MUMBAI: Buy Now Pay Later (BNPL) start-up Simpl has fired over 100 employees. Sources said the layoffs were announced on Wednesday and it will impact employees across the verticals.
When asked about layoffs, Ashish Kulshrestha, head of corporate communications, Simpl, said, “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.”
“These efforts are enabling us to accelerate our journey towards profitability and build a fiscally prudent organisation. We have laid out a comprehensive growth plan while having a razor sharp focus on profitability in order to advance our mission of enabling e-commerce and direct-to-customer merchants to provide enhanced convenience to their customers,” he added.
With the continued efforts around improving business efficiencies, we are expecting to be profitable by mid-2025, the company said. Founded in 2016, it has about 26,000 merchants on its platform.