HealthifyMe is laying off about 150 employees, says growth hasn’t kept pace with hiring

• The company said in a statement that it had to “make the difficult decision to lay off 150 of our team members”.
• The platform offered the dismissed employees a severance payment of two months, of which two weeks per year at the start.
• According to the company, it serves more than 30 million users in more than 300 cities with more than 2,000 coaches.

Leading AI platform for health and fitness HealthifyMe laid off at least 150 employees because the company’s growth “didn’t keep pace with expectations and hiring.”

The company has a physical presence in Bengaluru, Delhi, Mumbai, Chennai and Singapore.

The company said in a statement that it had to “make the difficult decision to lay off 150 of our team members”.

“Like much technology, growth has not kept pace with expectations and hiring,” the company added.

The platform offered the dismissed employees a severance payment of two months, of which two weeks per year at the start.

“As part of our severance package and support to those affected, we are offering 2 months of salary severance with 2 weeks per year at HealthifyMe, vested shares through March 2023, and continuation of medical insurance through June 2023, along with counseling and outplacement support,” the company said. .

According to the company, it serves more than 30 million users in more than 300 cities with more than 2,000 coaches.

The health technology platform in July this year raised $75 million (nearly Rs 560 crore) in a Series C round led by LeapFrog and Khosla Ventures.

The company wanted to use the money to expand India and South East Asiaintrude into North America as well as to acquire relevant companies in the digital health and fitness space.

“We are already the market leaders in India and Southeast Asia and by combining AI and human empathy, we can deliver results in weight and lifestyle disease management at a fraction of the cost possible today,” Tushar Vashisht, co-founder and CEO, HealthifyMe, had said in a statement.

Although HealthifyMe was India-based, it expanded internationally and now nearly 25 percent of its revenue comes from overseas, such as Malaysia and Singapore, it said in July.

The company had also said it would hire more than 1,000 trainers and coaches this year.

“We are also evolving with our new vision of metabolic health (HealthifyMe 2.0), which requires different resources. Given this and the changing market dynamics, it made sense for us to focus on profitability, despite a comfortable runway,” it said. company. a spokesperson said in the latest statement.

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