Home / Companies / Start-ups /  Tiger Global-backed Innovaccer lays off 15% staff amid structural rejig

Healthtech startup Innovaccer Inc on Tuesday said it has laid off 245 employees or about 15% of its workforce as part of a corporate realignment process.

“We are taking the much-needed step of doubling down on our core capabilities and streamlining our organizational focus. As a result, we are going to deprioritize certain areas and offerings that distract us from our core portfolio, which will result in a reduction of workforce by approximately 15%," the company’s co-founder and chief executive Abhinav Shashank said.

News portal Inc42 first reported on the development.

However, it could not be ascertained from which departments/verticals the employees were fired. According to a spokesperson, the layoffs were undertaken across the company.

The Tiger Global-backed healthtech company will offer severance package to its laid off staff, the spokesperson confirmed.

“Our priority is to fully support the impacted employees, including by offering a generous package, transitional health insurance benefits, and job placement support," an Innovaccer spokesperson said.

VCCircle reported in September last year that Innovaccer would sack nearly 100 employees from its technology and operations team as the company was going through financial troubles.

Founded in 2014 by Abhinav Shashank, Kanav Hasija and Sandeep Gupta, Innovaccer provides a software-as-a-solution (SaaS) platform that helps its clients connect healthcare data across multiple systems and settings.

San Francisco and Noida-based Innovaccer had last raised $150 million in its Series E funding round led by Mubadala Capital in December. The round more than doubled the company’s valuation to $3.2 billion.

Innovaccer is among the many new-age tech companies that are showing doors to their employees to cut costs at a time when raising fresh capital has become more difficult than ever.

Last year, nearly 19,000 startup employees had lost their jobs. The layoffs mayhem has continued in 2023, with startups across multiple verticals have given pink slips to more than 2000 employees in the first few weeks of January.

B2B consumer engagement platform Exotel also let go of about 80 employees across departments citing poor performance and business restructuring. However, the company maintained it did not undergo layoffs.  

Last week, VCCircle reported that Behrouz Biryani-parent Rebel Foods has laid off about 2% of its workforce on account of annual performance evaluation, and “realigning the organization" to its priorities for future goals.

Lightspeed-backed Hubilo Technologies Inc, Exotel, ShareChat parent Mohalla Tech Pvt Ltd, quick commerce platform Dunzo, Lead School, UpGrad-owned Harappa Education, cloud kitchen startup Rebel Foods, mobility startup Ola, e-2wheeler maker Bounce, voice automation startup Skit.ai, industrial goods marketplace Moglix, and UpScalio, a Thrasio-style venture, were the latest to lay off their employees this year.

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