Practo, a prominent digital healthcare platform, has recently laid off 41 employees, predominantly engineers, as part of its ongoing performance management and planning efforts amidst the prevailing funding challenges.
The impact of these layoffs was most keenly felt within the engineering department, particularly affecting roles such as product managers and software engineers.
According to a statement released by the company, maintaining high standards for performance and productivity is imperative to sustain its current growth trajectory.
A spokesperson from Practo stated, “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.”
However, Practo emphasized that the layoffs and the company’s financial performance are unrelated.
“Our revenue, margins, and profits are at an all-time high,” asserted the company.
“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 further added.
Practo has successfully raised more than $228 million to date. In August 2020, the healthtech platform secured $32 million in funding led by the Hong Kong-based AIA Group.
With a presence in over 20 countries, Practo facilitates connections between more than 30 crore patients and over one lakh verified doctor partners.
