Billing software company Chargebee laid off approximately 10% of its workforce, citing macroeconomic factors and warning that the global economic environment remains uncertain.
In a LinkedIn post late Wednesday, Chargebee Co-founder and CEO Krish Subramanian stated that the “difficult decision was driven by external market forces as well as our need to address the operational debt we have accumulated in the last few years.” The layoffs at Chargebee are a sign of trouble for the domestic software-as-a-service (SaaS) sector, which was thought to be more resistant to global economic headwinds, even as edtech and other sectors saw massive staff cuts. Chargebee has offered the laid-off employees three months of pay, three months of extended medical benefits, outplacement career services, and a time extension to exercise stock options granted under their stock incentive plan.