Simpl - NewNerve

Bengaluru-based consumer credit startup Simpl has announced another round of layoffs, letting go of 30 more employees just a month after firing 160. The company informed the affected employees through one-on-one meetings on Thursday. This latest round of layoffs follows the departure of three to four senior executives on Wednesday. Vatsal Jain, Vice President of Enterprise Business; Ashwini Ravindranath, Vice President of Partner Success; and Ramkumar Narayanan, Vice President of Product and Operations, have all resigned. A company spokesperson stated that the decision to lay off 30 employees is part of their efforts to become fiscally prudent and achieve profitability by mid-2025. The affected employees will receive a severance package including a fixed salary for the two-month noti...

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, ...

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Simpl’s Layoff Spree Continues: 30 Employees Let Go, Senior Leadership Restructured

Simpl Slashes 100 Jobs in Restructuring Bid to Reach Profitability