Bengaluru-based healthtech startup MFine has laid off approximately 600 employees this week, which constitutes about 75% of its workforce, previously estimated at around 800 people. The drastic cuts, communicated via Google Meet, were primarily driven by severe financial difficulties, with the company reportedly exhausting its funds and a potential future deal falling through. Despite recent hiring activity and project assignments, most of the sales and marketing teams have been dissolved. MFine, founded in 2017 and last valued at around $450 million, offers telemedicine services and had raised close to $97 million to date. The company plans to provide severance, including 20 days' salary immediately and the remainder within 60 days, though employees express uncertainty due to a lack of written confirmation.
