MFine offers telemedicine services for primary, secondary, and long-term care, and 75% of Bengaluru's healthtech workers were let off this week.
Around 75 percent of Bengaluru-based healthtech business MFine's personnel (800 individuals) have been let off this week. Around 600 workers have been affected by this, according to Inc42 sources.
Former Myntra co-founders Ashutosh Lawania and Prasad Kompalli founded the healthtech firm in 2017. Lawania and Kompalli were joined by Ajit Narayanan and Arjun Choudhary as members of the founding group.
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In a Google meet, the managers of several departments notified their workers that their services were no longer needed, accoding to Inc24. The majority of cases, layoffs were attributed to a lack of funds. Multiple sources told Inc42 that MFine had about 800 workers, despite the firm having 516 employees listed on LinkedIn.
Employees from many divisions were shocked to learn that layoffs were taking place at the company. “A couple of days ago I was asked to take on a project. I was told on the basis of this project I would be given a promotion,” the employee said to Inc42. Until the end of last month, a number of LinkedIn postings revealed that the business was recruiting new employees.
The employee acknowledged that the business had no money, and also implied that a potential agreement had slipped through, resulting in the startup firing the bulk of its personnel.
According to Inc42, MFine will pay 20 days' salary now, and the rest of the notice period's compensation will be reimbursed in the following 60 days. Many workers are sceptical about their pay since they have not received any formal notification about their pay.
For those in need of primary, secondary, or long-term care, MFine provides telemedicine services. More than 6,000 physicians are employed by the business, which claims to have helped more than 3 million customers. There were 300,000 transactions every month, according to a press statement from the firm in March of this year.
Since 2014, Indian healthtech businesses have garnered about $5.3 billion in investment, of which $3.2 billion came between 2020 and May 16th, 2022, according to Inc42 statistics.
An increasing number of startups have recently laid off staff. More than 5,600 workers at Indian startups have been put off or dismissed as a consequence of cost-cutting or financial restrictions, according to an estimate by Inc42.
2022 is more about surviving and turning a profit than it was in 2021 when it came to raising capital, introducing new goods, and expanding quickly. The global slowdown has already begun to have an effect on the startup environment as a whole.
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