On the heels of Indian startups laying off employees, healthtech startup HealthifyMe has laid off 142 employees, or about 15 to 20 percent of its workforce.
The decision was made as the company focuses on profitability in the face of changing market dynamics, according to the company.
The company mentioned that laying off 150 employees was a tough decision for them, but they did so because their tech growth wasn’t keeping up with expectations and hiring.
According to media reports, layoffs affected employees in SME (subject matter expert), quality analytics, product, and marketing roles.
The firm with 2000+ employees has laid off 142 employees, or 7 percent of its workforce, which consists of 79 (6 percent) employees from the operations team and 63 (23 percent) from the core team.
The company also conveyed that it will offer two months of salary as severance and will extend medical coverage until June 2023.
So far, over 18,000 employees have been laid off at Indian startups in 2022, as per the data.
The global funding slowdown this year, leading companies to conserve cash and constrain themselves, is resulting in layoffs.