Simpl Layoffs

About

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.

Source

Related Events

More Finance Layoffs