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Tiger Global Backed Chargebee Fires 10% Workforce In 2nd Round Of Layoffs

Inc42 · 1y ago

Tiger Global Backed Chargebee Fires 10% Workforce In 2nd Round Of Layoffs

Chargebee, the Chennai-based SaaS unicorn, has laid off approximately 10% of its global workforce, affecting around 100 to 120 employees across various departments. CEO Krish Subramanian cited "market shifts" as the primary reason for the layoffs. This comes almost ten months after Chargebee's initial reduction in workforce due to economic challenges. The company will provide severance packages following relevant labor laws in each country. Since the beginning of 2022, Indian startups have laid off over 28,000 employees as they navigate challenging economic conditions.

Related News

Chargebee acquires customer tracking platform Trainn

Entrackr

Entrackr · 4m ago

Chargebee acquires customer tracking platform Trainn

Chargebee, a software firm that helps companies to manage revenues and assists in customer retention, has acquired AI-first customer tracking platform Trainn. This is Chargebee’s second acquisition in about a month’s time as the Tiger Global-backed company accelerates its AI efforts. Prior to this, it acquired Inai, a firm that provides software to track and manage payments, to leverage AI in day-to-day offerings. According to Chargebee, this acquisition presents an exciting opportunity for both Chargebee and Trainn in jointly advancing our shared vision of enabling customers in a rapidly changing and innovative – driven market through the use of AI. As part of the acquisition, Trainn’s 200 customers will now become customers of Chargebee. Trainn brings in terms of the deep focus on building and accelerating AI based solutions. Founded in 2020, Trainn has raised a seed round of $700k (around Rs 6 crore) from Speciale Invest and others. “The payments market is diversifying with new payment methods, embedded payments, digital wallets, buy now and pay later options, real-time payments, and the use of AI to improve customer experience and drive new business. The burden of monitoring all the performance and details is on the customers' infrastructure today,” said Subramanian, CEO of Chargebee. Chargebee was valued at $3.5 billion after raising $250 million in its Series H round in February 2022. Its major investors include Tiger Global, Peak XV, Insight Partners, Sapphire, and Steadview Capital.

Edtech startup Scaler lays off 150 employees

Inshorts · 1y ago

Edtech startup Scaler lays off 150 employees

Scaler, an upskilling platform for techies, has laid off about 150 employees, reports said on Wednesday. The layoffs at the Bengaluru-based startup come a year after the platform said it expanded its workforce by over 150% to 2,000, compared to 800 employees in February 2022. IIIT Hyderabad alums Anshuman Singh and Abhimanyu Saxena founded Tiger Global-backed Scaler in 2019.

Udaan fires over 100 employees days after securing $340 million in capital

Money Control

Money Control · 1y ago

Udaan fires over 100 employees days after securing $340 million in capital

After securing $340 million in capital, B2B e-commerce unicorn Udaan has reportedly laid off around 150 employees, constituting about 10% of its total workforce. The layoffs are attributed to a significant shift in the company's operational structure, moving from a pan-India focus to decentralized operations with separate teams for different clusters. Udaan's recent funding round aimed to fuel its expansion and strengthen its position in the B2B e-commerce space.

Edtech startup Adda247 fires 300 employees

Entrackr

Entrackr · 1y ago

Edtech startup Adda247 fires 300 employees

Edtech startup Adda247 has reportedly laid off around 250-300 employees, marking the company's first round of layoffs in recent years. The layoffs affected various verticals, including StudyIQ, a UPSC-focused platform acquired by Adda247. Sources claim that the downsizing was driven by the need to extend the runway as funding becomes scarce in the edtech sector. Adda247, backed by WestBridge Capital and Google, has raised over $60 million and was valued at $175 million in its last funding round. The company's revenue surged to Rs 61.5 crore in FY22, but losses also increased by 90% to Rs 28.8 crore.

Porter quietly turns unicorn, closes internal round at $1 billion valuation

Money Control

Money Control · 1y ago

Porter quietly turns unicorn, closes internal round at $1 billion valuation

Porter, a Tiger Global-backed logistics services provider, has become a unicorn after a fresh friends and family round, raising its valuation to $1 billion. This is the second such round in a year, following a January-March 2023 valuation of $700 million. Porter has raised $150 million since 2014 from investors including Tiger Global and Mahindra Group.

Flipkart-Backed BlackBuck Files DRHP For INR 550 Cr IPO

Inc42 · 1y ago

Flipkart-Backed BlackBuck Files DRHP For INR 550 Cr IPO

BlackBuck, a technology platform for logistics in India, plans to raise $75 million in a new funding round. The round could value the startup, backed by Tiger Global and Goldman Sachs, at $1 billion. The new round follows a $27 million funding round in May, which was also led by Tiger Global. BlackBuck aims to use the funding to expand its services and strengthen its technology capabilities. The company currently serves over 10,000 clients and has a network of over 700,000 trucks.

Krafton-backed Loco fires 40 employees

Inc42 · 1y ago

Krafton-backed Loco fires 40 employees

Game streaming platform Loco, backed by Krafton, has announced the layoff of around 36% of its workforce, constituting about 40 employees. The founders mentioned this as part of the company's restructuring plan while expressing their intentions to expand globally. Loco aims to focus on transaction-based monetization and core objectives in order to streamline operations and attain a leaner cost structure. The Mumbai-based start-up raised $42 million in its Series A funding round last year. India has a significant gamer base of 568 million, with 25% being paying users.

Healthify Fires 150 Employees In A Restructuring Exercise

Inc42 · 1y ago

Healthify Fires 150 Employees In A Restructuring Exercise

Indian healthtech startup Healthify (formerly healthifyme) has laid off around 150 employees, or 27% of its workforce, in a restructuring aimed at making its India business EBITDA profitable and expanding its offerings in the US market. The majority of the job losses affected sales and product teams. The impacted employees have been offered severance pay, extended insurance coverage, accelerated stock vesting periods, and leave cash encashment. The layoffs come after Healthify raised $30m in a pre-Series D funding round last year. The company's net loss declined in FY23, while revenue from operations increased by 23% from FY22.

D2C Startup Blissclub Fires About 18% Workforce To Cut Costs

Inc42 · 1y ago

D2C Startup Blissclub Fires About 18% Workforce To Cut Costs

Bengaluru-based fashion apparel startup Blissclub has laid off around 21 employees, or 18% of its workforce, due to the company's inability to raise fresh capital amidst high cash burn. The layoffs impacted various teams, with the creative team being completely dissolved. The startup, which last raised $15 million in a Series A funding round, is paying a two-month salary as severance package to the affected employees. This development adds Blissclub to the list of Indian startups that have undertaken restructuring exercises to cut costs in the face of the funding winter.

Tiger Global-backed Wiz Freight raising more capital in extended Series B round

VCCircle

VCCircle · 1y ago

Tiger Global-backed Wiz Freight raising more capital in extended Series B round

Supply chain startup Wiz Freight, backed by Tiger Global, is set to raise more capital in the second close of its Series B funding round. The company has already secured Rs 125 crore ($15 million) in the initial close of the funding round and aims to raise additional funds in the extended round.

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