HighRadius is a software company that specializes in financial process automation solutions. Founded in 2006, the company has grown rapidly and has offices in several countries, including the United States and India. HighRadius has gained popularity for its innovative products and has attracted significant funding from various investors.
History and Background:
HighRadius was established in 2006 by Sashi Narahari, a former SAP executive. The company started as a small consulting firm, but over time, it has grown significantly to become a leader in financial process automation solutions. HighRadius has received several accolades for its innovative products, such as the 2021 Stevie Awards for Sales & Customer Service.
Funding and Investors:
HighRadius has attracted significant funding from various investors since its inception. In 2022, the company raised $475 million in a Series C funding round led by Tiger Global Management. Other investors include D1 Capital Partners, Coatue, and Iconiq Capital. The funding was aimed at expanding the company’s product offerings and global presence.
HighRadius has been performing well in the market and has gained popularity for its innovative products. The company’s revenue has been growing at an impressive rate, and it has been expanding its global footprint. HighRadius has been recognized by several independent organizations, such as The Forrester Wave and Gartner, as a leader in financial process automation solutions.
Layoffs at HighRadius:
Despite its success, HighRadius announced in November 2022 that it would be laying off 25 of its employees in Bengaluru, India. The company cited “business restructuring” as the reason for the layoffs. However, the layoffs were met with anger and frustration by affected employees, who felt that they were treated unfairly in the process. According to reports, the laid-off employees were given just a few hours’ notice before being asked to leave. The employees were also allegedly given minimal severance pay and were not allowed to collect their belongings from the office.
Company Stakeholder’s Response:
HighRadius has not released any official statement in response to the layoffs. However, reports suggest that the laid-off employees have expressed their anger and frustration towards the company’s management. The employees feel that they were treated unfairly and were not given adequate compensation for their services.
In conclusion, the layoffs at HighRadius have caused significant discontent among the affected employees. The situation raises questions about the company’s treatment of its employees and its commitment to responsible business practices. While the reason for the layoffs may be understandable from a business perspective, the manner in which they were conducted and the lack of support offered to affected employees have raised eyebrows. HighRadius must take proactive measures to address the concerns of its employees and ensure that such incidents do not occur again in the future.