SaaS unicorn Chargebee lays off 142 employees
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.
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.
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