Indian startup HealthifyMe sacks 150 employees; offers severance, medical insurance
HealthifyMe joins a host of startups and tech giants that laid off employees in the last few weeks, owing to macroeconomic economic uncertainties. The company has 30 million users and over 2000 people who coach people for their health and fitness.
HealthifyMe, the tech company that has employed Artificial Intelligence to track a person's health and fitness, has sacked 150 of its employees as the company couldn't achieve the expected growth. Offices for HealthifyMe may be found in Singapore, Bengaluru, Delhi, Mumbai, and Chennai. The business said in a statement that it was unable to keep up with demand for new hires and expectations.
HealthifyMe has offered a generous severance package. The company has given a package of two months' salary plus the salary of two weeks per year served at the startup. Up to March 2023, the corporation will also provide compensation for vested shares. Additionally, it will offer placement assistance and medical insurance through June 23.
Over 2000 employees work for the organisation as fitness and health coaches for its 30 million members. The layoff comes months after it raised Rs 560 crore in an investment round. The business had stated that it will utilise the funding to grow in North America and South Asia. It also intended to purchase other health-related businesses.
The business said in July that a quarter of its revenues originate from Malaysia and Singapore after raising the Group C round. Aside from Healthify me, other local and international businesses have mass fired employees. Zomato, Microsoft, Facebook, and Twitter fall within this category.
Over the course of 2023, Amazon also plans to reduce its personnel. Along with other companies, Byju's has also made staff reductions due to slowing growth trends. Due to the coronavirus epidemic and the conflict between Ukraine and Russia, many of these businesses are experiencing supply-chain shortages. They must contend with both global inflation and worries about a coming recession.