September 4, 2022
1 min read

Innovaccer lays off 120 workers 

In December last year, Innovaccer raised $150 million, driven by rapid customer adoption of the Innovaccer Health Cloud….reports Asian Lite News

Healthtech unicorn Innovaccer has sacked nearly 120 employees, or less than 8 per cent of its workforce, owing to “tough economic conditions”, and most of the layoffs occurred within its tech teams.

The company, which last raised a $150 million Series E round at a $3.2 billion valuation, is offering a three-month salary as severance package to those affected.

In a statement, Innovaccer said that its business fundamentals are still strong.

However, “given the current economic conditions, we implemented a small workforce reduction to optimise our cost structure”, said the company.

“These cuts, which totalled less than 8 per cent of our workforce, will help us improve business efficiency and take the right steps toward profitability as we continue our rapid growth,” the company added.

Inc42 was first to report about the development.

In December last year, Innovaccer raised $150 million, driven by rapid customer adoption of the Innovaccer Health Cloud.

The round was led by Mubadala Capital, with participation from existing investors B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, Tiger Global Management, and other new investors.

The round brought the total capital raised by the company to over $375 million.

“We’ve reached a turning point in healthcare, where the world of fragmented, fee-for-service ‘sick care’ is giving way to a new world of integrated, value-based, preventive care,” Abhinav Shashank, cofounder and CEO of Innovaccer, had said.

Innovaccer said it plans to use its new funding to invest in R&D and recruit new hires as it rapidly scales its customer experience, product, and engineering talent.

Innovaccer is a leading San Francisco-based healthcare technology company, leveraging artificial intelligence and analytics to automate routine workflows and reduce manual overhead to facilitate more person-centered care.

Founded in 2014, it has built the Innovaccer Health Cloud, a complete software platform used by leading healthcare organisations.

ALSO READ: Hyundai, Kia global sales up in August

Previous Story

Hyderabad-based startup raises US$51 mn to boost small satellite launches

Next Story

Global PC, tablet shipments forecast to decline 12.8 per cent

Latest from Business

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics

India Maps 8.52 MT Rare Earth Reserves

The Atomic Minerals Directorate for Exploration and Research (AMD) and the Geological Survey of India (GSI) are actively exploring and augmenting rare earth resources, while the GSI alone has added 482.6 million

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more
Go toTop

Don't Miss

LIC Shores Up Economy

LIC is the largest asset manager in India with Rs

Huge edible oil imports dampen India’s hopes

India is the world’s second-largest consumer and number one importer