New Delhi: Fintech company Simp has reportedly laid off about 160 to 170 employees across several departments. The layoffs come as the company faces high monthly burn and a slower rate of gaining new users. Most of the affected roles were were in engineering and products development with a focus on higher-paying positions, according to a report by Moneycontrol.
Simpl previously employed around 650 employees. However, it reduced its workforce by 25 percent in recent months. The layoffs impacted various roles including core operations, interns, and call center agents along with D2C checkout vertical. (Also Read: RBI Lifts Ban On Bank of Baroda's BoB World App, Allowing New Customer Registrations)
According to a report by Moneycontrol, Simpl held a brief town hall meeting on May 8 to discuss recent layoffs. During the meeting, the company's founder and CEO, Nityanand Sharma addressed employees reportedly reading from a prepared script. He acknowledged the difficult decision to lay off staff and expressed regret stating that the company would do its best to assist those affected. He also added that the company will help them find new job opportunities. (Also Read: RBI Coming Up With New Steps To Expand UPI Outreach)
Simpl stated to the publication that the layoffs were a strategic step to enhance operational efficiency and work toward profitability. Through this process the company plans to streamline its operations and cut down on fixed and overhead costs. The recent workforce reduction is the second round of layoffs for the company in two years as it previously laid off a similar number of employees in March 2023.
