Bengaluru-based healthtech startup PhableCare laid off hundreds of employees over several months starting in October 2022, drastically reducing its workforce from over 800 in August 2022 to around 200. This represents a cut of more than 70% of its employees. The layoffs, which affected sales, marketing, product, and tech teams, were driven by a severe cash crunch following a period of high burn rate after a $25 million funding round in March 2022. The company struggled to raise new funds amid a broader funding winter, leading to delayed salaries for months and forcing many employees to depart. The healthtech firm, which reported a significant increase in net losses for FY22, is now seeking a merger or additional funding to survive.
