New Delhi, May 8 (IANS) Fintech startup Simpl has laid off around 100 employees in a restructuring exercise, a media report said on Wednesday.
According to Inc42, citing sources, the fresh job cuts have impacted workers across teams and verticals.
“As an organisation committed to creating a shared value for our merchants and millions of customers across the country, we have undertaken a series of measures to improve operational efficiencies, reduce fixed and overhead costs, along with taking the difficult decision of letting go of some of our talented employees,” Ashish Kulshrestha, head of corporate communication at Simpl, was quoted as saying.
Kulshrestha also said that the decision to let go of several employees will help the company achieve profitability and become a prudent organisation.
The startup claims to become profitable by mid-2025.
Those impacted by the job cuts will receive severance pay of two months along with 15 days’ salary for every year spent at Simpl.
Additionally, the startup has offered medical insurance and outplacement services, the report mentioned.
In April last year, the fintech firm laid off about 120-150 employees. Founded in 2016, Simpl has around 26,000 merchants on its platform including Zomato, Makemytrip, Big Basket, 1MG, and Crocs.
–IANS
shs/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
