The company turned unicorn last year after raising $150 million in a Series E funding round led by Mubadala Group at a valuation of $3.2 billion
Healthtech start-up Innovaccer, which turned unicorn last year, has laid off as many as 120 employees as a cost-cutting measure. The development comes at a time when the Indian start-up sector is witnessing turbulent times in the form of mass layoffs and pay cuts following a funding winter over the past few months.
The US-based start-up, which has an outpost at Noida, sacked employees from the tech and operations team, as per a report by Inc42, who first reported about the layoffs. The laid-off employees will reportedly be given three months’ salary as a severance package.
The company’s co-founder and CEO, Abhinav Shashank, attributed the layoffs to the “current economic conditions.”
In a statement, he said, “Innovaccer’s business fundamentals are strong, but given current economic conditions, we implemented a small workforce reduction today to optimize our cost structure. These cuts, which totalled less than 8% of our workforce, will help us improve business efficiency and take the right steps toward profitability as we continue our rapid growth.”
Last year, the healthtech turned unicorn after raising $150 million in a Series E funding round led by Mubadala Group at a valuation of $3.2 billion. The company has so far raised funding worth $380 million across multiple rounds.
Some of its key investors include Tiger Global, Whale Rock Capital Management, Avidity Partners, Schonfeld Strategic Advisors, B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, and Steadview Capital, amongst others.
Founded in 2014, the start-up analyses healthcare data. It claims that its health cloud software is being used by more than 50 hospitals, some of which are located in the US.
The Railway Minister tweeted that these start-ups shared their ideas to solve 11 problems that the Railways are facing