PhableCare, a company, has laid off 560 employees, which amounts to 70% of its workforce compare to its overall headcount.
“Since October 2022, PhableCare, a health-tech start-up based in Bengaluru, has reportedly been facing a funding crisis that has resulted in the layoff of several hundred employees across multiple departments. Along with the layoffs, many employees have also quit due to delays in salary payments.”
Since October, over 70% of the workforce at the healthcare startup has either been laid off or left due to salary delays. As of August 2022, the company had a workforce of over 800 employees, but that number has now drastically shrunk to just 200 people. The healthcare startup has been facing a cash burn issue since its last funding round, and its inability to raise additional funds has put it in a difficult position.