The digital healthcare platform Mfine is laying off 500 employees

Bangalore: Digital healthcare platform Mfine fired 500 employeessavvy folks said, becoming the latest to cut jobs as startups struggle to raise money.

The job cut accounts for about half of the workforce at the Bengaluru-based company that had hired employees until last month, according to media reports.

Mfine is the eighth company in the startup space to lay off employees since April. He let employees go in the data science, engineering, and product departments.

Corporate media website Inc42 was the first to report on the layoff.

Co-founders Ajit Narayanan did not respond to ET’s request for comment.

ET reported that used car platform on May 19
Cars24 had fired more than 600 of its employees.

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In the last weeks,
nearly 3,000 full-time and contract employees have been laid off from Auto24ed-tech companies Unacademy and Vedantùsocial commerce startup Meesho e Trellonline learning platform Lido, learning startup and Furlenco furniture rental.

Startup layoffs rise on May 22, 2022_Graphic_ETTECH

Some of these companies and other startups may be looking to cut more jobs, people in the know said. The layoffs come at a time when startups are finding it increasingly difficult to raise funds after a record year in 2021.

ET, citing a CB Insights report, reported this on May 20
global venture finance for startups should decrease by 19% in the second quarter of 2022 compared to the previous quarter, in a context of tightening liquidity and a global slump in technology stocks. The number of deals is expected at 6,904, a 22 percent drop from the previous quarter, the report said.

Mfine was founded in December 2017 by former Myntra executives Ashutosh Lawania and Prasad Kompalli, who were later joined by Narayanan and Arjun Choudhary. The company last raised $ 48 million in September 2021.

Mfine’s digital services include medical consultations, diagnostic tests, pharmacy and hospital procedures. The company competes with the likes of Practo, Portea and Apollo.

In 2021, Mfine had launched an app-based blood oxygen saturation (SPO2) monitoring tool to allow users to track their oxygen saturation levels without the need for an additional device. This year, the company has added tools that help check your blood pressure and glucose level on the app.

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