With structural changes, Tiger Global backed Innovaccer fires 15% of its staff
As part of a corporate reorganization process, healthtech firm Innovaccer Inc. said on Tuesday that it had laid off 245 people, or around 15% of its staff.
“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.
The development was initially covered by the news site Inc42.
However, it was unable to be determined from which divisions or industry sectors the sacked personnel came. The layoffs, according to a spokeswoman, took place throughout the organization.
The spokeswoman stated that the healthtech startup, which is financed by Tiger Global, will provide a severance payout to its fired employees.
“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.
The software-as-a-solution (SaaS) platform offered by Innovaccer, which was founded in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, enables its clients to link healthcare data across various systems and settings.
Innovaccer, headquartered in San Francisco and Noida, most recently secured $150 million in a Series E fundraising round headed by Mubadala Capital in December. The financing increased the company’s worth by more than double to $3.2 billion.
Innovaccer is one of several cutting-edge software businesses that are letting go of personnel in an effort to save money at a time when acquiring new finance is more challenging than ever.
