Practo cuts 10% staff, explores new revenue engines

Healthcare technology startup Practo Technologies Pvt Ltd has pruned its workforce by 10% even as the company is exploring new revenue engines by partnering with insurance firms, medical devices manufacturers and pharma firms.

The company said in an email response on Friday that it let go off 150 of its 1,500-odd employees.

“Yesterday, 150 of our colleagues left the company to pursue opportunities outside. This is a combination of natural redundancies that emerge as we integrate our 5 acquisitions and evolve our businesses, as well as the performance required for the next phase of Practo’s growth. In line with our policy, we provide employees with two months’ pay, employment and outplacement services to help them find them their next great opportunity. We continue to grow our consumer and enterprise businesses and will continue to hire talent across the board,” a company spokesperson said in an email response.

Practo has raised $179 million since its inception in 2008. During its last fund-raise, a $55 million round in January, Practo was valued at $600-650 million.

The Economic Times reported the development earlier in the day.

Currently, Practo allows consumers to search for doctors and diagnostic labs, book appointments, consult doctors online and order medicines.