SaaS unicorn Chargebee lays off 142 employees

Chargebee, an India- and US-based SaaS firm, is slashing about 10% of its headcount, representing 142 employees, reported TechCrunch.

The decision was taken due to tough macroeconomic conditions and the company’s increasing operational debt. Penny Desatnik, Chargebee’s director of corporate communications, said the decision “was a difficult one.”

“Chargebee has grown exponentially over the last few years, and amid changing market conditions, we have decided to proactively refocus resources to set a strong foundation on which to continue our growth,” TechCrunch quoted Desatnik as saying.

The executive added that the company will focus on “efficient growth” and streamline its go-to-market strategy to meet customer demand.

Chargebee co-founder and CEO Krish Subramanian talked more about the company’s decision in a LinkedIn post, which mentioned how the firm has been reducing its expenses across various areas.

In February, the subscription management platform raised US$250 million in a funding round led by Tiger Global and Sequoia Capital. The firm has been crowned as a unicorn following a series G funding round in April last year.