Kissflow laid off 15 per cent of its staff- around 25-50 employees- across departments following product shut-down and an annual performance reviews, it was reported. Founder and chief executive officer (CEO) Suresh Sambandam of the Chennai-headquartered Software-as-a-Service (SaaS) firm said as per Moneycontrol, “We let off of around 20-25 people because we moved away from land-motion procurement to expand motion, this was done to increase customer acquisition across our products. At the same time, we do annual performance reviews every two to three years, and around 20 people were let go due to this.”
The company- which was founded in 2012- has cloud-based no-code and low-code work management products and as per its website its products are used across 160 countries. The company has offices in Chennai, the US and Dubai and had more than 400 employees on pay roll before the layoffs were announced in the the last two months. Kissflow fired employees across India, US and UAE. It was earlier reported that the count of laid off employees in the US and UAE was below five.
Two years ago, the company had gifted brand new 5 Series BMW cars worth ₹1 crore each to its five senior executives to recognise their association with the firm.
As per Moneycontrol, Suresh Sambandam said, “Every company is looking to optimise and 90 percent of people who were laid off are already placed in companies and the rest 10 percent will also be placed soon.”
The firm has not raised external funding and has remained bootstrapped as the CEO said, “The valuations have not bounced back and we are not in a hurry to raise funds, however, if the market turns suitable and valuations correct we will evaluate raising funds.”
SaaS firms across the world have been facing a major slowdown as Nasdaq-listed SaaS firm Freshworks undertook at least three rounds of layoffs in its teams.
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