HealthifyMe sacks 150 employees, offers severance, medical insurance; had raised Rs 560 crore this year

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. HealthifyMe has offices in Bengaluru, Delhi, Mumbai, Chennai and Singapore. The company said in a statement that it couldn't keep pace with expectations and hiring.

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.  

The company will also offer compensation for vested stocks till March 2023. It will also provide medical insurance till June 23 and placement support. 

The company has 30 million users and over 2000 people who coach people for their health and fitness. 

The layoff comes months after it raised Rs 560 crore in an investment round. 

The company had said it would use the money to expand into south Asia and North America. 

It also wanted to acquire other companies in the health sector. 

In July, after raising the Group C round, the company said a quarter of its revenues comes from Malaysia and Singapore. 

Apart from Healthify me, many domestic and global companies have laid off people in droves. This includes Zomato, Microsoft, Facebook and Twitter. 
Amazon is also planning to shed its workforce over 2023. 

Several startups, including Byju's, have also laid off employees amid flagging growth trajectories.

Many of these companies are hit by supply-chain gaps due to the coronavirus pandemic and the Ukraine-Russia war. They are also facing global inflation and the fears of an imminent economic downturn.