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Payment company Cashfree Payments has laid off 100 employees in a restructuring exercise, The Economic Times has reported.

The layoffs will impact around 6-8% of its employees, especially in the marketing and operations team.

“Cashfree Payments has been periodically evaluating performances and processes as a standard business practice. The organisation has reevaluated the relevance of certain roles and functions leading to movement of talent within teams and a few employee exits. This process of organisational restructuring has impacted around 6-8 percent of employees,” the compny said in a statement.

Last year, Cashfree Payments was one of the first fintech firms to receive an ‘in-principle’ approval from the Reserve Bank of India (RBI) to operate as a payment aggregator and a prepaid payments instruments (PPI) licence

The company recently received notices from the central bank to withhold onboarding any new online merchants to their platforms, pending their audit for the payment aggregator/payment gateway licences (PA/PG).

The firm did not comment on any specific number of the people who were let go.