Digital health platform Mfine has laid off around 500 employees, people in the know said, becoming the latest to cut jobs as startups struggle to raise funds. The job cut accounts for about half the workforce at the Bengaluru-based company that had been hiring employees until last month, according to media reports.
Mfine is the eighth company in the startup space to lay off employees since April. It has let go of employees in data science, engineering and product departments.
Over the past few weeks, close to 3,000 contractual and full-time employees have been fired from Cars24, ed-tech firms Unacademy and Vedantu, social commerce startups Meesho and Trell, online learning platform Lido Learning and furniture rental startup Furlenco.
Some of these companies and other startups may look to cut more jobs, people in the know said. The layoffs come at a time when startups are finding it increasingly hard to raise funds after a record year in 2021.