According to TechCrunch, Chargebee, a SaaS company with offices in both India and the US, is laying off 142 people, or around 10% of its workforce.
The difficult macroeconomic environment and the company’s rising operating debt led to the decision. The choice “was a difficult one,” according to Penny Desatnik, director of corporate relations at Chargebee.
In order to fulfill client demand, the CEO continued, the business would concentrate on “efficient expansion” and streamline its go-to-market approach.
In a LinkedIn article, Chargebee co-founder and CEO Krish Subramanian elaborated on the business’s choice and described how it has been cutting costs in a number of departments.
During an investment round headed by Tiger Global and Sequoia Capital in February, the subscription management platform raised $250 million USD. After receiving a series G investment in April of last year, the company was dubbed a unicorn.
