Kissflow, a bootstrapped Chennai based Saas firm has fired 15 per cent of its staff (45-50 employees), as per a report by Moneycontrol. The employees have been fired from different verticals including sales, product development and marketing.
The company has mentioned that the layoffs happened due to the discontinuation of the product and after yearly performance evaluations. Before the layoffs, the company reportedly had more than 400 employees on its pay roll. Employees across India, USA and UAE were fired by the firm.
Suresh Sambandam, the founder and chief executive officer (CEO) of Kissflow said as per Moneycontrol, “We let off 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.”
Established in 2012, Kissflow provides cloud-based no-code and low-code work management solutions. The company calls itself, ‘The only enterprise low-code platform built for multiple personas.’ Some of the clients of the company includes PepsiCo, McDermott, Motorola Solutions, and Danone.
As stated on its website, Kissflow's products are utilized by over 10,000 customers in 160 countries. The company has offices in Chennai, the US, and Dubai. Severance have been paid to the employees who were laid off.
Read: Paytm Lays Off Employees as Part of Restructuring, Facilitates Outplacement Support
Interestingly, in 2022, the company was in the news for different reasons. Five senior executives of Kissflow were given 5 Series BMW cars worth about ₹1 crore each. To recognise the long association of the executives with the company, Sambandam gifted the cars.
Sambandam further said to the Moneycontrol, “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 reportedly remained bootstrapped to date. However, Sambandam stated that the valuations have not bounced back, and they are not in a hurry to raise funds. If the market turns suitable and valuations correct, they will evaluate raising funds.
