#Asia Indian medtech company Practo lays off 150 employees; outgoing staffers to get 2 months’ pay

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“This is a combination of natural redundancies that emerge as we integrate our five acquisitions and evolve our businesses, as well as the performance required for the next phase growth,” says Practo

Practo, a leading healthcare platform with operations in India, Southeast Asia and Brazil, has fired 150 employees as part of its performance appraisal cycle. This is about 10 per cent of the company’s total workforce of 1,500-2,000.

“Yesterday, 150 of our colleagues left the company to pursue opportunities outside. This is a combination of natural redundancies that emerge as we integrate our five acquisitions and evolve our businesses, as well as the performance required for the next phase of Practo’s growth,” a company spokesperson said in an emailed response to e27.

Also Read: I unleash my frustrations at the gym – Practo Co-founder and CEO Shashank ND

“In line with our policy, we provide employees with two months pay, employment and outplacement services to help them find their next great opportunity. We continue to rapidly grow our consumer and enterprise businesses and will continue to hire talent across the board,” the spokesperson added.

Founded in 2009 by Shashank ND and Abhinav Lal, Bangalore-headquartered Practo is an online platform connecting patients with healthcare providers. It provides a single platform to help consumers with all their healthcare needs – from finding the right healthcare provider to online doctor consultation, diagnostic tests, managing health records, and even ordering medicines.

The company partners with healthcare providers like doctors, clinics, diagnostic centres, hospitals, etc., to help them improve patient experience and bring in efficiencies in their business. On the enterprise side, Practo’s customers include marquee institutions like Max Healthcare, Manipal, Cloud9, and many others who use Practo’s software to provide a superior healthcare experience to their patients.

The company claims nearly 45 million appointments are managed on the platform annually. It has presence in 15 countries, including Indonesia, Singapore, the Philippines, Malaysia, and the Middle East. The firm recently unveiled a new brand identity.

In January this year, Practo announced US$55 million Series D funding in a round led by Tencent Holdings, which had previoulsy led US$90 million Series C in the company in 2015.  Three new investors — ru-Net, RSI Fund (owned by Japan’s Recruit Holdings) and US-based Thrive Capital, have also joined the round. Other existing investors Sequoia Capital, Matrix Partners, Capital G (formerly Google Capital), Altimeter Capital and Belgium’s Sofina — had also participated.

Over the last two years, Practo has acquired five companies, including hospital information management company Insta, Enlightiks, Qikwell Technologies, Genii Technologies, and Fitho.

The post Indian medtech company Practo lays off 150 employees; outgoing staffers to get 2 months’ pay appeared first on e27.

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