Healthtech start-up 'Innovaccer' lays off 245 staff

BENGALURU: Tiger Global and Lightspeed-backed healthtech unicorn Innovaccer has laid off 15% of its workforce, 245 employees, across its offices in India and the US. A majority of its employees work in India office.

The layoff announcement comes at a time when global tech firms as well as start-ups are eliminating jobs citing macroeconomic headwinds. Last year, Innovaccer sacked about 90 employees.  In a statement to this newspaper, Abhinav Shashank, co-founder and CEO, Innovaccer, said they are taking the much-needed step of doubling down on its core capabilities and streamlining organisational focus.

“As a result, we are going to deprioritise certain areas and offerings that distract us from our core portfolio, which will result in a reduction of workforce by nearly 15%. It was a very difficult decision for us. Our employees are the core of our business,” Shashank said.

The firm said its priority is to support the impacted staff, including offering a severance package, transitional health insurance benefits and job placement support. Innovaccer said it remains in a strong financial position, having raised over $425 million in capital.