The buy now and pay later startup Simpl is the latest company to join the wave of tech layoffs. The tech startup has reportedly fired 150 employees. According to a report by CNBC, the company told its employees that it overhired the staff during the pandemic due to the rise witnessed by the e-commerce segment. However, now it has decided to take corrective measures. As per the report the layoff has affected about 150 employees of the company.
Here’s the complete letter Nitya Sharma, CEO and Co-Founder, Simpl wrote to the employees:
“Dear Team,
I have some unfortunate news to share. After careful consideration, | have made the difficult decision to reduce our headcount and say goodbye to many talented teammates who have played a crucial role in getting us to where we are today.
For those of you leaving, Simpl is forever grateful for your contribution towards advancing our mission and I want to thank you for putting so much of your heart in the work we did together.
I am responsible for making this difficult decision and understand the gravity of its impact on each of you, particularly those of you who are impacted during these uncertain macroeconomic conditions. Our primary objective in the days ahead will be to assist those affected in moving forward. Although there is no perfect way to handle this situation, we are committed to offering the best possible financial, healthcare, and outplacement support to all the impacted individuals.
I will be sharing the broader context and the framework for making this decision, but first I want to discuss what you can expect today.
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