Fintech startup Simpl cuts around 100 jobs in restructuring exercise

New Delhi: 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.

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.

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.