In June 2022, the employee wellness startup Nova Benefits, based in Bengaluru, laid off approximately 30% of its workforce as part of a restructuring effort amid a tepid funding climate. While the exact number was not officially confirmed, the company had around 200 employees at the time, suggesting about 60 individuals were affected. This move occurred while Nova was in talks to raise a new funding round of around $30 million. The layoffs, which included a prior round letting go of about a dozen employees, reflect a broader trend of workforce reductions across early-stage Indian startups during that period, as companies adjusted to challenging market conditions.
