Startup Kenko Health Fires 20% of its Employees 

Health tech startup Kenko Health has reportedly let go of 20% of its workforce across all functions. A report by Entrackr said the corporation let go of at least 50 to 60 people, while the number may be more significant. Additionally, it was attempting to raise Series B capital.

Kenko Health raised $12 million in a Series A investment

Kenko Health raised $12 million in a Series A investment headed by Peak XV Partners (formerly Sequoia Capital India) in February last year.

Beenext, Orios, 9Unicorns, and Waveform, already investors, also participated in the round. The business reportedly sacked these workers over the previous few weeks. In collaboration with insurance carriers, Bengaluru-based Kenko Health provides a subscription-based service that covers medical costs for OPD and hospitalisation.

Additionally, it offers healthcare insurance for big firms, small and medium-sized enterprises, people, and families. The price points for its monthly subscription plans are Rs 175 to Rs 950. The business asserts that it has served over 200,000 corporate clients and over 2,000,00,000 subscribers. In April, premier digital healthcare platform Practo fired 41 people, primarily engineers, as part of the company's continual performance assessment and planning process as the financing winter persists.

Layoff at Kenko Health

The technical section was most severely impacted, particularly positions like product managers and software developers. The business stated in a statement that continuing this rate of development requires upholding high standards for productivity and performance.

A Practo spokeswoman continued, "As a result, we had to part ways with 41 workers in compliance with their employment contracts as part of our continuous performance management and planning process.

FAQ's

How much money does Kenko Health Insurance make?

Kenko reported a monthly income of Rs 5 crore (USD 680,000) in 2022, an increase of 10% monthly. It presently provides care for about 200,000 people, and by the end of the current fiscal year, it hopes to provide for 400,000, with a goal revenue of Rs 150 crore (USD 20.4 million).

What businesses compete with Kenko Health?

The primary rivals of KENKO include Sukino, MOC, Apollo HomeCare, and VaccineOnWheels. There are 131 active rivals to KENKO. According to Tracxn score, these are the top 4 KENKO rivals: Sukino is a Bengaluru-based Series A startup launched in 2015.