--- title: "Tech layoffs: Health tech startup, Healthifyme fires 150 employees" description: "Learn about the Tech layoffs: Health tech startup, Healthifyme fires 150 employees in this news post" author: "HARIDHA P" published: 2024-04-30 updated: 2024-04-30 canonical: https://www.mindstick.com/news/3881/tech-layoffs-health-tech-startup-healthifyme-fires-150-employees category: "job" tags: ["news"] reading_time: 3 minutes --- # Tech layoffs: Health tech startup, Healthifyme fires 150 employees Amidst mounting fears of a recession, Bengaluru-based healthtech and fitness business HealthifyMe is the most recent company to [tech](https://www.mindstick.com/news/3851/tech-layoffs-reach-50-000-in-2024-many-)-giants-will-soon-cut-more-see-the-list-here">lay off staff members. 1**50 workers, or 15-20% of its overall workforce**, has been let go by the business, sources told Inc42. Employees in SME ([subject matter](https://answers.mindstick.com/qa/94198/a-legal-person-is-any-subject-matter-other-than-a-human-being-to-which-law-attributes-personality-who-said-these-words) expert), quality analytics, product, and marketing jobs have been impacted by the decision. ## Highlights: - HealthifyMe, a Bengaluru healthtech startup, lays off 150 employees (15-20% of workforce) amid recession fears. - Affected employees receive two-month severance pay and extended medical coverage. - Despite previous funding, the company faces financial pressures, with an 8X increase in net loss and attempts to acquire competitors. ![Tech layoffs: Health tech startup, Healthifyme fires 150 employees](https://lh7-us.googleusercontent.com/3DoBIofbH7xbZAN8dnR9mp8nBYPiWhYIMlzSKKn-Z-_4Shx7I-XcuT333QJAXgZDLFE4I0txaAId2RCpBHxlFAne4vNJD0gfRps196rRK7DskOi6rbTqacl-LxMahpzezfik7MNWH7-2sKDzOY_b1_o) The startup will provide affected employees with additional medical coverage in addition to a two-month severance compensation. The [startup](https://www.mindstick.com/news/3493/elon-musk-s-ai-startup-xai-to-integrate-with-social-media-platform-x) confirmed the [news](https://www.mindstick.com/developersection/news) with Inc42 and stated in a written statement, "We have had to take the [difficult decision](https://answers.mindstick.com/qa/34943/describe-a-time-when-you-had-to-make-a-difficult-decision-about-a-marketing-strategy) to let go of 150 of our team members." Like a lot of tech, growth hasn't kept up with [recruiting](https://www.mindstick.com/blog/11760/6-best-recruiting-trends-you-should-implement-in-2018) and expectations. "Despite a comfortable runway, it made sense for us to steer towards [profitability](https://www.mindstick.com/blog/12142/tips-for-streamlining-your-business-and-increasing-profitability) in light of this and shifting market circumstances. We will provide [two months](https://answers.mindstick.com/qa/36894/can-i-live-off-of-5k-usd-in-thailand-for-two-months)' pay severance with two weeks of annual service at HealthifyMe, vested stocks until March 2023, medical insurance continuation until June 2023, counseling, and outplacement help as part of our severance and support to individuals impacted, it continued. Almost 1.5 years after the business secured **$75 million in a Series C fundraising round**, there have been layoffs. LeapFrog and Khosla Ventures led the financing back then. Participating in the round were HealthQuad, Unilever Ventures, and Elm in addition to current investors Chiratae Ventures, Inventus Capital, and Sistema Asia Capital. The business has garnered $100 million in funding thus far over many rounds. The firm has a cash surplus that will last them till 2024, according to sources. [According to people](https://yourviews.mindstick.com/story/1587/signs-you-ve-met-your-soulmate-according-to-people) familiar with the situation who asked to remain anonymous, the firm is trying to buy out smaller competitors in the same industry. **Tushar Vashisht and Sachin Shenoy** launched the business in 2012. Shenoy has taken a vacation from supervising the [operations](https://www.mindstick.com/blog/304985/how-does-devops-bridge-the-gap-between-development-and-operations-teams-like-git), but Vashisht still manages the company's daily operations. Shenoy is said to be on a break on his LinkedIn page. The company had an 8X increase in net loss from INR 19 Cr in FY21 to INR 157 Cr in FY22. Sales-wise, the startup's overall operating revenue in FY22 was INR 185.2 Cr, up from FY21's INR 86 Cr. With the layoffs, HealthifyMe is now the seventh healthtech startup for this year. Previously, staff members had to be let go from MFine, Innovaccer, Breathe Well-being, and PharmEasy's Docon. 16,933 workers have been let go by Indian firms, including HealthifyMe, according to the Inc42 layoff tracker as of 2022. --- Original Source: https://www.mindstick.com/news/3881/tech-layoffs-health-tech-startup-healthifyme-fires-150-employees Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.