According to employees interviewed by Moneycontrol, healthtech business MFine, owned by Novocura Tech Health Services, has cut off around 500 employees due to a financial shortage at the Beenext and Stellaris-backed startup.
The Bengaluru-based business employs around 1,000 people and has laid off workers in the data science, engineering, and product areas. A few individuals in the talent acquisition team were also laid off after being asked to hire in the last few weeks. Employees were informed that the company does not have enough finances to pay salaries in the next months.
The MFine platform includes doctor consultations and partnerships with hospitals, clinics, diagnostics, and radiology service providers. In collaboration with hospitals, the organisation also offers inexpensive health checkup packages.
MFine is the latest high-profile Indian tech business to lay off employees. Three firms have laid off over 2,000 people in the last week alone.