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Simpl Terminates 30 Employees In Latest Round Of Job Cuts

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Fintech startup Simpl announced the layoff of 30 employees across various departments in another round of job cuts. 

The company said this decision is part of an ongoing effort to become fiscally prudent and achieve profitability by mid-2025. 

Ashish Kulshrestha, Head of Communications at Simpl, said: "As an organization, we routinely review our businesses to improve efficiencies and become more agile and leaner to drive consistent growth.”

He added: "Over the last few years, we have scaled our business exponentially and in order to drive this growth in a sustainable manner, we have been undertaking a series of measures to improve operational efficiencies."

The affected employees will receive a fixed salary for a two-month notice period and an additional 15 days of fixed salary for every year of service with the company. 

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This layoff follows a restructuring exercise last month that saw around 100 employees let go. 

In April of the previous year, Simpl had also laid off about 120 to 150 employees. 

In FY23, Simpl's net loss increased by 147 percent to Rs 356.6 crore, while its operating revenue surged by 176 percent to Rs 87.3 crore.

Founded in 2016, Simpl has around 26,000 merchants on its platform, including notable names like Zomato, Makemytrip, Big Basket, 1MG, and Crocs.

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