Homegrown healthtech startup Healthify has laid off 150 employees which represents about 27% of the entire workforce in a restructuring exercise, reported Inc42. As per the report, employees from sales and product teams were impacted the most by the job cuts that happened last week.
Inc42 quoted Healthify's CEO Tushar Vashist and said that the restructuring exercise is undertaken with an aim to turn EBITDA profitable.
"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 expasion", Healthify co-founder and CEO Tushar Vashist told Inc42.
Meanwhile, the firm has assured severance packages, extended insurance coverages and job placement assistance for the employees who are let go. The Inc42 report mentioned that 2 months of salary is given as severance pay and in some cases, accelerated stock investing period and leave encashment are given.
Healthify in 2021 cut around 150 jobs from various teams including SME (subject matter expert), quality analytics, product and marketing. The health and fitness startup that uses AI to track diet habits, fitness, and weight, as well as provide coaching services was founded in 2012.
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