Practo fired 41 employees as part of its performance management and planning process

Share via:

Healthtech platform Practo fired 41 employees as part of its performance management and planning process, joining a slew of other healthtech peers.

The startup confirmed the development, saying it will provide all necessary support to the affected employees. At the same time, the company claimed that it was not restructuring and that employees were given pink slips due to poor performance.

While its revenues, margins, and profits were at a ‘all-time high,’ Practo stated that maintaining a ‘high bar for performance and productivity’ was critical for growth. It was not immediately clear which departments would be affected by the layoffs.

Surprisingly, the healthtech startup stated that it intends to hire 500 people in the next 12 months, including backfill. According to the company’s LinkedIn profile, Practo currently employs over 1,600 people.

While 41 represents a small portion of the impacted workforce, the move is representative of a larger trend of layoffs that has plagued Indian healthtech startups.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Practo fired 41 employees as part of its performance management and planning process

Healthtech platform Practo fired 41 employees as part of its performance management and planning process, joining a slew of other healthtech peers.

The startup confirmed the development, saying it will provide all necessary support to the affected employees. At the same time, the company claimed that it was not restructuring and that employees were given pink slips due to poor performance.

While its revenues, margins, and profits were at a ‘all-time high,’ Practo stated that maintaining a ‘high bar for performance and productivity’ was critical for growth. It was not immediately clear which departments would be affected by the layoffs.

Surprisingly, the healthtech startup stated that it intends to hire 500 people in the next 12 months, including backfill. According to the company’s LinkedIn profile, Practo currently employs over 1,600 people.

While 41 represents a small portion of the impacted workforce, the move is representative of a larger trend of layoffs that has plagued Indian healthtech startups.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Data Management Maestro, The Expertise and Leadership of Siva...

New Delhi (India) April 3: Siva Karthik Devineni, a...

Meta pauses plans to train AI using European users’...

Meta has confirmed that it will pause plans...

KreditBee Subsidiary KB NBFC Raises $32 Mn In Debt...

SUMMARY KB NBFC raised the debt funding from Yubi,...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!