Fintech unicorn CRED-owned Happay has reduced its workforce by approximately 35 per cent, according to media reports.

On May 12, 2023, teams were informed about the restructuring by their respective managers in the company.

According to Happay’s LinkedIn profile, the company employs over 450 people. As a result of the severe restructure, at least 160 people from various areas, including sales, marketing, technology, product, and operations, were laid off.

Employees will receive three months’ salary as part of the severance package, as well as other benefits such as extended insurance coverage and job placement assistance.

Happay is a corporate spending, payments, and travel management software founded in 2012 by Anshul Rai and Varun Rathi. Kunal Shah’s CRED completed the acquisition of Happay in December 2021 for USD 180 million in cash and equity.

Shah, Co-founder of CRED, in a statement said, “With professional expenses forming a significant portion of credit card spending, bringing professional expense management into the CRED ecosystem is a natural extension of our proposition.”

As part of the deal, Happay would continue to function as a separate corporation, and that all of its employees would receive benefits through CRED’s ESOP schemes.

Kunal Shah established CRED in 2018 to provide premium credit card users with rewards and benefits for paying their bills. The financial behemoth has also entered the auxiliary services market, which is based on its principal ecosystem of credit card-centric services.

CRED also purchased lending-as-a-platform CreditVidya in a cash and equity acquisition last year to broaden its credit product line.

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