The buy now pay later (BNPL) business Simpl has laid off more employees, reorganizing due to excessive financial burn, one month after eliminating over 100 positions and enacting a hiring freeze.
The recent layoffs, which were a result of a routine assessment aimed at decreasing headcount to decrease operational expenses, affected thirty individuals.
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The corporation reduced its workforce by more than 100 employees last month in an effort to save expenses. Over 600 people work at the company.
Along with announcing the implementation of a hiring freeze, the corporation promised to look into other ways to cut expenses.
Simpl provides utility bill payments, interest-free Pay Later services, pay-in-three installment choices, and a one-click checkout network with over 26,000 brands.
Ashish Kulshrestha, Head of Communications, Simpl, said: “Today’s decision to let 30 of our employees go is a continuation of our organization-wide efforts to become a fiscally prudent company and achieve profitability by mid-2025,”
Nitya Sharma, CEO and Co-founder, Simpl, said: “Pay Later will be the bedrock of our strategy going forward. We will be focused on one product and we will make it insanely great,”
About Simpl
Founded in 2013 by Nitya Sharma, Simpl is India’s leading 1-tap checkout network meant to make payments invisible and money-intelligent. It is committed to the simplification and democratisation of digital transformation in the payments space.
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