Simpl Layoffs: Firm Fires 30 Employees Across Departments, Says Report

Simpl Layoffs: The company has also promised to provide a severance package. This package would encompass a fixed salary for 2 months and an additional 15 days' salary for each year of service

Simpl Layoffs

Source : Company

Simpl Layoffs: Buy Now Pay Later (BNPL) startup Simpl reportedly terminated approximately 30 employees on Thursday, less than a month after laying off 160 individuals. Similar to the previous round, this latest wave of layoffs has affected employees across various departments.

One of the individuals affected by the layoffs told Business Standard they were informed about the layoffs during a meeting. Additionally, some senior employees have also been instructed to depart from the company. 

Another individual told the publication that several senior executives have tendered their resignations, including Ashwini Ravindranath, Vice President of Partner Success, Vatsal Jain, Vice President of Enterprise Business, and Ramkumar Narayanan, Vice President of Product and Operations.

As per the report, the company has also promised to provide a severance package. This package would encompass a fixed salary for two months and an additional 15 days' salary for each year of service. "They have massively overhired people across departments. I am sure some more people will be fired soon," an individual familiar with the matter said in the report.

On May 8, the company had previously terminated approximately 160 employees, citing a "comprehensive growth plan" and a "sharp focus on profitability." 

In response to Business Standard's inquiry on Thursday, Simpl stated that the recent layoffs were part of the company's ongoing efforts to adopt fiscal prudence and attain 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. Over the last few years, we have scaled our business exponentially, and to drive this growth in a sustainable manner, we have been undertaking a series of measures to improve operational efficiencies,” said Ashish Kulshrestha, Head of Communications, Simpl.

Previously, the publication reported that, according to an individual, Simpl had also terminated some employees in March and April following performance reviews. If confirmed, this would mark the third round of layoffs for the company. However, there has yet to be an official confirmation from the startup regarding this matter.