Mass layoffs at Happay: CRED-owned company letting go of 150+ employees in restructuring

Happay, a provider of business expense management solutions, has conducted a restructuring exercise resulting in the termination of over 150 employees. The move took place last week following the company's acquisition by Kunal Shah's CRED in 2021.  

Sources have indicated that roles within Happay's product, operations, and marketing teams have been eliminated, as reported by Business Today. “Last week more than 150 people were laid off at Happay. It was across teams, engineers in product and operations, marketing etc,” said the source. 

Severance packages consisting of three months' salary and continued health insurance coverage have been extended to the laid-off employees.

“Severance is standard, as long as notice period, so it is 3 months' salary. Apart from that they have offered to extend health insurance,” a source explained.

In response to their layoffs, a number of employees opted to share the news on LinkedIn. 

Established by entrepreneurs Anshul Rai and Varun Rathi in 2012, Happay is a startup specializing in business expense management solutions. The company was acquired by CRED in 2021 for a significant sum of $180 million.