Latest to join the growing list of Startups laying off workforce is Healthcare platform Practo Technologies. The company has reportedly laid off about 150 employees, or about 10% of its workforce, even as it seeks new partnerships with pharmaceutical companies, medical device manufacturers and insurance firms.
In January, Practo had raised about $55 million in a Series D funding that was led by Chinese internet conglomerate Tencent. Other Internet startups that have recently laid off workforce include Zomato Media Pvt. Ltd, Tinyowl Technology Pvt. Ltd. – which is now acquired by Roadrunnr – and most recently Jasper Infotech-owned Snapdeal.
However, Practo claims that this a part of their annual performance cycle and redundancies from acquisitions – as reported by The Economic Times.
According to the report, Practo follows an annual performance cycle in April wherein some of their workforce leaves to “look for opportunities outside.” The statement goes on to say, “This is a combination of performance and natural redundancies that emerge as we evolve our businesses and integrate our five acquisitions.”
Employees who will be leaving the company have been given the choice of staying on company rolls for a two-month duration alongside outplacement services in addition to the option of two months of pay.