New Delhi, May 8: Fintech startup Simpl has laid off around 100 employees in a restructuring exercise, a media report said on Wednesday. According to Inc42, citing sources, the fresh job cuts have impacted workers across teams and verticals.

"As an organisation committed to creating a shared value for our merchants and millions of customers across the country, we have undertaken a series of measures to improve operational efficiencies, reduce fixed and overhead costs, along with taking the difficult decision of letting go of some of our talented employees," Ashish Kulshrestha, head of corporate communication at Simpl, was quoted as saying. Tesla Layoffs Continue: Elon Musk’s EV Company To Let Go Five Remote Employees, Sends Layoff Email to More; Read What It Says.

Kulshrestha also said that the decision to let go of several employees will help the company achieve profitability and become a prudent organisation. The startup claims to become profitable by mid-2025. Those impacted by the job cuts will receive severance pay of two months along with 15 days' salary for every year spent at Simpl. Layoffs Hits Asian Investment Banking Divisions of JPMorgan, HSBC and Morgan Stanley; Check Details,

Additionally, the startup has offered medical insurance and outplacement services, the report mentioned. In April last year, the fintech firm laid off about 120-150 employees. Founded in 2016, Simpl has around 26,000 merchants on its platform including Zomato, Makemytrip, Big Basket, 1MG, and Crocs.

(The above story first appeared on LatestLY on May 08, 2024 06:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).