MFine employees gathered outside the Bengaluru office to demand the payment of their full salary for the month of May as well as the early release of their full and final final payment. On Friday afternoon, the startup laid off approximately 75 percent of its employees, or approximately 600 people, due to a lack of funds to pay salaries.
The layoff surprised the employees, who were expecting an appraisal and had no idea the startup had run out of funds. MFine initially stated that it would pay 20 days' salary in May and that the remaining salary, based on the notice period, would be credited within the next 60 days. Employees are now demanding that MFine pay out 30 days' salaries and credit the notice period payment within the next 30 or 45 days.