The layoffs affected the engineering department the most, especially roles like product managers and software engineers, etc.
The company said in a statement that 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,” a Practo spokesperson added.
Practo, however, clarified layoffs and the business’s financial performance have no connection.
“Our revenue, margins, and profits are at an all-time high,” said the company.
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“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,” it added.Practo has raised more than $228 million so far. In August 2020, the healthtech platform received $32 million led by Hong Kong-based AIA Group.
The platform is present in more than 20 countries, helping over 30 crore patients, by connecting them with more than one lakh verified doctor partners.
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