Chennai-based SaaS unicorn Chargebee has laid off another 10% of its global workforce, affecting around 100-120 employees across multiple departments. This is the second round of layoffs for Chargebee in less than a year.
The layoffs come amid a broader slowdown in the tech industry, as venture capital funding dries up and startups grapple with rising inflation and interest rates. Chargebee is not the only company that has announced layoffs in recent months. Other tech giants such as Meta, Twitter, and Netflix have also cut jobs.
Chargebee CEO Krish Subramanian said that the layoffs were necessary to “ensure we have the right people, skills, and cost structure to move forward and grow.” He added that the company is “committed to our long-term vision and we believe these changes will make us stronger in the long run.”
The layoffs have been met with disappointment and anger from some employees. In a recent online forum, former employees of Chargebee expressed their frustration with the company’s decision to lay off so many people. Some employees also questioned the company’s transparency about the layoffs, saying that they were not given enough notice or severance pay.
It remains to be seen how the layoffs will impact Chargebee’s business. The company has been growing rapidly in recent years, but it is now facing headwinds from the broader economic slowdown. The layoffs could hurt Chargebee’s ability to attract and retain talent, which could in turn impact its growth.
Only time will tell how Chargebee will weather the current storm. However, the layoffs are a clear sign that the company is facing challenges.