Citing market shifts as the primary reason, Chargebee has laid off 10 per cent of its global workforce. The decision will reportedly affect 100-120 employees across multiple departments.
The firm will now focus on its upcoming phase of streamlined expansion. The company plans to restructure and concentrate on smaller key objectives. Additionally, considering the ongoing technological and market changes in the industry, the company will now place greater emphasis on improving its customers’ experience and core products.
The company will also offer severance packages to all the departing employees. Additionally, it will comply with the labour laws applicable in the respective countries.
In the previous round of staff cuts at Chargebee in November 2022, the company had cited that it was going through some economic difficulties. As a result, the company had to part ways with approximately 142 employees, equivalent to about 10 per cent of its workforce at the time.
Established in 2011 by Krish Subramanian, Rajaraman Santhanam, Saravanan KP, and Thiyagarajan T, Chargebee is a revenue- management platform streamlining revenue operations for SaaS businesses. With a unicorn status, the company boasts a clientele of over 4,000 companies, including notable names such as Okta, Freshworks and Calendly.
In its last funding round, the company had secured $250 million, spearheaded by US-based hedge fund Tiger Global and Peak XV Partners (formerly known as Sequoia Capital India). Till date, Chargebee has managed to obtain nearly half a billion dollars in funding through multiple financing rounds.
