According to sources, Cashfree Payments, an Indian FinTech firm, has fired 6% to 8% of its workforce as part of an “organisational reorganisation”.
According to reports, a source said that Cashfree Payments employs close to 1,000 people. This indicates that between 60 and 80 employees were impacted by the layoffs.
The development was initially reported by The Economic Times.
“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 State Bank of India, the largest lender in the nation, had earlier invested an unknown sum in the Y Combinator-backed business at a US $200 million valuation. Cashfree Payments has so far raised $40 million in US dollars.
The startup, which was established in 2015 by Akash Sinha and Reeju Datta, enables companies to receive payments, distribute dividends, and handle global payments.
