Under a restructuring plan, Happay, a corporate expense management platform owned by CRED, has let go of 35 per cent of its workforce. The decision is said to impact 160 employees across departments such as sales, marketing, tech, product, and operations.
Happay was founded in 2012 by Anshul Rai and Varun Rathi and currently employs over 450 individuals. As per media reports, the company, which facilitates credit card bill payments, is providing three months’ salary to the affected employees, along with an extension of insurance coverage and additional benefits.
Happay functions as a separate entity, but sometimes collaborates with CRED’s leadership to utilise its ecosystem, enhance product offerings, expand distribution, and achieve growth.
Stack Overflow has recently downsized its workforce by laying off 58 employees. This reduction accounts for approximately 10 per cent of the company’s total employees.
The current staff reduction is primarily driven by the prevailing global economic pressures and the company is taking steps to prioritise its profitability amidst a worsening global economic downturn.
It is said that the layoffs were essential to evaluate the company’s strategic goals for the fiscal year and to allocate resources towards the ongoing expansion of Stack Overflow for Teams.
In a statement, the CEO expressed the challenging nature of the decision to downsize the workforce. Moreover, the company has recognised the difficulty this brings to the affected employees and is providing support during this transition, including severance packages, extended healthcare benefits, and outplacement services. The CEO personally took responsibility for the decision, acknowledging its weight and impact.
Nuro, a startup specialising in autonomous delivery robots based in the United States, has revealed plans to downsize its workforce by 30 per cent. The decision will translate into a loss of 340 employees at the company.
The layoff decision is a part of Nuro’s restructuring effort which aims to prolong the company’s capital runway. This will also ensure sustainable financial stability and longevity for the company.
In a recent announcement, Nuro’s co-founders, Dave Ferguson and Jiajun Zhu, shared about the layoff plans, and also mentioned that resources would be reallocated from commercial operations to focus more on research and development (R&D) efforts. This strategic shift aims to enhance Nuro’s innovation and technological advancements.
Furthermore, the management has revealed plans to extend Nuro’s operational timeframe by double, providing the company with sufficient capital to sustain operations for another three years without the need to secure additional funding.
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