Chargebee cuts 10% of workforce in second round of layoffs: Report
In November 2022, Chargebee laid off about 10% of its workforce, citing macroeconomic factors and uncertain economic conditions.
In less than a year after cut 10% of its workforce, the SaaS-based subscription management platform has reportedly laid off another 10% of its global employees. The latest job cuts affect around 100-120 employees in various departments.
Chargebee's CEO Krish Subramanian has cited "market shifts" as the primary reason behind the layoffs, Inc42 has reported.
“To position Chargebee for its next phase of efficient growth, and with the technology and market shifts underway across the industry, it is critical that we set up the organisation to focus on fewer priorities, with a greater emphasis on our customers’ experience and our core products," Subramanian said.
"The organisational restructure and changes were primarily driven by cost structure and making the GTM more efficient while building tightly aligned teams to focus on key priorities. This restructuring is all about ensuring we have the right people, skills, and cost structure to move forward and grow," Subramanian tells YourStory.
In compliance with the relevant labour laws in each country, the company has claimed to offer severance packages to the affected employees.
Last November, Chargebee trimmed its workforce, blaming macroeconomic factors and uncertain economic conditions.
Headquartered in Chennai and San Francisco, Chargebee was founded in 2011 by Subramanian, Saravanan KP, Thiyagarajan T, and Rajaraman Santhanam. The company's revenue growth management platform offers billing and subscriptions for startups and large enterprises. It has over 4,000 customers, which include Doodle, , , and among others.
The company last raised $250 million in funding co-led by Tiger Global and (formerly known as Sequoia Capital India). The round witnessed participation from other investors such as , , and . To date, the unicorn has raised $470 million.
(The article was updated with response from Chargebee.)
Edited by Affirunisa Kankudti