Synapsica, a healthtech startup backed by Y Combinator has laid off nearly 30 percent of the workforce nearly 100 employees due to the citing market conditions.
However, the company is providing two months of salary payouts to the laid-off employees. Moreover, the company will also be assisting them to find an opportunity.
Synapsica was founded by Meenakshi Singh, Dr. Cherian, and Kuldeep Singh Chauhan in 2018, the company is creating India’s first integrated platform to use AI for the automation of both clinical and back-office tasks in radiology. The company offers flexible work options for them depending on the nature of the role.
The company however was also providing may work from its own offices in Bangalore, Delhi, or work from a distant hill station or maybe at the nearest cafe.
The layoffs come a month after the arrests of the company’s CEO Meenakshi Singh and COO Dr. Cherian who remain in judicial detention, said people familiar with developments at the company.
The police have attested two of the company’s founders Police detained Co-founders Meenakshi Singh (CEO) and Dr. Cherian (COO) last month. The siblings were arrested for allegedly duping Synapsica Co-founder Gandharv Goyal of around Rs.16 crore.
The company also aims to improve the quality of radiology reports while making it easier for doctors to create them. The startup had laid off its employees as part of a restructuring and to redefine its business goals.
Co-founder and Chief Technology Officer Kuldeep Singh Chauhan has denied the layoffs due to detentions.
Kuldeep Singh Chauhan said, “The market conditions and situations are not optimal. The company and its product are working as usual, and the team is working to build and solve healthtech problems.”
“We are functioning strongly. Yet the growing marketing slump conditions have pushed us to take this call,” Kuldeep added.
