Online payments processor and aggregator Cashfree has joined the list of many growth-stage startups that have laid off part of their workforce. The Bengaluru-based firm has let go of up to 100 employees in a restructuring exercise, according to three sources aware of the development.
“Anywhere between 80-100 employees have been asked to go in the past few weeks,” said one of the sources who requested anonymity. “A major chunk of the impacted staff is from marketing and operations.” This appears to be the first layoff exercise by the SBI-backed firm in the past few years. According to sources, the move could be seen as a cost-cutting measure as the Indian startup ecosystem is set for a long funding winter. ET was the first to report this development.
“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 the movement of talent within teams and a few employee exits. This process of organizational restructuring has impacted around 6-8 percent of employees,” the company said in a statement.