Healthcare startup Kenko Health lays off 20% of workforce across functions
Aug 30, 2023, 12:33 IST
New Delhi, Homegrown healthtech startup Kenko Health has laid off 20 per cent of its employees across functions, a media report said.
According to Entrackr, citing sources, the company fired at least 50-60 employees, however, the number could be higher. It was also trying to raise Series B funding.
In February last year, Kenko Health raised $12 million in a Series A round led by Peak XV Partners (formerly Sequoia Capital India).
Existing investors Beenext, Orios, 9Unicorns, and Waveform also participated in the round.
According to the report, the startup has already fired these employees over the past few weeks.
Bengaluru-based Kenko Health offers a subscription-based service that covers health expenses across OPD and hospitalisation, in partnership with insurance companies.
It also provides healthcare plans for large corporations, small and medium-sized businesses, individuals, and families.
Its monthly subscription plan ranges from Rs 175 to Rs 950.
The company claims to have over 2,20,000 subscribers and to have served more than 2,00,000 corporate clients.
In April, leading digital healthcare platform Practo laid off 41 employees, mostly engineers, as part of the company's continuous performance management and planning process, as the funding winter continues.
The company said in a statement that upholding a high bar for performance and productivity is crucial to maintaining this level of growth.
"Therefore, as part of our continuous performance management and planning process, we had to part ways with 41 employees in accordance with their employment contracts," a Practo spokesperson added.
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According to Entrackr, citing sources, the company fired at least 50-60 employees, however, the number could be higher. It was also trying to raise Series B funding.
In February last year, Kenko Health raised $12 million in a Series A round led by Peak XV Partners (formerly Sequoia Capital India).
Existing investors Beenext, Orios, 9Unicorns, and Waveform also participated in the round.
According to the report, the startup has already fired these employees over the past few weeks.
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It also provides healthcare plans for large corporations, small and medium-sized businesses, individuals, and families.
Its monthly subscription plan ranges from Rs 175 to Rs 950.
The company claims to have over 2,20,000 subscribers and to have served more than 2,00,000 corporate clients.
In April, leading digital healthcare platform Practo laid off 41 employees, mostly engineers, as part of the company's continuous performance management and planning process, as the funding winter continues.
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The layoffs affected the engineering department the most, especially roles like product managers and software engineers, etc.The company said in a statement that upholding a high bar for performance and productivity is crucial to maintaining this level of growth.
"Therefore, as part of our continuous performance management and planning process, we had to part ways with 41 employees in accordance with their employment contracts," a Practo spokesperson added.