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.
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
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
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.
BUSINESS
Customer funding is best form of funding: Anupam Mittal of Shark Tank fame
Mittal’s comments come at a time when venture capital (VC) and private equity (PE) funding to India’s startups is slowing down amid a correction in global financial markets.
BUSINESS
Y Combinator, Sequoia Capital, others invest $2 million seed fund in workplace productivity app Aerotime
The product is live across 70 teams from different companies and is now coming out of private beta, said Aerotime.
BUSINESS
Former upGrad exec-founded VC firm, All in Capital launches $10 mn new fund
Bhagia named Co-founder and COO of Share Chat, Faris Ahsan, and Meesho Co-founders Vidit Aatrey and Sanjeev Barnwal, among others as members of the community of founders who will work with the VC fund.
BUSINESS
Jeff Bezos, Sequoia Capital-backed SaaS startup Lummo lays off 50-60 employees from its Bengaluru office
In the early hours of Tuesday, around 50-60 employees in India started receiving direct emails informing them to move on. The company has a total of around 500 employees in its offices in Jakarta and Bengaluru.
BUSINESS
Fintech Kissht raises $80 million to enhance product offerings
With the freshly raised fund, the company plans to enhance the product offering for millennials and add other relevant financial products. It also plans to use the fund to build product offerings for issue of 10 million cards over the next 12 to 18 months.
BUSINESS
For PhonePe founders, hustle culture is overrated, weekends are only for family
According to Nigam, the fintech sector doesn't allow overworking and requires a stable approach.
MCMINIS
Why are ed-tech companies laying off in masses?
BUSINESS
Layoffs, restructuring, slowdown: India’s edtech firms are struggling post-pandemic
The slowing demand for technology-based education services, coupled with the much-talked-about funding winter, has had a domino effect on India's thriving edtech companies, forcing them to lay off employees, go slow on expansion, cut down excess spends and explore newer revenue streams. Some edtech companies have even shut operations
BUSINESS
Hiring activity in India grew by 40% YoY in May 2022: Naukri Job Speak Report
Hiring within the experience bracket of 0-3 years saw a major uptrend of over 61 percent, indicating companies are focusing on fresher hiring as attrition rises and lateral hiring of talent becomes expensive
BUSINESS
Tiger Global-backed unicorn Gupshup buys omnichannel customer service platform OneDirect
OneDirect’s notable customers have a strong overlap with those of Gupshup and include brands like Canara Bank, Tata Capital, SBI Card, and Paytm, among others, Gupshup said.
BUSINESS
Info Edge-backed edtech startup Udayy shuts down, lays off all employees
Almost 100 employees who were a part of the organisation were laid off. Yadav said the company paid its ex-employees a severance package and also helped them find new jobs.
BUSINESS
KKR-backed home interiors platform Livspace shuffles top brass
Livspace has joined the list of companies to shuffle its top brass to reward talent and recognise core members of the team and streamline and focus on expansion plans.
BUSINESS
Diagnostic lab service, Orange Health raises $25 million led by Bertelsmann India Investments, General Catalyst
The funds raised will be deployed in product development as well as technology across systems, user experience, and building laboratories. The company also plans to expand to new markets and strengthen its teams across all functions.
BUSINESS
Indiabulls’ e-commerce platform Yaari set to merge with Dhani Services; lays off 150 employees
Staff say Yaari hasn't sent them any official email fearing that they may use it against the company.
BUSINESS
Vy Capital-backed Synaptic raises $20 million, to double workforce in 18 months
Synaptic also plans to set up offices in geographies like Europe, Singapore, and Hong Kong, from where 10 percent of their customer base comes, said co-founder Anurag Abbott
BUSINESS
Gaurav Munjal-backed edtech startup Frontrow cuts headcount down to a fifth
Frontrow joins a growing list of startups to lay off employees citing a funding crunch. According to data compiled by Moneycontrol, so far in 2022, startups have laid off over 5,300 employees. Edtech startups, including a few unicorns, have fired about 3,500 employees
BUSINESS
Riverwalk Holdings launches Rs 150 crore fund to back early-stage startups
The fund will focus on themes such as Enterprise SaaS, Fintech, Consumer-tech, and Consumer brands, and will invest up to Rs 10 crore each in Seed to Series A startups.
BUSINESS
He rejected an offer from Unacademy and now runs an edtech worth a billion dollars: Meet PhysicsWallah’s Alakh Pandey
"My students inspire me, that’s what keeps me going," says the PhysicsWallah cofounder who shunned an offer worth millions
BUSINESS
Infosys CEO Salil Parekh to earn $10.2 million a year; how does his salary compare to chief executives at Accenture, Cognizant and IBM?
Infosys had said earlier that Parekh's proposed total target remuneration vis-à-vis the remuneration most recently paid to CEOs of peers would be around the median.
BUSINESS
Winter is here, we must focus on profitability at all costs, Unacademy CEO Gaurav Munjal tells employees
Munjal tells employees to learn to work under constraints, saying the funding winter is here
