News: Practo lays off 10% of its workforce, post appraisal

C-Suite

Practo lays off 10% of its workforce, post appraisal

After its annual performance cycle review, the healthcare technology startup has decided to lay off 150 of its 1,500 employees
Practo lays off 10% of its workforce, post appraisal

Healthcare firm Practo has laid off 150 employees, following its annual appraisal process, as per media reports. Practo currently has about 1,500 employees, and is looking to hire talent across functions. The company is also exploring partnerships with insurance firms, pharmaceutical companies and medical device manufacturers to open up new revenue streams.      

150 of our colleagues left the company to pursue opportunities outside. This is a combination of natural redundancies that emerge as we integrate our 5 acquisitions and evolve our businesses, as well as the performance required for the next phase of Practo’s growth”, a spokesperson from the company was quoted as saying, in a statement.

The spokesperson also added that the company will provide the outgoing employees with two months of pay, and outplacement services to assist them in finding their next career opportunity.

Practo has joined the growing list of startups that have recently decided to lay off a significant portion of their respective workforces. Major internet startups like Zomato Media Pvt. Ltd, Tinyowl Technology (now owned by Roadrunnr), Snapdeal and even Flipkart (in July 2016) have chosen to downsize their workforce in order to manage their costs. 

The company had raised $55 million in its Series D funding round in January, and has attained a total of $179 million till now, which makes it the largest Indian healthcare startup right now. It has recently rolled out its new logo, which has been designed by New York-based graphic design firm Chermayeff & Geismar & Haviv. The new brand identity intends to communicate Practo’s foray into new verticals, and their aim to become the favoured destination for healthcare providers as well as patients.

 

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Topics: C-Suite, Strategic HR

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