Healthify Layoffs: Healthtech Startup Cuts Around 27% of Workforce in Restructuring Exercise
Employees from sales and product teams were impacted the most by the job cuts that happened earlier this week, Inc42 reported, citing sources.
New Delhi, April 27: Homegrown healthtech startup Healthify (formerly Healthifyme) has laid off around 27 per cent of its workforce, or about 150 employees, in a restructuring exercise, a media report said on Saturday.
Employees from sales and product teams were impacted the most by the job cuts that happened earlier this week, Inc42 reported, citing sources. "In the next 3-4 months, our India business will turn EBITDA profitable and this restructuring was an unfortunate but important step in line with achieving this. We also have to make sure we have enough resource allocation for the global expansion," Healthify co-founder and CEO Tushar Vashist was quoted as saying. Layoffs Hit Indian IT Firms: Infosys, TCS, Wipro, Tech Mahindra Among Others Lost Close to 70,000 Employees in Last Fiscal Year.
In addition, the startup said that it will provide the affected employees "robust support during this transition, including comprehensive severance packages, extended insurance coverage, and job placement assistance". According to the report, the impacted workers have been offered two months' salary as severance pay, extended insurance coverage, accelerated stock vesting period in some cases, and leave cash encashment. Tesla Layoffs 2024: Elon Musk-Run EV Company To Lay Off 693 Employees in Nevada Following Cars Price Cuts.
In 2021, the healthtech startup cut around 150 jobs from various teams, including SME (subject matter expert), quality analytics, product and marketing. Founded in 2012, Healthify's health and fitness app uses artificial intelligence (AI) to track diet habits, fitness, and weight, as well as provide coaching services.
(The above story first appeared on LatestLY on Apr 27, 2024 05:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).