Chargebee has laid off 10% of its global workforce, citing market shifts as the primary reason. According to reports, the decision will affect 100-120 employees across multiple departments.
The company will now concentrate on its next phase of streamlined expansion. The company intends to restructure and focus on smaller, more specific goals. Furthermore, in light of the industry’s ongoing technological and market changes, the company will now place a greater emphasis on improving its customers’ experience and core products.
All departing employees will also receive severance packages from the company. Furthermore, it will adhere to the labour laws in the respective countries.
Chargebee has laid off 10% of its global workforce, blaming market shifts for the decision. According to reports, the decision will have an impact on 100-120 employees from various departments.
The company will now focus on the next phase of its streamlined expansion. The company intends to restructure and concentrate on smaller, more specific objectives. Furthermore, in light of ongoing technological and market changes in the industry, the company will now place a greater emphasis on improving its customers’ experience and core products.
The company will also provide severance packages to all departing employees. It will also follow the labour laws of the respective countries.
Krish Subramanian, Rajaraman Santhanam, Saravanan KP, and Thiyagarajan T founded Chargebee in 2011 as a revenue-management platform that streamlines revenue operations for SaaS businesses. With over 4,000 clients, including well-known names like Okta, Freshworks, and Calendly, the company has achieved unicorn status.
Tiger Global, a US-based hedge fund, and Peak XV Partners (formerly Sequoia Capital India) led the company’s most recent $250 million funding round. To date, Chargebee has received nearly $500 million in funding through multiple financing rounds.