Innovaccer fires nearly 100 staff amid financial crisis

In December, San Francisco and Noida-based Innovaccer raised $150 million in a Series E round led by Mubadala Capital, more than doubling its valuation to $3.2 billion

1 min read . Updated: 02 Sep 2022, 11:20 PM IST Shubhobrota Devroy

Most of those laid off were from the tech and operations team

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Healthtech unicorn Innovaccer has fired nearly 100 employees as it is facing a financial downturn, said two people close to the matter. Most of those laid off were from the tech and operations team, the people cited above said requesting anonymity. Innovaccer is planning to shut part of its business, the people said, without elaborating. The startup has given a severance package to the affected staff, they added.

The development was first reported by news portal Inc42 on Friday. Innovaccer asked the employees to put down their papers during video calls attended by senior team managers, according to the report.

A company spokesperson did not respond to calls and emailed queries.

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In December, San Francisco and Noida-based Innovaccer raised $150 million in a Series E round led by Mubadala Capital, more than doubling its valuation to $3.2 billion. The round also saw participation from existing investors B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital and Tiger Global, and new investors Whale Rock Capital, Avidity Partners, and Schonfeld Strategic Advisors. Founded in 2014 and run by Innovaccer Inc., the software-as-a-solution (SaaS) platform helps connect healthcare data across multiple systems and settings, providing unified patient records via its data-activation platform.

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