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Hiring activity in India grew by 22% year on year in June 2022: Naukri Job Speak report

BUSINESS

Hiring activity in India grew by 22% year on year in June 2022: Naukri Job Speak report

The demand for freshers records the highest yearly growth of 30 percent in June, shows the report. The demand surged highest in Mumbai, among other metropolitan cities, with a spike of 93 percent for freshers. Among tier-two cities, Kochi stood ahead, more than doubling its fresher hiring.

Ecommerce platforms should publish negative ratings, restrict low-rated products from re-listing: Survey 

BUSINESS

Ecommerce platforms should publish negative ratings, restrict low-rated products from re-listing: Survey 

In the survey, 90 percent of consumers who shop on e-commerce platforms responded negatively when asked if a product with a large number of low ratings and negative reviews, should be allowed to re-list without a review of the issues.

Shattered Dreams, Humiliation, Fight For Survival: How laid-off startup employees are coping

BUSINESS

Shattered Dreams, Humiliation, Fight For Survival: How laid-off startup employees are coping

Moneycontrol spoke to 15 people who were laid off in the past six months to understand their hopes and fears as they navigate the new normal. All the names of the laid-off employees have been changed in the story to protect their identities.

Exclusive: Deep cuts at Byju's: Over 2,500 employees laid off across Byju’s, Whitehat Junior and Toppr

BUSINESS

Exclusive: Deep cuts at Byju's: Over 2,500 employees laid off across Byju’s, Whitehat Junior and Toppr

Byju's has laid off full-time and contractual employees from Toppr, WhiteHat Jr, and its core team across sales and marketing, operations, content and design teams

Bertelsmann India announces $500-million fund for startups

BUSINESS

Bertelsmann India announces $500-million fund for startups

For 2022-23, BII says it plans to focus investments in healthtech, enterprisetech, future of work, fintech and agritech, and also explore disruptive technologies like Web3 and deeptech.

Byju’s-owned WhiteHat Jr lays off 280-300 employees

BUSINESS

Byju’s-owned WhiteHat Jr lays off 280-300 employees

Sources have also told Moneycontrol that employees from the sales and marketing team are largely impacted by this round of layoffs.

Byju's shuffles senior leadership, appoints Tynker CEO Krishna Vedati as leader of global growth initiatives

BUSINESS

Byju's shuffles senior leadership, appoints Tynker CEO Krishna Vedati as leader of global growth initiatives

Earlier in May, Moneycontrol had reported that Byju’s might see a change in its top management with the company elevating COO Mrinal Mohit to a larger role.

Tech-focused Panthera Growth Partners marks first close of second fund

BUSINESS

Tech-focused Panthera Growth Partners marks first close of second fund

Average of $20 million will be invested in 10-12 individual portfolio companies across India and Southeast Asia.

School-based startups defying larger edtech trends; opportunity to double down on growth: LEAD co-founder Sumeet Mehta

BUSINESS

School-based startups defying larger edtech trends; opportunity to double down on growth: LEAD co-founder Sumeet Mehta

Mehta said targeting schools is the best way to improve the learning outcomes of children. The company plans to stay away from tuition and test prep.

Early-stage venture capital firm Fundamental launches maiden fund worth $130 million

BUSINESS

Early-stage venture capital firm Fundamental launches maiden fund worth $130 million

The fund plans to lead investments in pre-seed and seed rounds with an aim to support 30 ventures over the next two years.

Tea cafe chain Chaayos gulps $53 million in Series C funding led by Alpha Wave Ventures

BUSINESS

Tea cafe chain Chaayos gulps $53 million in Series C funding led by Alpha Wave Ventures

Chaayos did not disclose the valuation at which the company raised the funds, but reportedly, the company has been valued at $240-250 million.

Leap raises $75 million in Series D led by Owl Ventures

BUSINESS

Leap raises $75 million in Series D led by Owl Ventures

Vaibhav Singh, in a virtual interaction with Moneycontrol, said the company plans to use the fresh funds for innovation in existing products and growing partnerships with educational institutions abroad. In addition, the company also plans new product launches and geographical expansion abroad.

Sequoia India, SoftBank, others join IAMAI-launched Venture Capital Committee

BUSINESS

Sequoia India, SoftBank, others join IAMAI-launched Venture Capital Committee

The new panel will work on public policy consultations, stakeholder engagement, ecosystem enhancement, and building a strong industry network for VC firms.

