MFine lays off almost 50 per cent of its team 

Healthtech start-up MFine has laid off nearly 50 per cent of its group, in line with two sources who spoke to BusinessLine on the situation of anonymity. Whereas studies declare that 600 workers have been laid off, a 3rd supply mentioned that the quantity is decrease than that.

In accordance with Linkedin, MFine’s group energy was between 501-1,000 workers, and 516 of those workers have a profile on the social media platform. The layoffs have been finished due to the fund scarcity at MFine and have affected workers throughout features together with engineering, product, knowledge engineering, buyer expertise, human useful resource, amongst others.

“Staff have been knowledgeable in regards to the layoffs yesterday and it was their final day. They have been advised that discover interval pay shall be given to them after the completion of the discover interval. Nevertheless, there isn’t any written affirmation of this,” mentioned one of many sources quoted above. 

Discover interval durations differ from individual to individual starting from 30 days to 60 days. MFine didn’t touch upon BusinessLine queries. The healthtech firm had raised a $48 million Sequence C funding spherical co-led by Moore Strategic Ventures and BEENEXT in September 2021. Publish which, the corporate was seeking to increase its providers to a different 20 cities in 14-15 months.

Firm profile

MFine was based in December 2017 by Ashutosh Lawania and Prasad Kompalli who have been later joined by Ajit Narayanan and Arjun Choudhary. A number of the different buyers within the firm embrace Stellaris Enterprise Companions, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Enterprise Companions, Y’S Funding Pte Ltd and Alteria Capital. 

MFine is amongst a slew of start-ups which have just lately introduced layoffs, because the funding rounds decelerate. With MFine’s growth, over 3,000 workers have been laid off throughout a number of start-ups, together with unicorns equivalent to Cars24, Unacademy, Meesho, and Vedantu, in line with a BusinessLine estimate. 

Revealed on

Could 22, 2022