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Freshers among 145 employees laid off by fintech Clear

Business

Clear, the fintech known for its tax and finance services, just laid off about 145 employees—roughly 20-25% of its team.
Many were freshers and software engineers hired only two months ago.
The layoffs, announced August 1, are part of a big restructuring push.

Layoffs amid revenue jump and cash flow issues

This is another significant layoff since it let go of 20% of staff back in September 2022.
While the company is offering extra severance pay, health insurance extensions, and job placement help to those affected, it's also facing cash flow issues—Clear hasn't raised new funds since October 2021.
Oddly enough, business has been booming: revenue jumped 93% in FY24 to ₹209.84cr and losses dropped by over half.

Timing of layoffs raises eyebrows

These job cuts come right as India hits its peak income tax filing season (deadline: September 15)—usually Clear's busiest time for helping people file taxes and offering corporate financial solutions.
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