CRED-Owned Happy Lays Off Over 150 Employees

WhatsAppWhatsAppFacebookFacebookTwitterTwitterPinterestPinterestRedditRedditGmailGmailShareShare

The revenues from operations of the fintech company CRED amounted to Rs 393.3 crore for the financial year 2021-22, representing an increase of approximately 4.5 times YoY.

According to information obtained from multiple sources by Business Today, the business expense management solutions provider Happay, which was purchased by Kunal Shah’s CRED in 2021, carried out a restructuring activity the previous week that resulted in the termination of more than 150 employees.

According to various sources, the company cut roles across all of its teams, including product, operations, and marketing.

“Over the course of the past week, Happay let go of more than 150 employees. It involved multiple teams, including engineers working on products and operations, marketing, and so on.

The employees who were let go have been offered a severance package consisting of the equivalent of three months’ pay and health insurance.

Keep Reading

“Severance pay is customary, and it is equal to three months’ salary as long as the notice period is respected. In addition to that, they have proposed increasing the amount of health insurance coverage,” a source explained.

Some media sources attempted to contact CRED to verify the same information. The company did not provide a statement regarding the latest development.

A number of workers also made the announcement of their layoffs on the professional networking website LinkedIn.

More about the startup company Happay

Anshul Rai and Varun Rathi, two successful businesspeople, established Happay in 2012. The company offers various approaches to the management of business expenses. It was purchased by CRED in 2021 for the staggering price of 180 million dollars.

The revenues from operations of the fintech company CRED amounted to Rs 393.3 crore for the financial year 2021-22, representing an increase of approximately 4.5 times YoY. 

The marketing and acquisition costs were the primary contributors to the company’s reported loss of 1,279 crores of rupees. The most recent estimate of the company’s value was $6.4 billion.

About Freelance writer

As a passionate freelance writer, I delve into the intricacies of human rights, work-life balance, and labour rights to illuminate the often overlooked aspects of our societal fabric. With a keen eye for detail and a commitment to social justice, I navigate the complexities of these crucial topics, aiming to foster awareness and inspire change.

Freelance writer

As a passionate freelance writer, I delve into the intricacies of human rights, work-life balance, and labour rights to illuminate the often overlooked aspects of our societal fabric. With a keen eye for detail and a commitment to social justice, I navigate the complexities of these crucial topics, aiming to foster awareness and inspire change.

Recent Posts

Amazon Cuts 14,000 Positions: A Major Cost-Cutting Revolution

Amazon is now firing 14,000 managers in yet another cost-cutting exercise. This restructuring process, which will end by early 2025,…

March 18, 2025

Human Rights Council of Balochistan Reports Alarming Surge in Enforced Disappearances: Know the Reason

The Balochistan Human Rights Council (HRCB) has sounded the alarm at a shocking escalation of enforced disappearances and extrajudicial executions…

March 18, 2025

Audi Announces 7,500 Job Cuts in Germany as Part of VW Group Restructuring

Recently Audi began planning to reduce 7,500 positions in Germany throughout the next nine years through administrative and development department…

March 18, 2025

Georgia’s Clean Energy Sector Soars, Creating Over 82,000 Jobs

The clean energy economy in Georgia has positioned the state as a national leader through its 82,000 resident workforce which…

March 18, 2025

VA Extends Research Grants by 90 Days Over Trump Administration Cuts

The Department of Veterans Affairs extended research assistance for 90 days to temporary researchers whose medical studies suffered from government…

March 17, 2025

Meta Employee Fired Just Before Bonus Payout for reason here why

Meta employee states he was sacked just a day before receiving performance bonuses for sharing a public company update with…

March 17, 2025