Buy-now-pay-later (BNPL) startup Simpl has laid off 80-100 employees, media reports said.

The layoffs came just days after the Reserve Bank of India (RBI) ordered One Sigma Technologies Pvt Ltd, which operates Simpl, to immediately stop its payment system operations, citing violations of national payment laws.

Nitya Sharma, CEO, Simpl, said that the layoffs was part of its  restructuring activity to conserve its capital moving, the Inc42 said.

The company was also directed to settle any outstanding financial liabilities with its customers and partners, with the letter stating the entity was "advised to settle the liabilities with both users and merchants, if any, to the duly verified bank accounts of such users, merchants.”

In July, the company was under the scrutiny of the Enforcement Directorate (ED), which filed a complaint under the Foreign Exchange Management Act (FEMA) against Simpl, and its director Nithya Nand Sharma for contraventions to the tune of Rs 913.76 crore.

Simpl last raised $40 million in a Series B round in 2021, led by Valar Ventures and IA Ventures. The BNPL platform has raised over $80 million till date.