Enterprise SaaS start-up Actyv.ai fired nearly 60 employees on Monday, according to sources aware of the development.
The layoff will affect employees across functions including pre-sales engineering and banking, said the source. The company had earlier laid-off a few people in April.
It was a strategic right-sizing initiative in response to prevailing market conditions, said the source. This comes a few months after the Bengaluru-based startup closed a $12 million pre-Series A funding.
Market conditions
“Making tough decisions is an inevitable part of adapting to evolving market conditions and implementing strategic rightsizing initiatives. While these choices are challenging, they are essential for our organization’s long-term success and sustainability. We value the dedication and commitment of each team member during this transition period, and we believe that these measures will position us for a stronger and more resilient future,” said Raghu Subramanian, Founder and Global CEO of the company.
Founded in 2019, Actyv.ai completed $7 million as part of its pre-series A funding in January. Founded by Raghunath Subramanian, the start-up initiated the round in February 2022 with a $5 million cheque from the same investor.
Actyv.ai is a B2B SaaS platform with embedded Buy Now Pay Later (BNPL) and insurance products through partnerships with financial institutions. During the last funding round, the firm claimed that it has partnered with more than 20 institutions and over 25,000 distributors and one lakh retailers were onboarded on the platform.