Cred-owned Happay has laid off employees as part of the company’s restructuring.
While the number of impacted employees could not be ascertained, reports suggest that 15-35 per cent of the team was impacted. According to LinkedIn, Happay had around 200-500 employees.
One of the Happay’s laid-off employees wrote on Linkedin: “I have experienced an unexpected career transition as a result of organisational restructuring and am looking to explore new opportunities now.”
Happay did not comment on the development. Business expense management company Happay has joined a long list of start-ups that have laid off employees in recent months amid an ongoing funding winter.
Start-up funding in April 2023 saw a 60 per cent drop (in value) compared to March 2023, and an 89 per cent drop in comparison to April 2022, according to data shared by Venture Intelligence.
In terms of volumes, the Indian start-up ecosystem recorded 46 deals in April, compared to 50 deals in March 2023 and 110 deals in April 2022. Many start-up unicorns such as BJYU’s, Vedantu, Swiggy, and Unacademy have laid off hundreds of employees in the past 12 months.