New Delhi, Aug 3 (IANS) Premji Invest-backed software-as-a-service (SaaS) startup Increff has reportedly laid off 20 per cent of its workforce, or about 60 employees.

According to an Inc42 report, the job cuts affected employees in tech, sales, customer success, and HR departments, as part of the cost-cutting exercise by Increff.

Increff CEO and co-founder Rajul Jain confirmed the layoffs, saying the startup is aiming to turn profitable again.

Jain, however, said that they will continue with expansion plans in the US and Europe, according to the report.

“The layoffs were a part of the cost-cutting exercise that Increff is doing to achieve profitability at the earliest. Without attaining profitability, the startup won’t get the valuation that it is seeking,” according to the report, citing sources.

Founded in 2016, the startup helps fashion brands and retailers optimise inventory and improve sales velocity through its inventory management and supply chain solutions.

The platform had raised $12 million in a Series B round, which saw participation from Premji Invest and Binny Bansal’s 021 Capital, among others.

It currently has clients such as Puma, Adidas, Bata, Levi’s, Pepe, Celio, Gap and Benetton, among others.

The startup registered Rs 85 crore in revenue in FY23.