Layoffs continue in startups! Retrenchment of 41 employees in Practo, know the reason

Startup Layoffs 2023: Recession has badly affected the jobs of millions of people all over the world. Giant companies like Twitter, Meta, Amazon, Microsoft, Google etc. have laid off employees in several phases. Apart from these big companies, many startup companies (Layoffs in Startup Companies) have also laid off employees on a large scale. After ZestMoney, now the news of layoffs is coming from the startup that is health tech startup Practo. The company has decided to lay off 41 of its employees.

Why were the employees laid off?

According to the report published in Business Today, while giving a statement about this retrenchment, the company has said that the retrenchment of employees has been done on the basis of their performance. Along with this, the company also approved the news of layoff of 41 employees. According to the report, most of the employees who were retrenched are engineering department, software and product manager. The company has shown the way out to at least 50 percent of the employees of the engineering department.

Preparations for retrenchment were going on for the last one month

Significantly, for the last one month, health tech startup Practo was preparing for retrenchment. The company’s HR had prepared a list of retrenchment of employees of all departments. Talking about the employees who were retrenched in the company, said that retrenchment was a difficult decision for us. Practo has talked about providing financial help to the affected employees. Along with this, the company has also said that the retrenchment has nothing to do with the financial condition of the company. Along with this, the company claimed that their profits have reached their highest level.

Practo will add 500 more people to its team

On one hand, where Practo is doing layoffs, on the other hand, it is planning to add 500 more employees to its team. The company aims to provide its services to more than 1 billion Indians. For this, the company is planning to hire more than 500 employees in the next 12 months.

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