Healthtech startup Practo lays off 41 employees The layoff comes amidst tough competition and financial pressure Meta description: Healthtech company Practo has reportedly laid off 41 employees in a cost-cutting measure due to financial pressure and tough competition.
Healthtech startup Practo has reportedly laid off 41 employees as part of a cost-cutting exercise. The company has not yet confirmed the layoffs, but sources close to the matter say that they have occurred in the product and engineering departments. The move comes after the company announced a significant restructuring effort in late 2022 to focus on its core businesses and streamline operations.
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Practo, which was founded in 2008, has been a major player in India’s healthcare industry, offering a range of digital services including online doctor consultations, appointment booking, and medical record management. The company has raised over $250 million in funding and has a presence in multiple countries across Asia, the Middle East, and Africa.
However, like many startups, Practo has faced challenges in recent years. The COVID-19 pandemic has disrupted the healthcare industry and forced companies to adapt to new ways of doing business. Practo has also faced competition from other players in the market, including online pharmacy giants such as Medlife and Netmeds.
The recent layoffs at Practo are a sign of the company’s efforts to streamline its operations and refocus on its core businesses. While the move is likely to have a significant impact on the affected employees, it may also help Practo to become more agile and better positioned to compete in the increasingly crowded healthcare technology market.
It remains to be seen how the layoffs will affect Practo’s overall business strategy and whether the company will continue to face challenges in the future. However, the healthcare startup is no stranger to adversity and has shown a willingness to adapt and evolve over the years. With its strong funding and track record of innovation, Practo may yet emerge as a leader in the digital healthcare space.
In conclusion, while layoffs are never a pleasant experience, they are unfortunately a reality of the business world, particularly in the tech industry where companies must constantly adapt to changes in the market. Practo’s decision to lay off employees may have been a difficult one, but it could be a necessary step to ensure the company’s long-term sustainability. As the healthcare industry continues to grow and evolve, it will be interesting to see how Practo navigates these changes and emerges as a leader in the field.
Over the past few years, the phenomenon of layoffs has become more and more common. As businesses face increasing pressure to cut costs and increase profits, they often turn to layoffs as a way to reduce their workforce and save money.
While layoffs were once seen as a last resort, they are now seen as a more routine part of business operations. In some industries, such as technology and media, layoffs have become almost expected, with companies frequently restructuring and downsizing in response to changing market conditions.This trend has left many workers feeling uncertain and insecure about their job prospects and has led to increased calls for stronger job protections and support for workers who are laid off.
“We are not undergoing any restructuring at Practo. 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.
Our revenue, margins, and profits are at an all-time high. 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. As always, we are and will remain fully committed to providing the requisite support to all employees who may be impacted.”Statement by Practo