Digital well being platform MFine has turn out to be the lastest enterprise capital backed startup to put off its employees attributable to an absence of funds to pay salaries, two former workers on the agency mentioned.
Bengaluru-based MFine, operated by Novocura Tech Well being Companies Pvt Ltd, has laid off over 50% of its employees, one of many workers added, asking to stay nameless.
Newsportal Inc42 mentioned that Mfine has fired round 600 workers, comprising 75-80% of the workforce.
An MFine spokesperson declined remark.
Mfine, based in 2017 by former co-founder of Myntra Ashutosh Lawania and former chief enterprise officer at Myntra Prasad Kompalli, provides session with specialists on its platform, aside from partnering with hospitals, clinics, diagnostics and radiology service suppliers to generate on-line demand. It additionally provides discounted well being verify packages in partnership with the hospitals. In March, it launched MFine has launched a coronary heart price monitoring software on its app to assist customers preserve observe of its coronary heart price.
The lay off comes after MFine raised vital funding from new and current buyers final 12 months.
MFine raised $48 million Collection C funding spherical co-led by Moore Strategic Ventures and Beenext in September final 12 months. The spherical additionally noticed participation from current buyers, Stellaris Enterprise Companions, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Enterprise Companions, Y’S Funding Pte Ltd. and Alteria Capital.
The digital well being platform joins a number of startups throughout sectors which have just lately requested workers to go, doubtlessly in a bid to preserve capital in a tough funding surroundings.
Simply earlier this week, used vehicles platform Cars24 requested 600 workers to depart and edtech startup Vedantu laid off 424 workers.
In March and April, Unacademy, operated by Sorting Hat Applied sciences Pvt. Ltd, laid off practically 800 workers.
Earlier this 12 months, one other edtech startup Lido Studying requested 1,200 of its workers to resign, saying that it was trying to wind down its operations amid a funding crunch.
Social commerce startup Meesho laid off 150 workers final month. In February, OkCredit, which is backed by marquee buyers together with Tiger International and Lightspeed, laid off round 40 workers.
Notably, many of the startups which have laid off workers had raised vital funding final 12 months. Cars24 raised $300 million in fairness and a further $100 million in December 2021, at a valuation of round $3.3 billion. Vedantu turned the fifth digital studying startup in India to hit unicorn standing after elevating $100 million ( ₹740 crore) in its Collection E spherical led by Singapore-based affect investor ABC World Asia in September final 12 months. A unicorn is a privately-held startup with a valuation of not less than $1 billion.
Supply: Live Mint