Practo, a healthcare startup which is backed by Google have sacked about 150 of their employees as part of its annual performance appraisal cycle and redundancies from acquisitions.
A spokesperson for the company said “Every year we follows an annual performance cycle in April where some of its employees leave. The same has been followed today and 150 of our colleagues are leaving us. This is a combination of performance and natural redundancies that emerge as we evolve our businesses and integrate our five acquisitions. We continue to rapidly grow our consumer and enterprise businesses and will continue to hire talent across the board.”
The Bangalore-Based startup was founded in May 2008 by ND Shashank and Abhinav Lal. Practo is a technology firm which enhances the patient experience by revving up clinics across India with simple, technology products. Practo provides a definitive platform for them to build their presence, to grow their practice or business and to engage their patients in a way that was never possible before.
Recently, in January 2017 the startup has raised $55 Million of Series D funding from Chinese internet group Tencent Holdings. Practo has raised the total equity funding of $179 Million from 11 investors which include top Venture Capitalist like CapitalG, Matrix Partners, RSI Funding, Sequoia Capital and others.
According to the Spokesperson, Practo has offered two months of pay for the Employees who were asked to leave. They were also offered an option to stay on companies roll for two months besides the outplacement of their services.
Previously, Snapdeal has also fired their employees due to the shortage of funds.
The company currently operates in India and also has a presence in the Philippines, Singapore, Indonesia, Malaysia, and Brazil. It runs a doctor appointment site and offers an ad platform to clinics, hospitals, and diagnostic centers. They have an employee base of 1500-2000 people.Read more about Indian Startup Ecosystem.