India, Oct. 1 -- In the wake of RBI clampdown, buy now pay later (BNPL) startup Simpl has laid off around 80 employees. While the layoffs happened across functions, the sales and marketing team were the most impacted.

Simpl's founder and CEO Nitya Sharma told Inc42 that the startup had to undertake the restructuring activity to conserve its capital moving forward. Money Control was the first to report the development.

The layoffs come days after the apex bank told the BNPL startup to stop all payment operations as it was operating without regulatory licences.

"The RBI has asked us to pause our payments business until we receive the necessary authorisation. We are closely working with the regulator, and once approvals are in place, we i...