Healthcare startup Practo has reportedly laid off 41 employees over performance issues. In a statement, the company said it is not undergoing any restructuring. It said that the company is focused on strengthening its business and is committed to the mission of building healthcare for a billion Indians.
Practo said the company hired over 500 staffers and plans to add another 500 to its team in the next one year, Livemint quoted the company statement. The startup said it had to part ways with 41 employees as per their employment contracts, saying it upheld a high bar of performance and productivity as crucial to maintaining growth. However, the company said it will provide requisite support to the affected employees.
Practo is an integrated healthcare company, funded by 14 investors with CapitalG and Sofina being the latest ones. The company’s co-founder and chief executive officer (CEO) Shashank ND said the company is now focusing on building infrastructure for secondary healthcare.
Practo is the latest company to have joined the layoff bandwagon in recent times. Recently, online delivery platform Dunzo announced its plans to lay off 300 workers or 30 per cent of its total staff.
Global retail giant Walmart laid off 2,000 workers in its latest round of job cuts. The layoffs include more than 1,000 positions at a warehouse in Texas, Bloomberg reported.
The retail giant is also anticipating a reduction of almost 600 jobs at a Pennsylvania fulfillment center, 400 in Florida and about 200 in New Jersey. On the other hand, FIFA games developer Electronic Arts laid off about six per cent of its workspace and cut office space, Reuters reported.