Healthtech startup PharmEasy laid-off more employees due to financial shortage
Due to a financial shortage, local healthtech business PharmEasy has reportedly laid off further staff members.
The bulk of the impacted individuals, according to Inc42, worked in the support, quality analytics, and product technology areas.
Additionally, members of the general technical and design teams also suffered.
According to the study, a number of issues, including restructuring, financial challenges, and the current Russia-Ukraine conflict, were to blame for the layoffs.
Earlier in June, Docon Technologies, a subsidiary of API Holdings, the parent company of PharmEasy, fired about 40 full-time staff members.
The bulk of individuals laid off, including business development managers, cluster leaders, and area managers, working in the sales department.
PharmEasy has added to the increasing list of firms that have let go of staff as investment drops and careless cash burn catches up with them.
As VC financing dried up, over 16,000 workers were asked to leave by 44 firms, including BYJU’S, Unacademy, and Vedantu.
Ola, Cars24, Meesho, LEAD, MPL, Innovaccer, Udaan, and other Indian IT companies and unicorns are among those that have let go of staff.
The IT industry’s worst year for workers will be 2022 since tens of thousands of contract workers have also been let go.
According to the most recent PwC India report, just two firms in India, Shiprocket and OneCard, reached unicorn status (worth $1 billion and more) during the period from July to September.
