In its most recent wave of layoffs, health tech startup Practo fired 41 workers because of performance difficulties, according to Business Today. The business issued a statement confirming the same.
“Upholding a high bar for performance and productivity is crucial to maintaining this level of growth. 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,” the company said in a statement.
“Many engineers in PM, EM, SE roles got fired. Some say layoffs in engineering team is close to 50 per cent,” the source said.
According to a source who spoke with Business Today, the engineering department saw the majority of the layoffs, which affected product managers, software engineers, etc.
Another source added, “From last month or so, the company was preparing for layoffs. HR was involved in narrowing down people.”
Practo asserted that there was no connection between the layoffs and the business’s financial performance.
“Our revenue, margins, and profits are at an all-time high,” they said in a statement.
The business announced that it intends to hire 500 more people over the course of the following year.
“We are focused on strengthening our businesses and remain committed to our mission of building healthcare for a billion+ Indians. 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,” the health tech company said.