HealthifyMe, an Indian startup, has laid off 150 of its staff at a time when the world is expecting recession fears. In its statement to the media, the Company said that it was a difficult decision and had to be made because the market had not behaved as expected and the Company had failed to see the expected growth rate.
As per the reports, roles in quality analytics, product, and marketing as well as subject-matter expert (SME) roles are going to be impacted during this layoff. The current layoff accounts for about 15-20 per cent of the HealthifyMe workforce.
Separation packages to the outgoing employees will include two months’ salary as per two weeks per year served at HealthifyMe, vested stocks till March 2023, and continuation of medical insurance benefit till June 2023, along with counselling and outplacement support.
This layoff news comes as a surprise because it wasn’t long ago that HealthifyMe had revealed intentions to hire 1000 trainers.
Launched in 2012, the Bengaluru-based Indian startup raised a Series C funding of $75 million backed by LeapFrog and Khosla Ventures, which focused on expanding the business in Southeast Asia.
Now, 25 per cent of the Company’s revenue comes from outside India.