Digital well being platform MFine has change into the lastest enterprise capital backed startup to put off its employees on account of a scarcity of funds to pay salaries, two former staff on the agency stated.
Bengaluru-based MFine, operated by Novocura Tech Well being Companies Pvt Ltd, has laid off over 50% of its employees, one of many staff added, asking to stay nameless.
Newsportal Inc42 stated that Mfine has fired round 600 staff, 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, affords session with specialists on its platform, other than partnering with hospitals, clinics, diagnostics and radiology service suppliers to generate on-line demand. It additionally affords discounted well being verify packages in partnership with the hospitals. In March, it launched MFine has launched a coronary heart price monitoring instrument on its app to assist customers hold monitor of its coronary heart price.
The lay off comes after MFine raised important 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 not too long ago requested staff to go, probably in a bid to preserve capital in a troublesome funding atmosphere.
Simply earlier this week, used vehicles platform Cars24 requested 600 staff to go away and edtech startup Vedantu laid off 424 staff.
In March and April, Unacademy, operated by Sorting Hat Applied sciences Pvt. Ltd, laid off almost 800 staff.
Earlier this 12 months, one other edtech startup Lido Studying requested 1,200 of its staff to resign, saying that it was seeking to wind down its operations amid a funding crunch.
Social commerce startup Meesho laid off 150 staff final month. In February, OkCredit, which is backed by marquee buyers together with Tiger International and Lightspeed, laid off round 40 staff.
Notably, many of the startups which have laid off staff had raised important 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.