Payment company Cashfree Payments has laid off 100 employees in a restructuring exercise, The Economic Times has reported.
Around 6-8% of its workforce would be affected by the layoffs, particularly the marketing and operations team.
“Cashfree Payments has been periodically evaluating performances and processes as a standard business practice. The organization has reevaluated the relevance of certain roles and functions, leading to the movement of talent within teams and a few employee exits. This process of organizational restructuring has impacted around 6-8 percent of employees,” the company said in a statement.
Last year, Cashfree Payments was one of the first fintech firms to get an ‘in-principle’ approval from the Reserve Bank of India (RBI) to function as a payment aggregator and a prepaid payments instruments (PPI) license.
The company has received orders from the central bank to hold off on adding any new online merchants to their platforms while they undergo an audit for their licenses as a payment aggregator and payment gateway (PA/PG). The company made no comments regarding the precise number of employees who were let go.