Simpl cuts 100 more jobs as payment ban bites
Buy now, pay later startup Simpl just laid off about 100 employees, keeping only a small team for payment collections.
The move follows the RBI's September order to halt all payment operations, saying Simpl was running as an unauthorized payment system.
Staff slashed from 220 to just 50-60
Simpl's staff has dropped from 220 to about 50-60 this year, with over 200 roles cut since early 2024.
Even after raising $40 million in Series B funding back in 2021, ongoing regulatory and financial pressures have made it tough for the company to stay afloat.
Back-to-back regulatory hits for the startup
Adding to its woes, India's Enforcement Directorate filed a complaint against Simpl for allegedly breaking foreign investment rules.
These back-to-back regulatory hits have forced major changes at the startup.
Simpl still has a presence in India's digital payments scene
Despite all the drama, Simpl is still used by over 26,000 merchants—including Zomato, MakeMyTrip, BigBasket and Crocs—showing its reach in India's digital payments scene.
But with so much uncertainty ahead, everyone's watching what comes next for this once high-flying fintech.