Samreen Ahmad · · 1 min readYC-backed Cashfree Payments sheds up to 80 employees
Cashfree Payments, an India-based fintech startup, has laid off 6% to 8% employees as part of an “organizational restructuring,” the company told Tech in Asia.
Cashfree Payments co-founders Reeju Datta (left) and Akash Sinha / Photo credit: Cashfree
A source that Tech in Asia spoke to estimates that Cashfree Payments has a headcount of nearly 1,000. This means that around 60 to 80 employees were affected by the job cuts.
“The organization has reevaluated the relevance of certain roles and functions leading to movement of talent within teams and a few employee exits,” the company said in a statement.
The Economic Times was the first to report the development.
The Y Combinator-backed startup previously raised an undisclosed amount from State Bank of India, the country’s largest lender, at a US$200 million valuation. To date, Cashfree Payments has raised US$40 million.
Founded in 2015 by Akash Sinha and Reeju Datta, the company allows businesses to collect payments, send payouts, and manage international payments.
See also: Tracking layoffs across Asia’s startup ecosystem (Updated)
Editing by Eileen C. Ang
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