Homegrown healthtech and fitness startup HealthifyMe has laid off nearly 20 percent of its workforce to focus on profitability amid growing concerns of a recession. The decision by the Chiratae-backed startup has impacted employees in subject matter expert, quality analysis, product and marketing roles.
Inc42 cited sources as saying that the startup had let go of 150 employees. The company also claimed that it would offer a two-month severance package and extend medical coverage to affected employees.
With these layoffs, HealthifyMe joins the list of tech companies that have resorted to layoffs amid macroeconomic headwinds. Technology startups in India have laid off around 18,000 employees since the beginning of 2022.
HealthifyMe said in a statement, “We’ve had to make the difficult decision to let go of 150 members of our team. Like most technology, growth has not kept pace with expectations and hiring. We at Metabolic Health (HealthifyMe 2.0) With its new vision around the world, it is also going through a phase of development, which requires various resources.
The company also said it would provide vested stock till March 2023 and offered counseling and relocation assistance to those affected.
“Given this and given the market dynamics, it makes sense for us to drive towards profitability, despite a comfortable runway. As part of our severance and support to those affected, we will offer two months of paid severance, with two weeks of service per year at HealthifyMe, vested stock until March 2023, and counseling and outplacement support Medical insurance will continue till June 2023. It added.
HealthifyMe, which was founded in 2012 by Tushar Vashisht and Mathew Cherian, provides lifestyle tracking, access to diet and workout coaches, and measurable measurements on eating habits, fitness and weight through its artificial intelligence nutritionist platform. gives results.
The Bengaluru-based startup’s move comes nearly 1.5 years after it raised $75 million in Series C round of funding led by LeapFrog and Khosla Ventures. HealthifyMe has raised $100 million across multiple rounds so far.
