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2w ago

Clear Cuts 16% of Workforce to Accelerate Future Growth

The cuts took effect at the start of the peak tax-filing season when fresh graduates and recent hires were particularly vulnerable.

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ClearTax lays off 16% staff amid restructuring; freshers hit hardest in strategic move

Overview

  • On August 1, Clear implemented a strategic restructuring that eliminated around 16 per cent of its workforce, disproportionately affecting early-career employees.
  • The company provided impacted staff with enhanced severance packages, continued health insurance and outplacement assistance through industry partnerships.
  • In FY24, Clear’s operating revenue rose 93 per cent to ₹209.84 crore while net losses fell by 59 per cent to ₹96.24 crore.
  • This marks Clear’s second major downsizing since 2021, underscoring its pattern of periodic cost-management measures.
  • Clear has raised $140 million to date and, though it has not secured fresh funding since its Series C in October 2021, continues to serve CFO offices in India, the UAE, Singapore, France and Belgium.