Tech layoffs: Cred-owned Happay lays off 15% workforce

Cred-owned startup Happay has reportedly laid off 15% of its workforce. Cred’s Kunal Shah acquired the business expense management solutions Happay in 2021. The company has laid off the employees in a restructuring exercise. As reported by The Economic Times, the exact number of impacted employees is not known right now. However, the company has reportedly laid off about 10 to 15% workforce.

The job cuts have impacted employees across product, operations and marketing teams. Happay had a headcount of about 450-500 before the layoffs. “Over the last four to five months, Cred has been cutting costs while actively looking to reduce its overall cash burn… Now this exercise has reached people centers, with the focus first on the headcount of acquired entities,” mentioned the report.