Simpl Layoffs
May 2024
Simpl announced a layoff affecting 100 employees (15% of its workforce) in May 2024. The company operates in the Finance sector.
100
15%
May 8, 2024
About
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.
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