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Kissflow, a Chennai-based Software-as-a-Service (SaaS) firm specializing in cloud-based work management products, has recently undertaken a workforce reduction, resulting in the layoff of approximately 15% of its employees. This decision comes in the wake of product realignment and routine performance evaluations.
Founder and CEO Suresh Sambandam stated that around 25-50 employees were affected across various departments, primarily due to strategic shifts in procurement strategies and periodic performance reviews. Sambandam clarified that these measures were aimed at optimizing operations and enhancing customer acquisition efforts.
Despite the layoffs, Kissflow remains committed to supporting its affected employees. Sambandam highlighted that a significant portion of the laid-off workforce, around 90%, has already secured placements in other companies, with plans in place to assist the remaining 10% in finding suitable opportunities.
Kissflow, established in 2012, offers no-code and low-code solutions utilized by businesses in over 160 countries. The company, with offices in Chennai, the US, and Dubai, employed over 400 individuals before the recent layoffs were initiated. Notably, earlier reports indicated minimal layoffs in the US and UAE regions.
Regarding funding and market conditions, Sambandam mentioned that Kissflow has not pursued external funding and continues to operate as a bootstrapped entity. He noted that while market valuations remain subdued, the company is open to evaluating funding options if favorable market conditions arise.
The SaaS sector, globally, has witnessed challenges, as seen with Nasdaq-listed firm Freshworks undertaking multiple rounds of layoffs. However, Kissflow’s strategic adjustments and commitment to employee transition highlight its resilience and adaptability in navigating market dynamics.
Sources By Agencies
