CRED-Owned Happay Implements Restructuring, Lays Off Over 150 Employees

 In a recent restructuring move, Happay, the business expense management solutions provider owned by fintech company CRED, has made the difficult decision to lay off over 150 employees. This article discusses the financial performance of CRED, the details of the restructuring activity, and the support being offered to the affected employees.

CRED, the fintech company founded by Kunal Shah, experienced impressive revenue growth in the financial year 2021-22. Revenues from operations reached approximately Rs 393.3 crore, marking a significant increase of about 4.5 times year-on-year. This robust financial performance adds context to the subsequent restructuring activity at Happay.

Multiple sources have confirmed that Happay carried out a restructuring activity in the previous week, resulting in the termination of more than 150 employees. The roles affected spanned various teams, including product, operations, and marketing. While the specific reasons behind the restructuring were not disclosed, it is clear that the company had to make difficult decisions to align its workforce with its strategic objectives.

Recognizing the impact of these layoffs on the affected individuals, Happay has taken steps to provide support. The employees who were let go have been offered a severance package, including three months' pay and continued health insurance coverage. While these measures aim to alleviate some of the financial burden, it is crucial for affected employees to explore available resources and opportunities for future career prospects.  





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