SleepyBanana

PhonePe

Simpl Layoffs

Boys and girls, Simpl is laying heavy this week. Stay tuned for my rant post in some days

Also Dm if you can refer for sde jobs, thanks

13mo ago

Talking product sense with Ridhi

9 min AI interview5 questions

SquishyBanana

Fisdom13mo

Bruh they were hiring last week. DM me for referrals at Angel One. (Fully remote for SDEs)

GroovyPenguin

Stealth13mo

Any chance for Java Backend SDE roles

SleepyBanana

PhonePe13mo

@holdencaulfield DMed you

PerkyDumpling

Angel One13mo

Same. Got laid off from Simpl. Please refer possible.

SquishySushi

L&T Group13mo

Profile?

PeppyBoba

Oracle13mo

Did you get severance @wonko

SquishyBagel

Stealth13mo

What went wrong ? I saw many openings there

SleepyBanana

PhonePe13mo

Management is shit, they don't have any idea when to hire and how many to hire. No transparency + sugar coating everything. Not sure but mostly investors might have asked to just remove people

A lot of talented folks will be laid off, because their interview bars were decent and pay was also decent it attracted a lot of good individuals

SnoozyPotato

Stealth13mo

@fintechHater yeah they were offering 1Cr as fixed, dodged a bullet, even the recruiter has left it seems since the account says LinkedIn Member, must have been using company corporate account to inmail and stuff

FuzzyDonut

Stealth13mo

How do they even make money lmao. I doubt their business was ever sustainable to begin with

PerkyBagel

Stealth13mo

Bhai 4000 ka bill time pe nahi diya toh 600 ka penalty hai

DerpyPretzel

Stealth13mo

Merchants pay them 1.6-2.5% of each transaction, and the margins are great.

DerpyMochi

Cred13mo

Cred doing silent and toxic layoffs

TwirlyTaco

Zomato13mo

Can you elaborate? I have an interview lined up with them, this would be very helpful!

SleepyBanana

PhonePe13mo

Please make a post separately, I wanted to try for cred now. Will be able to decide if I should even apply or not

WobblyJellybean

Stealth13mo

Was interviewed few weeks ago 😱

SleepyBanana

PhonePe13mo

Sometimes life saves you

WobblyJellybean

Stealth13mo

Still jobless, fuck life 🧬

Note - I still want to live though

JazzyHamster

Stealth13mo

I heard that they laid off more than 60% folks.

SleepyBanana

PhonePe13mo

Have the layoff call rn, will update:)

SquishyBagel

Stealth13mo

How did it go? What’s going on?

SqueakyBurrito

Simpl13mo

I am also an Ex- Simpl, got moved on a month back. Have seen it all during my time there, it became clear that their downfall stemmed from a lack of humility. Swanky offices, fancy parties, and flaunting wealth ultimately led to this.

BubblyDumpling

Simpl12mo

Correct. Been there, saw it firsthand.

GoofyPanda

Capri Global Capital13mo

Can any one here explain - how simpl earns money on the debt they create. From my limited understanding as a user, they don't report the credit lines given to the user in any of the 4 bureaus. So even If I default, the least they can do is block me off the platform. I believe from the b2b side, merchant onboarding doesn't translate to much revenue as they're just enabling more business for the merchant? The kick back from the merchant must be hardly 10-20 bps ?

DerpyPretzel

Stealth13mo

Merchants actually pay between 160-250 bps, similar to credit card MDRs (source: was a payments PM, worked with Simpl and I know what they charged us)

GoofyPanda

Capri Global Capital13mo

Still, 160/250 bps of txn volume is too low to make any substantial revenue. What I would want to understand is from the lending aspect..what money do they make there, cuz there's no interest income from the debt they create. If making checkouts simpler is their usp then, why enable it using debt, I mean who funds this debt? There's no way that they're raising debt capital for this activity. Idk I'm still confused on that part, as I said mdr hardly covers any of the opex they have.