Layoffs - NewNerve

Fintech startup Simpl, known for its "buy now, pay later" (BNPL) services, has laid off around 100 employees in a restructuring exercise. This news comes amidst a broader trend of job cuts in the Indian tech industry, as companies grapple with slowing economic growth and rising inflation. Key Points: Job Cuts: Around 100 employees across different teams and verticals have been laid off. Reasoning: Simpl cites the need to improve operational efficiencies, reduce costs, and achieve profitability by mid-2025. Severance Package: Impacted employees will receive a severance package including two months' salary, 15 days' salary for each year of service, medical insurance, and outplacement services. Previous Layoffs: This is the second round of layoffs for Simpl in the past year, ...

Pune-based fintech SaaS startup Lentra recently undertook a major restructuring process, resulting in layoffs across various departments. The decision was aimed at optimizing operations and adapting to changing market dynamics. According to sources, the number of employees impacted by this restructuring could be as high as 70-80, although this figure remains unverified. Background In June of last year, Lentra secured $27 million (approximately INR 223 crore) in its extended Series B funding round. The funding was led by MUFG Bank and Dharana Capital, positioning Lentra as a promising player in the finance SaaS industry. The Restructuring at Lentra Cofounder and President Ankur Handa attributed the layoffs to the startup’s commitment to streamlining operations. A...

Tag: Layoffs

Simpl Slashes 100 Jobs in Restructuring Bid to Reach Profitability

Lentra’s Operational Streamlining: Impact of Recent Layoffs, 2024