BUSINESS
Global AI Conclave 2024: Indian SaaS founders talk about their GenAI strategy
From Whatfix to Amagi to SuperOps: Indian SaaS firms gear up for the Generative AI wave through talent training, setting up AI Labs, and working on monetisation plans.
BUSINESS
Ola Electric undertakes restructuring exercise, 500 employees to be impacted
According to sources within the organization, the company is undertaking the layoffs to improve its margins in its efforts to attain profitability.
BUSINESS
Coimbatore-based SaaS firm Kovai acquires Elevation Capital-backed Floik
Backed by Elevation Capital, Floik’s platform has enables companies to create interactive guides that walk users through software features step-by-step.
BUSINESS
95% layoffs, investor refunds, and a quest for survival: Inside Hubilo's struggle to find a new market fit
The firm has returned around $75 million out of the $150 million raised since its inception to investors.
BUSINESS
Tiger Global-backed Clevertap CEO Sidharth Malik steps down, co-founder Sunil Thomas back at helm
The former Freshwork’s CRO had joined the firm as Global CEO back in 2021 to drive Clevertap’s international growth. The development coincides with US-based firm’s plans to domicile in India in a run-up to hit the public markets
BUSINESS
Wheelocity pivots from B2B supply chain to B2C fresh commerce delivery with new funding
Along with the pivot, the firm has also announced raising $15 million in a mix of debt and equity led by Lightspeed Venture Partners.
BUSINESS
Nasdaq-listed Freshworks slashes 660 jobs as part of cost-cutting efforts
The firm has more than 5,000 employees on roll and has conducted multiple rounds of layoffs and management rejig since 2024.
BUSINESS
Freshworks revenue jumps 22% to $186.6 mn in Q3 on growth in sales and demand for AI
While announcing the earnings, Freshworks CEO said that the firm will be laying off around 660 employees or 15 percent of its overall headcount as part of its strategic priorities
BUSINESS
Trump's victory could help Indian startups, foster better collaboration, say Indian VCs
Trump’s strident anti-China stance along with the courting of Elon Musk and other tech billionaires will bring in policies favouring the industry, VCs hope
BUSINESS
Tiger Global-backed Jar's revenue rises to Rs 56 crores in FY24, losses down by 18%
Total expenses during FY24 has gone up by 16.7 percent to Rs 160 crore.
BUSINESS
ONDC records 14 mn transactions in Oct, marks 7.6% rise during festive season
Out of the total transaction volumes, the mobility segment contributed 5.5 million and the non-mobility segment contributed 8.4 million which has grown by 10 percent and 7.6 percent
STARTUP
HRTech SaaS firm Darwinbox reports 58% YoY jump in revenue to Rs 392 crore in FY24
Though Darwinbox's Ebitda margin has improved by 17 percentage points in FY24, the HRTech SaaS firm is yet to turn net profitable.
BUSINESS
Peak XV unveils 14 start-ups in 10th Cohort of Surge, its seed-stage platform for founders
The Surge platform has become a key launchpad for start-ups, which offers mentorship, resources and capital to help early-stage companies scale up. The latest cohort is expected to benefit from the platform's expertise as they navigate their growth journey in competitive markets around the globe.
BUSINESS
SurveyMonkey’s free product so good, hard to convert Indian users to paid plans: CEO Eric Johnson
25% of SurveyMonkey's R&D efforts will happen in India by 2025, Johnson said. The online survey platform has moved the development of several functions like market research and audience to the country.
BUSINESS
PhonePe invests over Rs 2,800 cr to expand infrastructure, including data centers, across India in data localisation push
According to the report, PhonePe’s investment is aimed at enhancing its ability to comply with stringent data localization regulations imposed by financial regulators
BUSINESS
PhonePe cuts customer support staff by 60% in 5 years, leverages AI chatbots
In FY24, PhonePe reported a significant 73 percent increase in revenue, reaching Rs 5,064 crore, on the back of cost efficiency and product diversification
BUSINESS
RBI ban on Navi, three more NBFCs leaves fintechs worried
RBI on Thursday barred Bengaluru headquartered-Navi Finserv and three more NBFCs to stop disbursing loans from October 21
BUSINESS
SurveyMonkey sets up office in Bengaluru to boost its global expansion strategy
SurveyMonkey has hired about 50 people in Bengaluru and plans to double its base by March 2025, CEO Eric Johnson has said
BUSINESS
Tiger Global-backed CleverTap plans reverse flip to India from San Francisco
While companies such as PhonePe, Groww and Pepperfry have completed their relocation, others like Pine Labs are in the process of moving to India
BUSINESS
Yulu set to launch new EV scooter for e-commerce delivery segment
The firm is planning to launch the product by the end of this financial year.
BUSINESS
Whatfix announces $58-mn ESOP buyback and investor liquidity event
Early investors such as Helion and Eight Roads will sell some shares as part of the buyback.
BUSINESS
Yulu surpasses $30 million ARR on rising demand from quick commerce
The firm has turned Ebitda positive and is looking to more than double its on-road EVs to 100,000 by 2025, cofounder and CEO Amit Gupta has said
BUSINESS
Zeta says processing around 2 mn transactions a day amid growing demand for credit on UPI products
For FY23, Zeta reported a net profit of Rs 22 crore on revenue of Rs 816 crore,
BUSINESS
Festive cheer: ONDC hikes monthly incentive payout by 50% to each network player in October
ONDC also recorded a 3.2 percent month-on-month growth in transactions in September to 12.90 million
