Pharmacy startup Medly to slash nearly half its workforce

The Medly layoffs are the latest in a wave of employee cuts in health care. Flatiron-based digital health startup Ro laid off 18% of its employees in June. Subscription-based weight-loss platform Noom, based in Chelsea, axed nearly 500 of its health coaches this summer. App-based pharmacy startup Capsule, headquartered in Tribeca, cut 13% of its employees in July.

On LinkedIn, one former employee posted on LinkedIn that the company had laid off around 80% of its product and engineering division.

Medly, launched in 2017 by Marg Patel and Chirag Kulkarni, is a pharmacy and prescription delivery service. It pulled in $2 million in revenue in 2020, according to PitchBook.

In December 2020, the company moved into a 30,000-square-foot headquarters in Bushwick encompassing its corporate offices, retail pharmacy and operations center for its same-day prescription delivery service.

As of June 2021, the company was valued at $975 million. It had raised $386 million as of March, according to PitchBook data.

Medly currently has pharmacies in 13 states, with New York City locations in East Harlem and Midtown East.

https://www.crainsnewyork.com/health-care/pharmacy-startup-medly-slash-nearly-half-its-workforce