New Delhi: Corporate expense management platform Hapay, owned by credit card bill payment provider CRED, has cut around 35 per cent of its workforce as part of a restructuring exercise, media reports said.
According to leading startup news portal Inc42, at least 160 employees from departments such as sales, marketing, technology, product and operations have been asked to move to the platform.
Founded by Anshul Rai and Varun Rathi in 2012, the startup has more than 450 employees, according to its LinkedIn profile.
According to the report, HAPPE is offering the affected workers three months salary and extension of insurance coverage and some other additional benefits.
When reached, CRED did not immediately comment on layoffs at Hape, which it acquired in December 2021 in a cash and stock deal valued at $180 million.
“With professional spend making up a significant portion of credit card spend, bringing professional spend management to the CRED ecosystem is a natural extension of our offering,” Kunal Shah, founder, CRED, said in a statement at the time of the acquisition.
While operating as a separate entity at Haap, the team worked closely with CRED leadership to develop its ecosystem, build distribution, expand product offerings and drive scale.
CRED last year acquired SaaS lending-as-a-service platform CreditVidya in a mix of cash and stock transactions for an undisclosed sum.
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