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| 11dValar Ventures-backed Simpl lays off 100 employees, sets timeline to turn profitable
Indian buy-now-pay-later platform Simpl, backed by Valar Ventures, has laid off around 100 employees as part of cost-cutting measures. The move is aimed at accelerating the company's journey towards profitability. Simpl plans to become profitable by mid-2025, with a focus on improving efficiency. The firm, which provides customers with a credit line for online purchases, claims to have over 26,000 partner stores. Simpl raised $40m in a Series B funding round in December 2021. In the financial year ending March 2023, it reported revenue of INR 87.4 crore ($11.7m) and a net loss of INR 356.7 crore.
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