Healthify (formerly Healthifyme), a healthtech startup, has reduced its workforce by approximately 27%, which amounts to about 150 employees, as part of a restructuring effort, a media report said.
According to sources, Inc42 reported that the sales and product teams were the most affected by the recent job cuts.
“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,” Healthify co-founder and CEO Tushar Vashist was quoted as saying.
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”.
The report states that affected employees receive severance pay equivalent to two months’ salary, extended insurance coverage, accelerated stock vesting in certain instances, and cash encashment for accrued leave.
In 2021, the healthtech startup reduced approximately 150 positions across different teams, including SME (subject matter expert), quality analytics, product, and marketing.
Established in 2012, Healthify’s health and fitness app utilizes artificial intelligence (AI) to monitor diet habits, fitness levels, and weight and offer coaching services.
