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Pristyn Care lays off around 120 employees as it targets profitability and IPO

EntrackrEntrackr · 1y ago
Pristyn Care lays off around 120 employees as it targets profitability and IPO
Medial

Surgery-focused hospital chain Pristyn Care has reduced its workforce by 7% as the firm eyes profitability and initial public offering in the next few years. Pristyn Care said that it is discontinuing three redundant categories and the move will impact less than 7% of the 1,700 employees, with the majority in entry-level and support functions. It has also decided to exit six cities that were not adding adequate value to the business. “These changes are essential to align with the company’s strategic vision of efficiency, performance excellence, and long-term sustainability,” said the company in a press release. The firm will also provide comprehensive support to affected employees which includes full notice periods and severance packages, accelerated vesting of Employee Stock Ownership Plans (ESOPs) for the next three months and extended medical insurance coverage for employees and their families for the next six months. This is the second instance of layoffs at the Gurugram-based company in the past 12 months. In March 2023, it let go of around 45 employees because of their poor performance. Meanwhile, Pristyn Care has announced its ambitious goal to achieve profitability by FY25. The organisation has revealed plans for an IPO by 2027. Pristyn Care managed to grow its operating scale by 44.7% and cross Rs 450 crore mark in the fiscal year ending March 2023 or FY23. Its losses grew 38.27% to Rs 383 crore during the last fiscal year. As per the company, it has managed to reduce its marketing costs by 50% in the past year with an additional 20% reduction in the last quarter. The firm targets to reach Rs 900 crore in revenue by 2024, which is 100% growth year-on-year and the company is also on track to reduce EBITDA Losses by 50% YoY. Pristyn Care raised around $85 million from Peak XV Partners, Tiger Global and others to enter the unicorn club in December 2021. The firm also acquired Ratan Tata and Tiger Global-backed company Lybrate in June 2022.

Tech upskilling startup Scaler lays off 150 employees

EntrackrEntrackr · 1y ago
Tech upskilling startup Scaler lays off 150 employees
Medial

Tech upskilling startup Scaler has laid off around 150 employees citing long-term growth and sustainability. This is the first instance of layoffs at the Bengaluru-based company since its inception in 2019. “At Scaler, we’ve always believed that education is a primary human need, and tech education, more so. It is imperative that we look at how we operate for long-term growth and sustainability. As part of this, we have designed a new way of working to be able to achieve sustainable growth while delivering the best learning experience and outcomes for our learners – something that we’ve always been committed to,” said Scaler cofounder Abhimanyu Saxena, in a statement. “As part of this restructuring, we identified some functions/roles, primarily in marketing and sales, in the company that we had to part ways with…,” Saxena added. Saxena further added that this was not a performance-driven decision and the firm assures all those affected are provided with the necessary support to ensure a smooth transition. Moneycontrol reported the development first. Scaler focuses on upskilling college students and tech professionals. The company offers an intensive six-month computer science course through live classes delivered by tech leaders and subject matter experts. The firm has raised over $75 million across rounds from the likes of Lightrock India Peak XV Partners and Tiger Global. The firm last raised $55 million in Series B in February 2022 at a valuation of $750 million and was on the verge of becoming seventh unicorn from the edtech space. For the fiscal year ending in March 2023, Scaler’s revenue from operations increased 388% to Rs 317 crore from Rs 65 crore in FY22. The firm recorded a loss of 330 crore in FY23, a 90% surge from Rs 174 crore in FY22. Scaler competes with Newton School, Masai School, and to some extent with Simplilearn. As per data compiled by startup data intelligence platform TheKredible, Indian startup ecosystem saw more than 1,100 employees getting fired during the first quarter of 2024. Among them, foodtech company Swiggy topped the list with laying off 350 employees followed by Cult.fit, InMobi, and Pristyn Care with 150, 125 and 120 employees, respectively.

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