Cellulant, a company operating in 19 markets, is undergoing significant changes that will impact around 20% of its employees. The company aims to shift its focus towards creating products that meet the needs of its users, with the belief that this approach will drive growth and success. In this article, we will explore the details of Cellulant’s restructuring plans and the reasons behind these changes.
Cellulant, a leading company operating across 19 markets, has recently announced its decision to make substantial changes in its operations. These changes will result in around 20% of its workforce being affected. The primary objective behind this restructuring is for Cellulant to transition into a more product-driven organization.
The company has been diligently working on developing a product-led strategy for some time now. This strategic shift aims to create user-centric products that are specifically designed to drive growth and meet the evolving needs of the market. Cellulant has emphasized that these changes have been mutually agreed upon with the affected employees.
Although the exact number of employees being laid off has not been disclosed, Cellulant currently has 634 employees according to its LinkedIn profile. The company has stated that it is fully committed to supporting the impacted employees during this transition period. Exit packages will be provided to the affected workers, along with extended medical coverage for both the employees and their families.
Cellulant acknowledges that the market conditions have been challenging not only for African startups but also for companies worldwide. However, the company remains optimistic about its future prospects. Over the past two years, Cellulant has been refining its business approach to become a merchant-focused payments company. This transformation involves productizing its services and revamping its technology stack. As a result, Cellulant has expanded its customer network and achieved a remarkable 100% year-on-year revenue growth in its core offerings.
To facilitate its next phase of growth, Cellulant has decided to adopt an agile, product-driven organizational structure. As part of this process, some roles will be consolidated while new ones will be created. It’s important to note that Cellulant has not closed any departments. Instead, the company has resized and reorganized its operations to ensure leaner and more efficient processes.
This restructuring marks the second round of layoffs for Cellulant, following a previous downsizing earlier in the year. Despite rumors about significant workforce reductions in specific markets, Cellulant has confirmed that it maintains a presence across all markets. Notably, Nigeria remains a key market for the company, where it serves as a payment partner for various businesses in sectors such as airlines, e-commerce, ride-hailing, retail, and remittances.
In conclusion, Cellulant’s decision to implement organizational changes and lay off a portion of its workforce is driven by its strategic goal of becoming a product-driven company. The company is dedicated to supporting its employees through this transition, offering comprehensive separation packages and extended medical coverage. With a focus on creating user-centric products, Cellulant aims to position itself for continued growth and success in the ever-evolving market landscape.
