Healthtech Unicorn Pristyn Care Lays Off 300 Employees
According to media reports, surgery care firm Pristyn Care lay off around 300 employees out of its 2,000-plus personnel last month as part of a bigger cost-cutting exercise amid uncertain economic conditions.
The exercise affected over 15 per cent of the workforce, which included junior and mid-level personnel working in sales, administration, category, and city teams.
A company spokesperson told BW Disrupt, "This is a regular process and, we found around 45 employees across the organisation who were performing below expectations and we had to part ways. In fact, in the last 4 months, we have hired over 300 employees across the board and hence there is no question of layoffs. Even during the pandemic when our business dipped, we pivoted and found a new source of revenue which enabled us to retain all our employees."
Reports added that decision was motivated by underperformance at the Sequoia Capital and Tiger Global-backed healthtech startup. Pristyn Care is one of the healthcare organisations that have eliminated responsibilities in order to save money.
Phable, backed by Kalaari, lay off 70 per cent of its personnel last month, while Stride Ventures-backed Medibuddy laid off 8 per cent in January. Pristyn Care refuted the layoffs, claiming that the company had requested significantly fewer employees to resign due to poor performance.
While the healthtech company had a strong fiscal year and is optimistic about the future, its cash burn rate remains high. Employee benefit costs have been the most expensive. Pristyn Care’s founder and CEO.
