San Fransisco and Chennai-based software firm Chargebee laid off around 10 percent of its staff amid tight macroeconomic pressures, and to bring down the startup’s accumulated operational debt, said co-founder Krish Subramanian in a LinkedIn post shared late Wednesday.
The company's spokesperson told Moneycontrol that around 142 employees were laid off across teams and geographies.
“This difficult decision was driven by external market forces as well as our need to address the operational debt we have accumulated in the last few years. We have made every effort to offer severance, equity, and job transition support to ease some of the stress caused by these changes,” Subramanian wrote.
As of March 2022, the company had a team of around 1,000 employees on the payroll.