FinanceIN

Clear Layoffs

September 2022

Clear announced a layoff affecting 190 employees (20% of its workforce) in September 2022. The company operates in the Finance sector.

People Affected

190

Percentage

20%

Announced Date

Sep 16, 2022

About

Clear, a Bengaluru-based fintech SaaS platform formerly known as Cleartax, laid off approximately 190 to 200 employees on September 15, 2022, representing about 20% of its workforce. The cuts affected multiple departments, including tech, product, and sales, as part of a restructuring effort to extend the company's financial runway amid a broader decline in startup funding. This move occurred nearly a year after Clear raised $75 million in a Series C round led by investors like Kora Capital and Stripe, and followed recent acquisitions aimed at expanding its compliance and financing services. The layoffs reflect a challenging environment for Indian startups, which have seen significant workforce reductions in 2022.