BNPL fintech Simpl cuts over 100 jobs as it aims for profitability
The layoffs were announced by Simpl CEO and Co-founder Nitya Sharma during a company a townhall on Wednesday.
Fintech startup , which specialises in buy-now-pay-later (BNPL) products, has laid off over 100 employees as part of its cost-cutting measures while aiming for profitability.
Simpl CEO and Co-founder Nitya Sharma announced the layoffs during a company townhall, people aware of the developments told YourStory.
"...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," Ashish Kulshrestha, Head of Corporate Communications, Simpl, said in a statement.
"These efforts are enabling us to accelerate our journey towards profitability and build a fiscally prudent organisation," he added.
As per a MoneyControl report, the layoffs have particularly affected roles such as engineering and product development. Moreover, the downsizing has also affected Simpl's D2C checkout vertical.
The report also said that the fintech's monthly cash burn has remained elevated and new user acquisitions have plateaued.
"We have laid out a comprehensive growth plan while having a razor-sharp focus on profitability in order to advance our mission of enabling ecommerce and direct-to-customer merchants to provide enhanced convenience to their customers," Simpl said.
“With the continued efforts around improving business efficiencies, we are expecting to be profitable by mid-2025,” it added.
Edited by Kanishk Singh