BUSINESS
The potential implosion of Byju’s is not making anyone feel better: Omnivore’s Mark Kahn
The insanity in private markets created perverse incentives for founders, says Kahn, managing partner of the agritech-focused venture capital firm.
BUSINESS
Byju's not just my work, my life: Founder Raveendran writes to employees
Byju Raveendran said he spent 18 hours a day at Byju’s for the last 18 years, in a detailed note shared with employees hours after a 45-minute town hall where he addressed employees for the first time amid the ongoing crisis.
BUSINESS
Byju's CEO assures employees: We're in a tough phase, will bounce back
Byju Raveendran further told employees that the company’s ongoing discussions with its term loan B lenders due to the recent issues are progressing well. “These discussions have taken a significant turn and we will get positive development within weeks,” he said.
BUSINESS
Byju Raveendran to address employees today as crisis escalates
The town hall will be Raveendran’s first formal communication with employees, in what will be an attempt to allay fears triggered by the resignations of the company’s board members and auditor last week. Raveendran has typically been sending formal emails to employees to address issues at the company.
BUSINESS
Agritech-focused Omnivore makes first close of third fund at $150 million
In April 2022, Moneycontrol reported that the firm plans a first close of the new fund by September 2022 and a final close by June 2023.
BUSINESS
Hurun demotes eight ‘Gazelles’ to ‘Cheetahs’; drops 19 startups from unicorn index
This year's ASK Private Wealth Hurun India Future Unicorn Index features approximately 147 startups that have the potential to become unicorns in the next five years, with an additional 48 new ones added to the list.
BUSINESS
Shark or Dolphin? Ashneer Grover hits out at growing founder-investor rift on Shark Tank India
Many founders have alleged that the monies committed by the sharks on the show never reached them, in spite of chasing them to close. Sharks say deal closure takes time and that founders often do not comply with agreed terms.
BUSINESS
Indian startup layoffs cross 25,000-mark as funding winter persists
From 2022 till date, about 94 startups have laid off close to 25,805 employees in an attempt to reduce expenses and extend their runway to focus on profitability. In fact, the actual number of layoffs could be more as many startups are now resorting to silent layoffs.
BUSINESS
Byju's employees handed pink slips as tensions with lenders rise
Byju's Layoff: The move to start laying off over 1,000 permanent staff across departments comes a couple of weeks after the company skipped paying $40 million in interest on a term loan B (TLB) it had raised in November 2021
BUSINESS
Should you look for a job at a GCC or an Indian IT company?
GCCs are evolving and in current economic conditions, they are seen as better for professionals in terms of career growth and learning, culture and flexibility, and compensation and benefits.
BUSINESS
Investors flag financial irregularities at healthtech startup Mojocare
The financial irregularities, which include overstating of revenues, at the Bengaluru-based company have come to light in less than a year after it raised $20.6 million in its Series A round.
BUSINESS
Indian teachers stranded as Saudi-based edtech Noon fails to honour promise to clear dues after multiple extensions
Noon Academy, which entered India in 2019, asked for an extension on March 14, for clearing the dues, citing a delay in closing an ongoing funding round, sources told Moneycontrol.
BUSINESS
Under ChatGPT shadow, funding to domestic AI startups halves this year; investors call for India-focused solutions
Investors say the fall in funding in AI-related areas is much lower compared to others, and see a few prominent entrepreneurs rising to challenge OpenAI while others start building solutions leveraging its capabilities.
BUSINESS
Lightspeed-backed Frontrow mulls sale or shutdown, months after layoffs, restart
The company’s backers including Lightspeed Venture Partners are looking for potential acquirers for the company, sources said, adding that if these talks fall through, the company might consider to close its operations.
BUSINESS
Indian unicorns cut back on employee appraisals as cost-cutting takes priority
About three in 10 Indian unicorns have set aside a minimal to zero budget for increments this year.
TRENDS
Rahul Yadav fiasco: Investors call for proper due diligence, stronger monitoring after funding
Industry insiders believe many investors signed reckless deals overlooking certain due diligence checks during the 2021 boom and fear many more cases will come out.
BUSINESS
Impact of valuation markdown will only be clear in next funding round: Eruditus’ Ashwin Damera
The edtech unicorn said that the valuation mark down came from a limited partner of one of its investors, and not the investing firm itself.
BUSINESS
Less than 50% of Indian unicorns will end up making money for their investors: A91 Partners’ Abhay Pandey
According to Pandey, venture capitalists are aware of the issues looming many Indian unicorns, resulting in lower appetite for funding deals in the late stage.
BUSINESS
Startup funding tanks 79% in 5 months of 2023 as funding winter worsens
While the funding amount plunged about 44 percent year on year, there was a sharper decline in the number of deals which more than halved in May 2023
BUSINESS
9 out of 10 India Inc leaders say job-seekers need new skills in AI era; employees say not yet prepared: Microsoft study
The pace of work has accelerated faster than humans can keep up, which, in turn, is impacting innovation, the study highlighted.
TRENDS
Dropout to data scientist: Indian firms open to hiring non-tech candidates with relevant skills
Amid a bleak employment market, job-seekers across sectors are now turning to tech upskilling to stay relevant in the techade. But the question also arises if Indian companies have moved away from traditional tech degrees yet?
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.
