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Lightrock India-Backed Healthcare Start-Up MediBuddy Lays Off 8% Of Workforce

The layoffs have come as a one-time restructuring exercise to eliminate any redundancy in roles and responsibilities and have impacted employees across departments like tech, product, sales, and operations

Lightrock India-Backed Healthcare Start-Up MediBuddy Lays Off 8% Of Workforce

Outlook Start-Up Desk

POSTED ON January 21, 2023 10:58 AM

Healthtech start-up MediBuddy laid off around 8 per cent or 200 employees earlier this week in a restructuring exercise, Inc42 reported.

The sudden layoffs are said to impact employees across departments, however, the tech, product, sales, and operations teams saw the maximum sackings, the report added.

MediBuddy had a total employee count of over 1,000 as per its LinkedIn page.

“While layoffs are never easy and it is painful in the short term, this was to realign our current business goals for long-term stability and growth. In this entire process of realignment, we had to part with 8 per cent of the workforce across all departments as a one-time restructuring exercise and eliminate any redundancy in roles and responsibilities,” said the Bengaluru-based start-up.

The start-up also confirmed that it would provide out-placement assistance to the impacted employees for identifying potential job opportunities. Moreover, it has designed a care package that includes MediBuddy wallet continuity for the health and wellness of the affected employees and extended their health insurance. 

The development has come about two months after MediBuddy completed its merger with DocsApp. DocsApp is a telemedicine start-up that MediBuddy acquired in 2020.

Founded in 2013 by Satish Kannan and Enbasekar Dinadayalane, MediBuddy provides a platform for users to book lab tests, consult doctors and order medicines on its platform. The start-up claims to have a partner network of over 90,000 doctors, more than 7,000 hospitals, about 3,000 diagnostic centers and over 2,500 pharmacies, among others. It offers end-to-end surgery care in departments such as proctology, ophthalmology, vascular, ENT, orthopaedics, and urology, gynaecology, and more.

Last year, the startup raised $125 million in its Series C round from Quadria Capital and Lightrock India. The round also saw participation from existing investors including Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFUND LP among others. MediBuddy has raised more than $170 million from over a dozen investors to date. 

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