BUSINESS
Tencent offloads 2.1% stake in PBFintech for Rs 562 crore
The company reported a loss of Rs 8.95 crore from Rs 219.60 crore in the same quarter a year ago, during its March quarter earnings.
BUSINESS
Account Aggregator model is cross-sectoral, can be used beyond finance: Nandan Nilekani
Nilekani also said that the AA framework is incentivising people to join the system, boosting the growth of a formal economy.
BUSINESS
The waiting game: IT freshers suffer agony and desperation as top firms delay onboarding for a year
Fresh engineering graduates in India hired by top IT companies are facing financial strain, mental health issues and dashed career aspirations due to prolonged delays in onboarding.
BUSINESS
Inside DeHaat: Auditor concerns, governance lapses and fast-depleting funds
Bleak funding prospects, operational inefficiency and the pressure to grow rapidly have slowed DeHaat’s relentless march. Moneycontrol spoke to stakeholders, industry watchers, and experts to get a closer look at the troubles that are dogging the agritech ‘soonicorn’.
BUSINESS
Virat Kohli, Anushka Sharma-endorsed Toothsi lays off 20-30 employees amid funding crunch
This comes almost a year after the company raised $40 million in funding, which it had said would be used for building a team to expand into new geographies and categories.
BUSINESS
Salaries, skill sets, open roles: All you need to know to build a career in Generative AI
The total global talent pool in Generative AI grew by 46 percent over the last year to reach 19,000 as of April 2023
BUSINESS
Indian startups laid off almost 6,000 employees in first four months of 2023
Nearly 6,000 have been let go so far in 2023. Worse, the number of startups that resorted to downsizing is up almost five times from the same period last year, when only eight startups had axed jobs.
BUSINESS
Byju's CEO defends company's adherence to foreign exchange laws in wake of ED raid
Byju’s founder said that the company is funded by over 70 investors, who have done due diligence on their operations, which includes FEMA compliance. “We are confident that the authorities will also come to the same conclusion,” he said.
BUSINESS
Life after layoffs: How people are coping after losing jobs in Indian startups
Moneycontrol spoke to 10 people about where they landed after being sacked abruptly and their coping mechanisms through a year of misfortune for startup employees. Names have been changed to protect their identity.
BUSINESS
Covid surge: India Inc gears up with vaccination mandates, booster doses, emergency response teams
According to experts, companies do not appear to be making any changes to their work arrangements currently but many said they are open to reconsidering remote work if the situation worsens.
BUSINESS
The layoff story at Koo: Hush-hush agreements, but nothing written, led to forced resignations
The Tiger Global-backed startup has trimmed 30% of its 260-member workforce, or about 80 employees, over the past year or so.
BUSINESS
Lightrock-backed WayCool forms subsidiary BrandsNext to drive FMCG business
During a media briefing, WayCool managing director Karthik Jayaraman said that the new corporate entity has been created to attract the right talent and skillset to help the segment grow.
BUSINESS
Tiger Global-backed Koo trims workforce by 30%
Founded in 2020 by Aprameya Radhakrishna and Mayank Bidawatka, Koo has so far raised over $70 million from investors like Accel, Blume Ventures, Kalaari Capital, 3one4 Capital and others.
BUSINESS
Tim Cook opens Apple’s first India store to the beat of dhols
Customers had swarmed in from across the country and camped overnight. Some had designed special T-shirts and brought legacy Apple products hoping to get them signed by Tim Cook.
BUSINESS
Raising money at valuations higher than what you deserve is a mistake: Paper Boat's Neeraj Kakkar
“Raising money at high valuations makes you try to live up to that valuation from the next day onwards. We were celebrated, but that mistake cost us a lot of sleepless nights,” Neeraj Kakkar said.
BUSINESS
Legacy e-commerce companies hold no authority to remark on quick commerce: Zepto’s Aadit Palicha
Zepto co-founder Aadit Palicha made the remarks after BigBasket CEO Hari Menon said that the unit economics of quick commerce businesses that promise to deliver products in 10 to 15 minutes do not work.
BUSINESS
Unit economics just doesn't work with 10-15 minutes delivery: BigBasket's Hari Menon
The BigBasket chief believes businesses within the space should chase delivery within 15 to 30 minutes, which is more sustainable.
BUSINESS
Abhimanyu Saxena expects Scaler's offline UG foray to attract profits. Here's how
Abhimanyu Saxena believes the foray will impact the company’s bottom line positively.
BUSINESS
India's five edtech unicorns spend over Rs 2,250 cr on advertising; Rs 5,500 cr on employees in FY22
Unacademy, PhysicsWallah, Vedantu, Eruditus, and upGrad cumulatively spent more than Rs 2,250 crore on ads and promotions, and Rs 5,465 crore on employees but with funding winter and slower growth these excesses are becoming a thing of the past.
BUSINESS
Jeff Bezos, Sequoia-backed SaaS startup Lummo mulls sale or shutdown
If the company decides to shut down, it will return the remaining funds in its bank to the investors, multiple sources added.
BUSINESS
Info Edge Ventures-backed 1K Kirana lays off 40% workforce to restructure business
According to multiple sources privy to the matter, over 600 employees were let go across teams.
BUSINESS
Startup funding drops 60% in Q1 of 2023 as macro headwinds worsen
Over half of the investments in the quarter came in March alone.
BUSINESS
Tiger Global-backed Scaler forays into undergraduate education with offline institute
Scaler did not reveal the amount it plans to invest in the new initiative, but its two co-founders said that they expect it to become one of the biggest verticals for Scaler soon.
BUSINESS
Microsoft-owned GitHub lays off over 140 employees in India
The company has offered employees two months of salary and separate severance pay based on their experience and length of service with GitHub.
