Chennai, June 10: Kissflow, an Indian software company, is next in line in the tech industry to lay off its employees from various departments. The Kissflow layoffs have reportedly affected 15% of the total workforce due to the product shutdown and amid annual performance reviews. The Chennai-based SaaS firm is known for its no code, low-code application development platform and other management products and services. 

According to various reports, Kissflow has implemented layoffs in departments like marketing, sales, and product development, affecting 15% of its workforce. The company would reportedly lay off around 20 to 25 employees from these departments go. Moneycontrol reported that Kissflow founder and CEO Suresh Sambandam confirmed that the company laid off these people because it was moving away from "land-motion procurement" to expand motion. He further mentioned that it was done to boost customer acquisition across its multiple products. Paytm Layoffs 2024: Parent Company One97 Communications Limited Cuts Undisclosed Numbers of People Amid Restructuring, Facilitates Outplacement. 

The reports mentioned that Kissflow had over 400 employees before the announcement of layoffs in the past two months. Previously, the SaaS firm fired below five employees from India, the United States and the UAE. Suresh Sambandam said that 90% of the laid-off employees had already been placed in the company, and the remaining 10% would soon be placed. 

The employees affected by the Kissflow layoffs were also paid severance. Moneycontrol said that the layoffs were a result of a slowdown due to macroeconomic conditions. It highlighted that many Software as a service (SaaS) firms were hit by AI. Further, it said that SaaS startups were cautioned to upgrade and adopt artificial intelligence, particularly GenAI, in their operations. 

Moneycontrol mentioned that Upekha, a SaaS accelerator, shared a report about Series A investments (around $5 million) that might see a significant dip. The report emphasised that the stringency in metrics, along with LLMs (large language models), could also have a huge impact. Microsoft Layoffs: Tech Giant Reportedly Lays Off 1,000 Employees in These Two Units; Check Details. 

Kissflow Software Company - History, Work and Other Details 

Founded in 2012 by Suresh Sambandam, Kissflow is a software company known for its 'Kissflow Work Platform'. The reports said that the cloud-based no-code and low-code work management product provider had been offering its products to 160 countries and regions, including the US, Dubai, India, and others. OrangeScape-owned Kissflow offers application solutions, workflow management, and case management. Despite being operational for nearly 12 years, the SaaS company remained bootstrapped. The Kissflow CEO further said that the company's valuations did not bounce back and was not in a hurry to raise funds. He mentioned that when the market would be suitable and the valuations correct, Kissflow would raise funds.

(The above story first appeared on LatestLY on Jun 10, 2024 06:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).