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.