Practo Technologies, a one-stop healthcare destination, has laid off around 150 employees as a part of its annual performance cycle, and redundancies from acquisitions.
The laid-off employees account for 10 percent of its total workforce. The company has about 1,500 employees. Commenting about this, a company spokesperson said:
Every year, we follow an annual performance cycle in April where some Practeons leave us to look for opportunities outside. The same has been followed today and 150 of our colleagues are leaving us. This is a combination of performance and natural redundancies that emerge as we evolve our businesses and integrate our five acquisitions.
Practo has offered these employees two months of pay and also the option of staying on company rolls for the duration of two months besides outplacement services to employees who have been asked to go.
Recently, the company unveiled its brand identity and positioning as a complete health platform. The startup saw 80 percent growth in appointment booking and 90 percent growth in patients coming on the platform. The team believes that they’ll break even in some parts of the international markets.
Currently, the company is focused on all the stakeholders in the healthcare segment — insurers, pharmaceutical companies, medical device companies, and even patients. The idea is to ensure that access, which currently is difficult in India, becomes easier.
The company’s aim is to build new services on top of Practo’s platform and deliver a superior healthcare experience for both providers as well as the consumers. Currently, on the B2B side, Practo equips healthcare providers with Ray, Qikwell, Insta and Querent. Practo had acquired Qikwell and Insta Health along with Fitho and Genii last year.
Practo, which was founded in the year 2008 and has so far raised around $179 million from investors such as Tencent Holdings Ltd, Sequoia Capital, Matrix Partners and Google Capital among others. Most recently, it had raised $55 million in Series D funding which was led by Chinese internet conglomerate Tencent.