In less than a year after cut 10% of its workforce, the SaaS-based subscription management platform has reportedly laid off another 10% of its global employees. The latest job cuts affect around 100-120 employees in various departments.
Chargebee’s CEO Krish Subramanian has cited “market shifts” as the primary reason behind the layoffs, Inc42 has reported.
“To position Chargebee for its next phase of efficient growth, and with the technology and market shifts underway across the industry, it is critical that we set up the organisation to focus on fewer priorities, with a greater emphasis on our customers’ experience and our core products,” Subramanian said.
YourStory has sent queries to Chargebee and is awaiting a response
In compliance with the relevant labour laws in each country, the company has claimed to offer severance packages to the affected employees.
Last November, Chargebee trimmed its workforce, blaming macroeconomic factors and uncertain economic conditions.
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Headquartered in Chennai and San Francisco, Chargebee was founded in 2011 by Subramanian, Saravanan KP, Thiyagarajan T, and Rajaraman Santhanam. The company’s revenue growth management platform offers billing and subscriptions for startups and large enterprises. It has over 4,000 customers, which include Doodle, , , and among others.
The company last raised $250 million in funding co-led by Tiger Global and (formerly known as Sequoia Capital India). The round witnessed participation from other investors such as , , and . To date, the unicorn has raised $470 million.
Edited by Affirunisa Kankudti
