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Cashfree Payments lays off 80 employees citing restructuring

2022 was the season when several hundred of employees were laid off with the justification being severe market turbulence due to the COVID-19 pandemic. These layoffs seem to be continuing in 2023 as well. According to Inc42, Ola sacked about 200 employees in 2023 from its product team calling it a restructuring exercise.

Another firm called Cashfree Payments has now sacked 80 employees from their workforce. However, the company stated that the number of employees that were let go was around 6% to 8%. Cashfree Payment chose to restructure certain roles which led to this decision.

Cashfree Payments is a Bengaluru-based FinTech platform founded by Akash Sinha who is also the CEO and Co-Founded by Reeju Datta in 2015. It offers a digital-based payment solution helping businesses to collect payments on time.

Cashfree Payments spokesperson made a statement while speaking to Inc42 “Cashfree Payments has been periodically evaluating performances and processes as a standard business practice. The organisation has revaluated the relevance of certain roles and functions leading to the movement of talent within teams and a few employees exits. This process of organisational restructuring has impacted around 6-8% of employees.”

Cashfree Payments got approval from the central bank to function as a payment aggressor. The RBI has asked the company to conduct an audit after which the final approval will be granted.




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