Pristyn Care lays off 7% staff, ends nonessential surgeries as it aims for IPO
The company said it will provide severance packages, career services, and extended medical insurance coverage of an extra six months to the affected employees.
Surgery care startup will reduce its workforce by 7% as it discontinues nonessential surgeries to focus on profitability.
The healthtech startup hopes to become profitable by 2025 and eyes an IPO (initial public offering) by 2027.
"Offerings have been streamlined by discontinuing three redundant categories and redirecting focus towards 20 larger and more profitable ones," the company said in a statement.
"As part of the transformation, specific adjustments to the workforce structure will be made, affecting less than 7% of the 1,700 employees, with the majority in entry-level and support functions," it added.
Pristyn Care said it would provide severance packages, career services, and extended medical insurance coverage for six months to the affected employees. It will also offer accelerated vesting of Employee Stock Ownership Plans (ESOPS) for the next three months along with counselling sessions.
"These changes are essential to align with the company's strategic vision of efficiency, performance excellence, and long-term sustainability," Pristyn Care said.
In a similar cost-cutting exercise last year, the Sequoia-backed surgery startup laid off nearly 300 employees out of its 2,000-odd workforce.
The company reported a consolidated total income of Rs 494 crore in FY23, growing by more than 46% from Rs 339 crore recorded in FY21-22.
Edited by Affirunisa Kankudti