Fintech startup Simpl lays off 30 employees in another round of job cuts

NEW DELHI: Fintech startup Simpl on Thursday said that it has laid off 30 employees across various departments in another round of job cuts.

According to the company, the decision to let go of employees is a "continuation of our organisation-wide efforts to become a fiscally prudent company and achieve profitability by mid-2025."

"As an organisation, we routinely review our businesses to improve efficiencies and become more agile and leaner as an organisation to drive consistent growth," Ashish Kulshrestha, Head of Communications, Simpl, said in a statement to IANS.

"Over the last few years, we have scaled our business exponentially and in order to drive this growth in a sustainable manner, we have been undertaking a series of measures to improve operational efficiencies," he added.

The affected employees will receive a fixed salary for a two-month notice period, and 15 day fixed salary for every year of service with the company.

The fintech startup laid off around 100 employees in a restructuring exercise last month.

In April last year, the company let go of about 120-150 employees.

In FY23, Simpl's net loss increased by 147 per cent to Rs 356.6 crore, while operating revenue surged by 176 per cent to Rs 87.3 crore.

Founded in 2016, Simpl has around 26,000 merchants on its platform including Zomato, Makemytrip, Big Basket, 1MG, and Crocs.