 to 120 employees. This marks the company's second round of layoffs within ten months, following a similar reduction of 142 employees in November 2022. CEO Krish Subramanian attributed the decision to "market shifts" and the need to focus on fewer priorities for efficient growth, emphasizing customer experience and core products. The company, valued at $3.5 billion and backed by investors like Tiger Global, will provide severance packages according to local labor laws. These layoffs reflect broader challenges in the Indian startup ecosystem, where over 28,000 employees have been let off since 2022 due to strained funding and a shift toward profitability amid economic uncertainties.