Buy now pay later (BNPL) start-up Simpl has let go of 30 more employees a month after it laid off 160 people.
Recently, the firm has also seen the departure of senior executives, including Vatsal Jain, Vice-President – Enterprise Business; Ashwini Ravindranath, Vice-President – Partner Success; and Ramkumar Narayanan, Vice-President – Product and Operations.
Simpl has also revamped its leadership team. Vivek Pandey, previously a Senior Vice-President in the technology team, has been elevated to the position of Chief Technology Officer (CTO). In addition to his technology responsibilities, Pandey will also oversee the risk vertical, a role previously held by Chief Financial Officer (CFO) Russell Byrne.
Towards profitability
Byrne will continue as Simpl’s CFO, focusing on its capital markets function. Puneet Singh, the current CTO, will now lead the enterprise business and checkout solutions, while Khanaz KA will spearhead the expansion of Simpl’s direct-to-consumer business, along with a focus on customer experience.
“Today’s decision to let 30 of our employees go is a continuation of our organisation-wide efforts to become a fiscally-prudent company and achieve profitability by mid-2025,” said a company spokesperson.
The company has offered the affected employees a severance package with a fixed salary for the notice period of two months as per the employment agreement and 15 day’s salary for every year of service with the company.
Founded in 2015, Simpl has raised more than $80 million in equity funding from the likes of Valar Ventures and IA Ventures.
