Chargebee, the SaaS-based subscription management platform, has reportedly made another round of layoffs affecting approximately 10% of its global workforce, or about 100-120 employees, less than a year after a previous round of job cuts.
Chargebee’s CEO Krish Subramanian has cited “market shifts” as the primary reason behind the layoffs, sources reported.
“To position Chargebee for its next phase of efficient growth, and with the technology and market shifts underway across the industry, it is critical that we set up the organisation to focus on fewer priorities, with a greater emphasis on our customers’ experience and our core products,” Subramanian said.
The company has assured that it will adhere to labor laws in each affected country and provide severance packages to the impacted employees.
This recent downsizing comes after Chargebee reduced its workforce in November, citing macroeconomic factors and economic uncertainty as reasons for the cuts.
Headquartered in Chennai and San Francisco, Chargebee was founded in 2011 and offers a revenue growth management platform specializing in billing and subscriptions for both startups and large enterprises. Its customer base includes prominent names like Doodle, Calendly, Freshworks, and Okta, among others.
In its latest funding round, Chargebee raised $250 million, with Tiger Global and Peak XV Partners (formerly known as Sequoia Capital India) leading the investment. Other notable investors in this round included Sapphire Ventures, Insight Partners, and Steadview Capital. To date, Chargebee has raised a total of $470 million, establishing itself as a unicorn in the industry.
