Chargebee, an Indian Software as a Service (SaaS) startup has laid off about 10% of its 1,420-person workforce in what it termed a "reorganization effort" due to ongoing global macroeconomic challenges and growing operational debt.
- The startup offers billing, subscription, revenue and compliance management solutions, and is backed by Tiger Global and Sequoia Capital India.
- Chargebee has raised a total of $468.2M in funding over 8 rounds. Its last funding was a $250 million Series H round in February. Nine months after earning unicorn status following the $125 million Series G funding in April last year.
- The startup disclosed that the layoff impacted 142 employees. Adding that employees will receive three months of pay and extended medical benefits while they look for new opportunities.
- The startup will also offer outplacement career services and an extension of time to exercise stock options granted under its stock incentive plan.
- Harsh economic conditions have impacted several startups and tech companies around the world. In the last few months, Indian startups such as Unacademy, Byju and Ola have cut their workforces amid a significant dip in funding.