HealthifyMe lays off 150 employees in non-operations role
Healthtech startuphas laid off 150 employees, which is 15-20% of its total employee count. The layoffs would be in non-operations roles such as SME, quality analytics, product, and marketing. Inc42 broke the news first.
In a statement shared with YourStory, the company said, “We have had to take the tough decision to let go 150 of our team members. Like much of tech, growth hasn't kept pace with expectations and hiring. We are also undergoing an evolution with our new vision around metabolic health (HealthifyMe 2.0) which requires different resources."
It added, "In view of this and changing market dynamics, it made sense for us to steer towards profitability, despite a comfortable runway. As a part of our severance and support to those impacted, we will offer two months' salary severance with 2 weeks per year served at HealthifyMe, vested stocks till March 2023, and medical insurance continuance till June 2023, along with counselling and outplacement support.”
Recently, the company appointed Dr Shebani Sethi, who is the founder-director of metabolic psychiatry at Stanford University School of Medicine, as its chief medical officer.
In January 2022, HealthifyMe crossed $50 million revenue run rate and now aims to cross $100 million in Accounting Rate of Return (ARR) within eight months.
Last year, the startup raised $75 million in a Series C round led by LeapFrog and Khosla Ventures to expand to India and South East Asia markets besides making inroads into North America.
(The story was updated with a statement by the company.)