BUSINESS

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BUSINESS

CRED-owned Happay fires employees

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Layoffs at Happay

Happay, owned by CRED, has laid off 35% of its workforce in different departments, including tech, sales, marketing, product, and operations.

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Affected employees

Happay laid off at least 160 employees. According to the company's LinkedIn profile, it has over 450 staffers.

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Performance-based layoffs

The layoffs at Happay were part of the annual appraisal cycle, which means employees were let go based on their performances.

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Acquisition

CRED acquired Happay in 2012 for $180 million. The corporate expenses management solution provider was founded in 2012 by Anshul Rai and Varun Rathi.

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Increasing losses

CRED has been grappling with increasing losses. In FY22, the company posted losses of Rs. 1,279 crore despite a 4-fold increase in revenue.