Healthtech Unicorn Innovaker has furloughed nearly 100 employees as it faces a financial meltdown, two people connected to the matter said. Most of those people were from the tech and operations team, the people cited above said, requesting anonymity. People reported that Innovaker is planning to close a part of its business. He said the startup has given a severance package to the affected employees.
The development was first reported by news portal Inc42 on Friday. Reportedly, Innovaker asked employees to put down their papers during a video call attended by senior team managers.
A company spokesperson did not respond to calls and emails.
In December, San Francisco and Noida-based Innovacar raised $150 million in a Series E round led by Mubadala Capital, more than doubling its valuation to $3.2 billion. The round also saw participation from existing investors B Capital Group, Microsoft’s M12 Fund, OMERS Growth Equity, Dragoneer, Steadview Capital and Tiger Global, and new investors Whale Rock Capital, Avidity Partners and Schoenfeld Strategic Advisors. Founded in 2014 and operated by Innovaker Inc., the software-as-a-solution (SaaS) platform helps to connect healthcare data across multiple systems and settings, providing integrated patient records through its data-activation platform.
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