The impact of the ongoing global economic downturn has hit the start-up ecosystem back home across sectors resulting in layoffs. Covid 19 pandemic, war in Europe and the Shanghai lockdown has threatened to derail the global economy. As a cascading effect, Healthtech startup MFine has asked laid off over 500 employees sighting shortage of funds to release their salaries in the coming months.
Run by Novocura Tech Health Services, this Bangalore-based Healthtech startup was founded in 2017 by Ashutosh Lawania, former Myntra founder and Prasad Kompalli, former Chief Business Officer at Myntra. The startup had raised $48 million in September last year in Series C funding has reportedly laid off staff from operations, marketing & products vertical.
According to industry estimates, almost 4,000 staffers have been asked to leave by some of the startups in the last few months, creating a sense of uncertainty about the future of the entire ecosystem. Recruitment experts from the industry have stated that the startups need to have a clear roadmap to ensure profits & maintain long-term sustainability.