The Business-to-Business (B2B) SaaS Start up Exotel has announced that it has paid off 15 percent of the workforce which comes up to 142 employees on Thursday, 19th January 2023.
About Exotel’s Workforce Dismissal
The company has reported the dismissal of the 142 employees working staff after the company witnessed change in its Performance Improvement Program (PIP).
Regarding the Employee pay off the Founder and the Chief Executive Officer of the company said in his statement that workforce of below 5 percent which sums up to 45 employees have been the victim of company’s Performance Improvement Planning (PIP) whereas 3 percent of the workforce which is around 35 employees have suffered due to the restructuring.
The Chief Executive officer of the company also said that the employees have been terminated after the end of the mid –year although the SaaS Start up Exotel is focused primarily on the employee organisations.
According to the Founder of the company it is reported that the before the layoff, the employees whose performance target was not met up to the mark were provided with the notice to work on completion of their performance target.
About the Company Exotel
The Cloud Telephony Solving Platform for the commutation related issues Exotel was established in the year 2011 by the co-founders Siddharth Ramesh, Shivkumar Ganesan and Ishwar Sridharan. The company is the largest Cloud telephony solving problems in Asia.
The company has secured a sum of 40 million US dollars in the series D funding round in the month of January of 2022 from Steadview Capital.
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