Practo, a leading digital healthcare platform has reportedly laid off 41 employees. The people who have lost their jobs are mostly engineers and the move has been taken as a part of the company's continuous performance management and planning process, as the funding winter continues.
The layoffs have affected the engineering department of the company, especially people who were working as product managers and software engineers, etc.
Practo stated in an official statement that upholding a high bar for performance and productivity is crucial to maintaining this level of growth.
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"Therefore, as part of our continuous performance management and planning process, we had to part ways with 41 employees in accordance with their employment contracts," a Practo spokesperson added.
Practo, however, clarified layoffs and the business's financial performance have no connection.
"Our revenue, margins, and profits are at an all-time high," the company stated.
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"In the past year, we have hired over 500 talented individuals, and we plan to add another 500 'Practeons' to our team in the next 12 months, including backfill," it added.
Practo has raised more than $228 million so far. In August 2020, the health tech platform received $32 million led by Hong Kong-based AIA Group.
At present, the platform is present in more than 20 countries, and helps around 30 crore patients by connecting them with more than one lakh verified doctors who are partnered with the platform.
Input from IANS
