Startup layoffs: Practo fires 41 employees; engineering roles take a hit
A source told Business Today that most of the eliminations took place in the engineering department, impacting product managers, software engineers, etc.
- Apr 8, 2023,
- Updated Apr 8, 2023 10:58 AM IST
Health tech startup Practo has laid off 41 employees due to performance issues in the latest round of layoffs, Business Today has learned. The company confirmed the same in a statement.
"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.
A source told Business Today that most of the eliminations took place in the engineering department, impacting product managers, software engineers, etc.
"Many engineers in PM, EM, SE roles got fired. Some say layoffs in engineering team is close to 50 per cent," the source said.
Another source added, "From last month or so, the company was preparing for layoffs. HR was involved in narrowing down people."
The company did not disclose the severance but said in its statement, "As always, we are and will remain fully committed to providing the requisite support to all employees who may be impacted."
Practo claimed that the layoffs were not related to the company's financial performance.
"Our revenue, margins, and profits are at an all-time high," they said in a statement.
The company also noted that they plan on adding 500 more employees to its workforce in the next 12 months.
"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.
Also Read: Dunzo fires 30% staff in fresh round of layoffs - BusinessToday
Also Read: Tech layoffs: GitHub India fires over 140 engineers, say sources - BusinessToday
Health tech startup Practo has laid off 41 employees due to performance issues in the latest round of layoffs, Business Today has learned. The company confirmed the same in a statement.
"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.
A source told Business Today that most of the eliminations took place in the engineering department, impacting product managers, software engineers, etc.
"Many engineers in PM, EM, SE roles got fired. Some say layoffs in engineering team is close to 50 per cent," the source said.
Another source added, "From last month or so, the company was preparing for layoffs. HR was involved in narrowing down people."
The company did not disclose the severance but said in its statement, "As always, we are and will remain fully committed to providing the requisite support to all employees who may be impacted."
Practo claimed that the layoffs were not related to the company's financial performance.
"Our revenue, margins, and profits are at an all-time high," they said in a statement.
The company also noted that they plan on adding 500 more employees to its workforce in the next 12 months.
"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.
Also Read: Dunzo fires 30% staff in fresh round of layoffs - BusinessToday
Also Read: Tech layoffs: GitHub India fires over 140 engineers, say sources - BusinessToday