25-40% unicorns won’t survive due to foolish models, negative unit economics: InMobi CEO Naveen Tewari

BUSINESS

25-40% unicorns won’t survive due to foolish models, negative unit economics: InMobi CEO Naveen Tewari

“I am excited about the first phase of creating 100 unicorns by our country, of the big exuberance and the big ambition that we hold. But I think the downturn, in reality, makes it clear who is going to survive, who is going to thrive,” said Tewari.

Freo starts offering savings account with Equitas Small Finance Bank

AUTOMOBILE

Freo starts offering savings account with Equitas Small Finance Bank

Freo’s move is opposite of that to its peers in the consumer neobanking platform space like Jupiter, Fi, Niyo, and others. These players began by offering savings accounts in partnership with banks and are now foraying into lending.

Startup layoffs cross 10,000 mark as companies restructure, attempt to reduce cash burn amid funding winter

BUSINESS

Startup layoffs cross 10,000 mark as companies restructure, attempt to reduce cash burn amid funding winter

This comes after a year of aggressive hiring by startups and high employee costs as tech salaries skyrocketed in 2021. Startups led the tech hiring and talent war in a year that saw immense investor interest and multiple rounds of fundraises by these companies.

InMobi to discontinue remote work as it hinders innovation, fresher training: CEO Naveen Tewari

BUSINESS

InMobi to discontinue remote work as it hinders innovation, fresher training: CEO Naveen Tewari

“If you are working on creating cutting-edge, new products or ideas, it doesn't happen sitting behind Zoom or Teams calls. You have to be in front of each other, on a whiteboard exchanging ideas,” said Tewari in a recent episode of Bits to Billions.

Joy of meeting in person, but some caution as unicorn founders get together after two years amid funding winter

BUSINESS

Joy of meeting in person, but some caution as unicorn founders get together after two years amid funding winter

The sentiment suffused thousands of founders, investors, bankers, and advisors among others, who attended the India Unicorn Summit 2022 arranged by TiE Mumbai at the exuberant Jio World Convention Centre in Mumbai last week.

AlphaSense raises $225 million funding led by Goldman Sachs, Viking Global at $1.7 billion valuation

BUSINESS

AlphaSense raises $225 million funding led by Goldman Sachs, Viking Global at $1.7 billion valuation

Earlier in September 2021, AlphaSense raised $180 million Series C funding, also led by Goldman Sachs and Viking Global. Recently, in October 2021, the company acquired Stream by Mosaic, provider of a leading library of expert interview transcripts. It also acquired Sentieo, a financial intelligence platform designed for investors in a deal that was closed last month.

Profitability, revenue forecasting more complex amid rapid technological disruption: Happiest Minds CFO 

BUSINESS

Profitability, revenue forecasting more complex amid rapid technological disruption: Happiest Minds CFO 

Less room for predictability has changed the way contracts are negotiated in the digital IT space, Narayanan said. 

Attrition to peak next quarter amid change in IT job trends, hiring patterns: Happiest Minds MD

BUSINESS

Attrition to peak next quarter amid change in IT job trends, hiring patterns: Happiest Minds MD

Happiest Minds reported high attrition rates in the last financial year and the level has risen steadily. From 12.1 percent in FY21, it jumped to 17.8 percent in Q2 of FY22, 21.1 percent in Q3, and 22.7 percent in Q4.

Allen launches digital arm to take on multi-billion dollar edtech firms

BUSINESS

Allen launches digital arm to take on multi-billion dollar edtech firms

The company's move into the online space comes at a time when edtech firms such as Unacademy and Byju's are going the opposite way by launching physical centres as competition grows in the offline space

D2C skincare brand Foxtale raises $4 million in funding led by Matrix Partners India

BUSINESS

D2C skincare brand Foxtale raises $4 million in funding led by Matrix Partners India

The Mumbai-based startup will use the funds to expand the product range, hire senior vertical heads and scale the business

Startups should prioritise profitability amid funding winter: Unicorn founders

BUSINESS

Startups should prioritise profitability amid funding winter: Unicorn founders

Amagi Media Labs, Xpressbees, and OfBusiness are three of the country’s 23 profitable unicorns. India welcomed its 100th unicorn in May, and the tally currently stands at 102.

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