Layoff 2023: CRED-owned Happay slashes 35% of its workforce as part of a restructuring exercise

Layoff 2023: Corporate expense management platform Happay, owned by credit Card bill payment provider CRED, has slashed nearly 35 per cent of its workforce as part of a restructuring exercise, the media reported.

According to leading startup news portal Inc42, at least 160 employees from departments like sales, marketing, tech, product, and operations, have been asked to go by the platform.

Founded in 2012 by Anshul Rai and Varun Rathi, the startup has more than 450 employees, according to its LinkedIn profile.

According to the report, Happay is giving impacted employees three months salary along with an extension of insurance coverage and some other additional benefits.

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When reached, CRED did not immediately comment on layoffs at Happay, which it acquired in December 2021 in a cash and stock deal that valued Happay at $180 million.

"With professional expenses forming a significant portion of credit card spends, bringing professional expense management into the CRED ecosystem is a natural extension of our proposition," Kunal Shah, founder, CRED, had said in a statement during the acquisition.

While Happay operated as a separate entity, the team worked closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale.

CRED last year acquired SaaS lending-as-a-service platform CreditVidya in a mix of cash and stock transaction for an undisclosed sum.

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