Comments
Cashfree Payments, payments and API banking solutions company has laid off employees across its sales department and other support functions, sources close to the development told businessline.
“Cashfree Payments has been periodically evaluating performances and processes as a standard business practice. The organization has reevaluated the relevance of certain roles and functions leading to movement of talent within teams and a few employee exits. This process of organizational restructuring has impacted around 6-8 per cent of employees,” the company spokesperson said.
Sources say the company has around 900-1,000 employees.
Also read: Alphabet’s Verily to cut 15% of staff, axing more than 200 jobs
Although the startup ecosystem is seeing lay-offs amidst funding winter, Cashfree Payments has laid off even while they are profitable. The company had recorded 48 per cent YoY growth in net profits at ₹25.22 crore, for the financial year ended March 21.
People aware of the matter said, the company had recently paid ₹25 crore to Sony Entertainment Television for being the ‘Payments Partner’ for the reality TV show Shark Tank India season 2. businessline’s query regarding the same did not elicit a response at the time of publication.
The company had raised an undisclosed amount of funding from the State Bank of India (SBI) at a post-money valuation of $200 million in June 2021.
The startup ecosystem has seen lay-offs by multiple companies in the last few months, as the sector braves the funding winter. Recently, Edtech platform LEAD, B2B e-commerce platform Moglix, Electric mobility startup Bounce, and e-commerce rollup startup Upscalio laid off employees in January.
Also read: Amazon summoned by Pune labour commission over alleged layoffs
Cashfree Payments is a payment and API banking solutions company. It provides full-stack payment solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.