Chargebee, an India- and US-based SaaS firm, is slashing about 10% of its headcount, representing 142 employees, reported TechCrunch.
India- and US-based SaaS firm, Chargebee / Photo credit: Chargebee
The decision was taken due to tough macroeconomic conditions and the company’s increasing operational debt. Penny Desatnik, Chargebee’s director of corporate communications, said the decision “was a difficult one.”
“Chargebee has grown exponentially over the last few years, and amid changing market conditions, we have decided to proactively refocus resources to set a strong foundation on which to continue our growth,” TechCrunch quoted Desatnik as saying.
The executive added that the company will focus on “efficient growth” and streamline its go-to-market strategy to meet customer demand.
See also: Tracking layoffs across Asia’s startup ecosystem
Chargebee co-founder and CEO Krish Subramanian talked more about the company’s decision in a LinkedIn post, which mentioned how the firm has been reducing its expenses across various areas.
In February, the subscription management platform raised US$250 million in a funding round led by Tiger Global and Sequoia Capital. The firm has been crowned as a unicorn following a series G funding round in April last year.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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