Simpl Job Cuts: Simpl, which previously employed around 650 people, has seen its workforce fall by roughly 25 per cent in the past few months.
Fintech company Simpl reportedly laid off almost 160-170 employees across various departments as the company faces high monthly cash burn and slowing user acquisition. Moneycontrol reported that the job cuts are impacting a range of roles across the company and the most impacted ones are the higher-paying positions in engineering and product development.
According to sources aware of the development, the layoffs were announced by Nitya Sharma, chief executive officer and co-founder, Simpl, in a townhall organised at 9 am on Wednesday. The layoffs were done across the verticals with some high-level employees also being impacted.
“Some employees, who have been laid off, were logged out of their Slack accounts even before the townhall,” a source said.
As a part of the severance package, Simpl has decided to give two months of salary and 15 days of salary for every year spent at the company. Moreover, it has extended medical insurance and outplacement services.
Citing a source in the know, Moneycontrol reported that the company held a brief town hall on May 8. The source said as per the outlet, “Founder and CEO Nityanand Sharma had a brief all-hands townhall with employees today at 9 am. It seemed he was reading out of a prepared script. He said we are sorry to let go people and will do our best to help with stuff like outplacement.”
As per the report, Simple said that the layoffs were a strategic move to improve operational efficiency and achieve profitability. Through this process, the company aims to streamline operations and reduce fixed and overhead costs as well as focus on restructuring.
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