Innovaccer dismisses approximately 100 employees due to the financial crisis.
According to two persons familiar with the situation, healthtech unicorn Innovaccer has laid off roughly 100 staff as a result of a financial crisis.
The persons cited above who want to remain anonymous indicated that the majority of those fired were from the tech and operations team.
According to the persons, Innovaccer plans to close a portion of its operations. The affected employees received a severance compensation from the startup, they continued.
The news portal Inc42 broke the story first on Friday. Innovaccer asked the employees to put down their papers during video calls attended by senior team managers, according to the report.
Contact requests made by phone and email went unanswered by a corporate spokeswoman.
Innovaccer, based in San Francisco and Noida, raised $150 million in a Series E investment sponsored by Mubadala Capital in December. This lifted the company's valuation to $3.2 billion, more than tripling it
In addition, new investors Whale Rock Capital, Avidity Partners, and Schonfeld Strategic Advisors joined current investors B Capital Group, Microsoft's M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, and Tiger Global in the round.
The software-as-a-solution (SaaS) platform was established in 2014 and is managed by Innovaccer Inc. It helps link healthcare data across various systems and settings and offers unified patient records via its data-activation platform.