Get All Access for $5/mo

Indian Healthtech Startup HealthifyMe Lays Off 20% Of Its Workforce Amidst the global workforce being under constant fear, HealthifyMe joins the list of companies to announce layoffs

By Paromita Gupta

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Entrepreneur India

The latest to join an unfortunate list of 2022 layoffs, Indian healthtech startup HealthifyMe announced that it was laying off 20-25% of its workforce, which amounted to 150 individuals employed with the company.

Non-technical roles such as subject matter experts, quality analytics, product, and marketing roles were impacted by the decision.

"We have had to take the tough decision to let go 150 of our team members. Like much of tech - growth hasn't kept pace with expectations and hiring. We are also undergoing an evolution with our new vision around metabolic health (HealthifyMe 2.0) which requires different resources. In view of this and changing market dynamics, it made sense for us to steer towards profitability, despite a comfortable runway. As a part of our severance and support to those impacted, we will offer 2 months' salary severance with 2 weeks per year served at HealthifyMe, vested stocks till March 2023, and medical insurance continuance till June 2023, along with counseling and outplacement support," the digital health company said in its official statement.

The 2012 wellness company was founded by Tushar Vashisht, Mathew Cherian and Sachin Shenoy. It claimed to cross $50 Million in revenue run rate earlier this year. With 8 rounds of funding and 22 investors, the startup has raised a total of $100.1 Million and seemed to be one of the most promising ones in its segment.

HealthifyMe has also partnered with reputed medical institutions such as Medanta, Apollo Hospitals, and Manipal Hospitals to provide services to treat or prevent clinical obesity, diabetes, cardiovascular problems and other lifestyle diseases.

The calorie tracking and advice on nutrition and fitness apps joins the likes of Facebook, Twitter, Amazon, and Microsoft to name a few.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Growing a Business

Stop the Errors: Set a Review Process That Works

Mistakes make you look unprofessional and hurt your growth. Fix them today.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Broadcom Stock Soars on AI Growth Outlook

Broadcom's next-generation AI chips, built with advanced 3-nanometer technology, are set to debut in the spring

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.