India, April 3 -- A Bengaluru based CEO's story of laying off 70 employees is earning praise after he shared how his company handled the process. OkCredit CEO and founder Harsh Pokharna took to LinkedIn to share the story of the time his company had to let go off 70 workers due to budgets constraints.

"18 months ago, we laid off 70 people. Here's how it went: We were burning too much. Hired too fast. It was our mistake. And we owned it. It was one of the hardest things I've done as a founder. But we tried to do it the right way," he wrote, detailing the company's next steps for it employees after announcing the layoffs.

Pokharna said that once they were laid off, the company had a conversation with each of the 70 employees and explained...