New Delhi, March 1: Healthcare unicorn Pristyn Care has slashed around 120 jobs in a restructuring exercise, impacting employees across teams, the media reported on Friday. According to Inc42, citing sources, the restructuring exercise is part of the company's plans to turn profitable in the financial year 2024-25 (FY25) before going public in 2027.

"As part of the transformation, specific adjustments to the workforce structure will be made, affecting less than 7 to 8 per cent of the 1,700 employees, with the majority in entry-level and support functions," a company's spokesperson, was quoted as saying. "These changes are essential to align with the company’s strategic vision of efficiency, performance excellence, and long-term sustainability," it added. Bosch Layoffs 2024: German Manufacturer Announces To Cut 3,500 Jobs in Home Appliances Unit by 2027.

A severance package based on their notice period will be provided to the employees, and their ESOP vesting will also be accelerated, the report mentioned. The startup has also extended the medical insurance coverage for the impacted workers and their families for the next six months. Recruitment in India 2024: Energy, IT and Manufacturing Sectors in India Witness Significant Growth in Recruitment Activity, Says Report.

Last year, Pristyn Care reportedly sacked up to 350 employees across departments and impacted employees from sales, tech and product teams. However, the startup at the time told Inc42 that it fired only around 45 employees based on their performance. Meanwhile, Pristyn Care registered a 45 per cent growth in revenue to Rs 453 crore in FY23, as its losses grew at 38.2 per cent to Rs 383 crore in the last fiscal year.

(The above story first appeared on LatestLY on Mar 01, 2024 03:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website