Simpl Lets Go Of Over 100 Employees To Boost Profitability: Report

The firings were conducted across verticals including some employees at the high level and the start-up promised the impacted employees severance, however, the scale of it remains unclear

Simpl said that it conducted firings, however, the firm didn’t disclose the magnitude of people impacted by the layoffs ( Image Source :Simpl Website )

Indian start-up Simpl reportedly slashed its workforce across verticals on Wednesday, media reports said. The start-up that allows customers to purchase first and make payments later let go of more than 100 employees, reports said.

This marks the first such exercise for the company, reported Business Standard. The report cited sources in the know and said that the layoffs were announced by the company’s CEO and Co-Founder, Nitya Sharma, via a town hall conducted at 9 AM on Wednesday. 

The report quoted the source and said, “Some employees, who have been laid off, were logged out of their Slack accounts even before the Townhall.”

The firings were conducted across verticals including some employees at the high level also. The company promised the impacted employees severance, however, the scale of it remains unclear, the report noted.

The report added that in response, Simpl said that it conducted firings, however, the firm didn’t disclose the magnitude of people impacted by the layoffs.

Sharing a response to the digital media agency, Ashish Kulshrestha, Head of Corporate Communications, Simpl, stated, “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.”

The executive noted that the decision has been taken by the start-up to manage costs and enhance profitability. 

Notably, last year in April, the start-up let go of more than 150 employees stating that it took on more hirings anticipating a consistent growth in demand for e-commerce as seen during the pandemic.