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SaaS unicorn Chargebee cuts 10% of workforce, cites macroeconomic challenges as primary reason
Billing and subscription management platform Chargebee has announced that it is laying off about 10 per cent of the workforce. The Chennai-based unicorn start-up said global macroeconomic uncertainties have forced the company to implement stricter fiscal discipline and execute a reorganisation to reorient towards long-term sustainability. While we are positioned well for the future in the long term given our market opportunity and financial position, we are in the unfortunate situation where we have to make corrections to our scale and structure to build a more efficient, stronger organization for the future,” Chargebee’s co-founder Krish Subramanian wrote to his employees. The company will provide three months of pay and three months of extended medical benefits while affected employees look for new jobs. The company previously raised $125 million at $1.4 billion valuation in April 2021. It has expanded its operations to Australia and India, besides the US. Source: BusinessToday #SaaS
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