Healthtech startup MFine lays off over 500 employees amid funding crunch

According to MFine employees, the healthtech startup has laid off over 500 staff amid a funding crunch, as reported Moneycontrol.

The company reportedly has about 1000 employees and has laid off staff across data science, engineering and product departments.

Employees were told that the company is short on funds to release salaries for coming months.

The company's platform offers consultation with doctors and partners with hospitals, clinics, diagnostics, and radiology service providers.

While MFine raised over $80 million in 2021 and was last valued at over $400 million, it reported a for 2020-2021 loss of more than INR 102 crore, versus a loss of INR 99 crore in the prior year.

The company's revenue jumped over 100% year-on-year to INR 12.9 crore.