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.
