[Breaking] MFine Layoffs: Employees Protest Outside Office

Over 100 employees have gathered outside the Bengaluru office of MFine demanding roll out of their full salary for the month of May and early release of their full & final final payment. The startup on Friday afternoon had laid off around 75% or around 600 employees, as it had run out of funds to pay salaries.

The layoff had come out as a shock to the employees who were expecting an appraisal and had no idea that the startup had run out of funds.

MFine had initially said that it will be paying 20 days’ salary in May and the remaining salary based on the notice period mentioned, would be credited in the next 60 days.

Aggrieved employees now demand that MFine should roll out 30 days salaries and the notice period payment should be credited in the next 30 or 45 days. 

 “Our paycycle is from the 20th to the 20th. We have worked till 20th,” said an employee standing outside the office premise. The employee further said that the startup has not paid their overtime payment, incentives, or holiday comp-off that they were entitled to.

After protesting outside the office for hours, today, few employees were allowed to enter the office premise today for discussion.

Inc42 learnt that MFine has three office premises in Bengaluru, but only one is now operational. 

“After 60 days, if we don’t get paid, whom will we approach? Already two offices are shut, this office is too likely to shut soon,” an employee added. 

MFine was launched in 2017, and has raised close to $97 Mn from investors such as Moore Strategic Ventures, BEENEXT, Prime Venture Partners, Stellaris Venture Partners amongst others.

The healthtech startup offers telemedicine services providing primary, secondary and chronic care services. As of March this year, it was clocking 300,000 monthly transactions.

This is a developing story