Kissflow layoffs: Bootstrapped SaaS startup Kissflow culls 11% workforce
The layoffs took place in India, the US and the UAE across April and May, the company said in a news release.
Kissflow was in news in 2022 for gifting 5 Series BMWs worth Rs 1 crore each to key staffers in an employee appreciation drive.
“We let (go) 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,” Kissflow founder and chief executive Suresh Sambandam said in the statement. Another around 20 jobs were cut after performance reviews, he said.
The company paid severance to all the affected employees, the release added.
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“Every company is looking to optimise and 90% of people who were laid off (by Kissflow) are already placed in companies and the rest 10% will also be placed soon,” Sambandam added.The development was first reported by news website MoneyControl.
The global software-as-a-service business has been struggling to match its growth highs of 2021 and 2022 when it was enabled by post-Covid digitisation. The sector has seen sales cycles slow, multiple rounds of layoff and companies cutting margins to attract and retain clients.
SaaSBoomi, a collective of SaaS and product company founders, marked down the 2030 enterprise value projections of Indian SaaS startups from $1 trillion to half that in a report last year. It had said enterprise value corrections might recover only by 2030.
Separately, global management consulting and strategy advisory firm Zinnov and venture capital firm Chiratae Ventures last year marked down 2026 revenue projections of Indian Saas startups from $100 billion to $26 billion in the latest annual report on the space.
