It was only last year that Actyv.ai, an AI-powered enterprise SaaS platform had launched a ‘Working Students’ programme, under which it had announced plans to hire 100 students across different verticals, including artificial intelligence (AI), machine learning (ML), data science, sales and marketing, programming, app development, finance and general management. Now, hardly a year later, the same startup has let go 50 per cent of its team.
The impacted employees were informed during a town hall meeting and offered a month’s salary as severance.
This move, which has reportedly affected employees in the HR, sales, marketing and product teams amongst others, comes months after it closed a pre-series A funding round worth $12 million.
The news of the job cuts first came from Entracker, which also reported that the senior executives at Actyv.ai will not be receiving any salary till December 2023 or at least till the next source of funds is confirmed.
Founded in 2019, Acryv.ai pioneered buy-now-pay-later (BNPL) in the closed-loop ecosystem that is made up of small and medium businesses (SMB), enterprises and financial institutions.
In January, 2023, the SaaS platform had managed to raise $12 million from 1Digi Ventures, Singapore, which is the family office of Raghunath Subramanian, founder and global CEO, Actyv.ai. The funds were supposed to be used to help expand the company globally, grow its portfolio and also hire more talent.
