Bengaluru-based fintech platform Clear, formerly known as ClearTax, has initiated a strategic organisational restructuring that has impacted approximately 16% of its workforce, the company announced on Tuesday.
“At Clear, we have always prided ourselves on being an employee-first organisation – a place where learning, innovation, and growth are core to the experience,” said a company spokesperson. “We recently undertook a broader strategic organisational restructuring, impacting around 16% of our workforce, including a small number of early-career employees.”
The company explained that the move was driven by evolving business priorities, aimed at reshaping teams to enhance agility and prepare for future growth. Clear stated that it has rolled out a comprehensive support package for affected employees, including severance benefits, extended health insurance coverage, and outplacement support through industry partnerships.
Restructuring Comes Amid Strong FY24 Growth
Despite the workforce reduction, Clear maintained that its expansion trajectory will continue. The firm currently serves CFO offices across multiple international markets including India, the UAE, Singapore, France, and Belgium.
The restructuring, which took effect on August 1, comes during the peak income tax return filing season—a critical revenue window for Clear, which generates significant income from taxation-related and corporate secretarial services.
It also follows a strong financial performance in FY24, during which Clear reported a 93% increase in operating revenue to ₹209.84 crore. The company reduced its net losses by nearly 59% to ₹96.24 crore and cut total expenditure by almost 10%. Audited results for FY25 have yet to be filed.
Not the First Time Clear Has Downsized
In September 2021, the company laid off approximately 20% of its workforce across various departments, including technology, product, sales, and support functions.
Clear has raised $140 million to date, with Kora, Composite Capital Management, and Stripe among its lead investors.