Amid challenging economic conditions, surgery care startup Glamyo Health has joined the ranks of struggling companies resorting to significant cost-cutting measures. The company recently laid off several employees across various departments, including sales, operations, and city management.
Glamyo Health’s largest investor, Agility Ventures, responded to queries from Startupnews.fyi by stating that they are closely evaluating the situation and will provide assistance and support to Glamyo in navigating these developments once they have a better understanding of the situation.
Additionally, false allegations like filing of FIRs, founder fleeing the country, filling of bankruptcy have been circulating in the news , falsely reported by Yourstory first. Several websites reported these allegations without verifying their accuracy.
Glamyo Health operates by partnering with over 350 hospitals and clinics to offer elective and cosmetic surgeries. However, the challenging economic environment has necessitated the implementation of cost-saving measures to ensure the company’s sustainability.
As Glamyo Health navigates these tough times, its investors and stakeholders will play a crucial role in supporting the company and helping it adapt to the changing business landscape.
According to Monetcontrol, with funding taps down to a drip, Indian startups have let go of almost 6,000 employees in the first four months of 2023 in a bid to reduce costs and target profitability. About 41 startups let go of approximately 5,868 employees in the first four months of 2023
Mensa Brands, a house of brands platform, had to lay off approximately 30 employees from India Lifestyle Network (ILN), a company it recently acquired. This came after virtual events platform Airmeet’s layoff of around 250-300 employees, and reports of Reliance JioMart reducing its workforce by over 1,000 employees.