Health-Tech Unicorn Lays Off 27% of Its Employees

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Employees from sales and product teams were the most affected by the job cuts that took place earlier this week.

Homegrown health tech startup Healthify (formerly Healthifyme) has laid off around 27 per cent of its workforce, or about 150 employees, in a restructuring exercise, a media report said on Saturday.

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Employees from sales and product teams were impacted the most by the job cuts that happened earlier this week, a media agency reported, citing sources.

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Healthify co-founder and CEO Tushar Vashist was quoted as saying, “In the next 3-4 months, our India business will turn EBITDA profitable and this restructuring was an unfortunate but important step in line with achieving this. We also have to make sure we have enough resource allocation for the global expansion.”

According to the report, the impacted workers have been offered two months’ salary as severance pay, extended insurance coverage, accelerated stock vesting period in some cases, and leave cash encashment.

In 2021, the health tech startup cut around 150 jobs from various teams, including SME (subject matter expert), quality analytics, product and marketing. Founded in 2012, Healthify’s health and fitness app uses artificial intelligence (AI) to track diet habits, fitness, and weight, as well as provide coaching services.

In addition, the startup said that it will provide the affected employees “robust support during this transition, including comprehensive severance packages, extended insurance coverage, and job placement assistance”.

Additionally, the startup said it will provide affected employees with “strong support during this transition, including comprehensive severance benefits, expanded insurance coverage and job placement assistance.

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