CRED-owned Happe to lay off 35 percent of its employees

New Delhi. Corporate expense management platform Happe, owned by credit card bill payment provider CRED, has cut around 35 per cent of its workforce as part of a restructuring process. The media gave this information.

According to leading startup news portal Inc42, at least 160 employees across departments such as sales, marketing, tech, product and operations have been asked to leave the platform.

Founded in 2012 by Anshul Rai and Varun Rathi, the startup has over 450 employees, according to its LinkedIn profile.

According to the report, Happe is paying three months salary to the affected employees along with extension of insurance coverage and some other additional benefits.

CRED did not comment on the layoffs at Happe.

“With professional expense accounting for a significant portion of credit card spending, bringing professional expense management into the CRED ecosystem is a natural extension of our proposition,” Kunal Shah, founder of CRED, said in a statement during the acquisition.

Whereas Happe operates as a separate entity. The team worked closely with CRED leadership to leverage its ecosystem, build distribution, expand product offerings, and drive scale.

CRED last year acquired SaaS lending-as-a-service platform Creditvidya for an undisclosed sum in a mix of cash and stock transaction.
(IANS)

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