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
Bruh they were hiring last week. DM me for referrals at Angel One. (Fully remote for SDEs)
Googler667
Stealth
4 months ago
Any chance for Java Backend SDE roles
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Absurd
Stealth
4 months ago
What went wrong ? I saw many openings there
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
RealOldmonk
Stealth
4 months ago
@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
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How do they even make money lmao. I doubt their business was ever sustainable to begin with
Merchants pay them 1.6-2.5% of each transaction, and the margins are great.
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SuperSaiyanGoku
Stealth
4 months ago
Was interviewed few weeks ago 😱
SuperSaiyanGoku
Stealth
4 months ago
Still jobless, fuck life 🧬
Note - I still want to live though
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KesariPeda
Student
4 months ago
Same. Impacted by the layoffs. Please refer if you org has any opening for backend engineers
Bumstead
Stealth
4 months ago
please dm me with your resume.
TiredFold30
Stealth
4 months ago
I heard that they laid off more than 60% folks.
Absurd
Stealth
4 months ago
How did it go? What’s going on?
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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.
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 ?
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)
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.
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LongDrum53
Student
4 months ago
Apparently they are lying off their 60% work force
IHateHRs
Stealth
4 months ago
Can confirm... their even put their main product on hold
Hash003
Stealth
4 months ago
you mean checkout or bnpl?
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Apradh
Stealth
4 months ago
Those looking for an opening can mail us [email protected]. Small team, high impact. We have only one opening each for an SDE (Java) and SDE (React/next)
Lamda
Stealth
4 months ago
Should have followed Lazypay into lending
Let me check the job portal, I have 2 yoe seems Walmart has mostly 4+ years openings.
TiredFold30
Stealth
4 months ago
Following the thread
WholeQuartz
Stealth
4 months ago
https://www-moneycontrol-com.cdn.ampproject.org/c/s/www.moneycontrol.com/technology/bnpl-startup-simpl-lays-off-at-least-100-employees-as-part-of-cost-cutting-measures-article-12717158.html/amp
IHateHRs
Stealth
4 months ago
Cash crunch - they spent lots of money on useless stuff. Eventually it's going to leave a hole in your wallet
Momo_chutney
Stealth
4 months ago
Few months back I had got a call for Program Manager position with them
Said no to recruited on call as they offerd less salary
Momo_chutney
Stealth
4 months ago
I had got the call in March
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