BUSINESS
Layoff: Accel-backed Virgio corrects 'hiring mistakes' by downsizing workforce by 30%
While Virgio has let go of 20 employees, several top executives who had previously worked under Amar Nagaram at Myntra have also exited the company, sources told Moneycontrol.
BUSINESS
ICC World Cup 2023: Burger, not biryani or pizza, was the most ordered item during India-Pakistan match
Interestingly, on the day of the match, more burgers, chiefly the veg version, were ordered than biryanis or pizzas on the online food delivery platform Swiggy
BUSINESS
Meesho announces organisational changes as CXO set to depart
Utkrishta Kumar to leave by January; current CXO, growth, Megha Agarwal to be his replacement
BUSINESS
Zomato forays into logistics, launches Xtreme for merchants
Zomato already has more than over 3 lakh delivery partners under Xtreme. The Xtreme app will also allow merchants to live track their shipments as is with food deliveries
BUSINESS
Dunzo's head of finance becomes latest to exit cash-strapped startup
In fact, in one of the townhall meetings, Mukund Jha, co-founder and chief technology officer of Dunzo, admitted that not hiring a chief financial officer earlier was a big mistake.
BUSINESS
Accel-backed Virgio pivots from fast-fashion to sustainable clothing
The company does not need additional capital for its pivot. Most of the $37 million that Virgio raised last year remains in the company’s bank account and gives the company a cash runway of three years, per Nagaram.
BUSINESS
Amazon launches shopping-only Prime tier to take on Flipkart VIP
As per the terms and conditions, the Prime Shopping Edition tier is only available on the Amazon app or mobile browser on Android devices
BUSINESS
Billionaire Ranjan Pai to invest in beauty company Purplle
Pai, who recently sold a controlling stake in Manipal Hospitals to Singapore’s Temasek, is paying Rs 60-70 crore to JSW Ventures to become a shareholder in Purplle through a secondary market transaction
BUSINESS
New day, new timeline: Dunzo asks former employees to wait another 4 months for pending salaries
The fresh delay, this time by around four months, comes even as Dunzo is lining up funds. In the past the company had delayed payouts only by a few weeks.
BUSINESS
Flipkart eyes Amazon Prime-like customers with launch of VIP membership
While there are a lot of similarities and a few dissimilarities, the Seattle-based firm clearly has the first-mover advantage.
BUSINESS
Dunzo co-founder Mukund Jha set to exit startup
Jha, who joined the hyperlocal delivery player in 2015, played a key role in communicating with employees and letting them know about delay in salaries and layoffs.
BUSINESS
Dunzo co-founder Dalvir Suri to exit cash-strapped startup
Sources at the company highlighted that Suri has tried exiting the firm earlier, but had stayed back after discussions with CEO Biswas. Suri has no stake in Dunzo and took home just a salary with some ESOPs, like several other employees.
BUSINESS
Cauvery dispute: Coped today, uncertain about Friday, says Bengaluru’s restaurant owners on bandh
The constant back and forth on the date of the bandh — if it's September 26 or 29 — has caused more confusion. Some restaurants decided to shut down for the day as a precautionary measure
BUSINESS
Dunzo close to securing $25-$30 million in capital to steady ship
While the valuation is still undecided, key investors like Lightrock and Lightbox are participating in the round.
BUSINESS
How Bengaluru police is taking the lead in ensuring gig workers' safety
Bengaluru police have decided to come up with Standard Operating Procedures for their safety. The SOPs will cover safety training, awareness, emergency protocols, and self-defence techniques.
BUSINESS
Canada pension fund has invested over $2 billion in 9 Indian new-age companies
Apart from the new-age companies, CPPIB has also invested in legacy companies such as Kotak Mahindra Bank, ICICI Bank, Infosys and Wipro
BUSINESS
DealShare to layoff 130 employees as it decides to shut B2B unit
The B2B division, while smaller than the B2C unit, still accounted for about 20-25 percent of DealShare’s revenue.
BUSINESS
Flat revenues and cash burn unchanged: What internal documents reveal about Licious' business
While Licious’ monthly cash burn dropped in some months, it has also seen a spike in the other, remaining largely in the Rs 22-26 crore range so far in FY24.
BUSINESS
Cash-strapped Dunzo to give up office space in Bengaluru to cut costs
The move to vacate its headquarters on Wind Tunnel road in Bengaluru comes at a time when Dunzo has been struggling to manage its cash flow situation
BUSINESS
Koo needs fresh funding or strategic partnership to continue its growth: Co-founder Mayank Bidawatka
Koo, once a high-flying startup, had also roped in Naval Ravikant and Balaji Srinivasan as investors. It had even positioned itself to take on X (formerly Twitter) but now cannot scale without an M&A or fresh capital.
BUSINESS
Ecosystem, not price play: Why the made in India iPhone costs an arm and a leg in India
The tech giant’s moves to manufacture products, set up stores and partner with resellers are all part of its plan to set up an ecosystem in India. It is unlikely to lower prices and play the volume game.
BUSINESS
Apple iPhone15 will remain pricey in India but expect discount on older models
Contrary to expectations of a price drop, the prices of the Pro models have gone up. However, the price of the basic model is largely unchanged from last year.
BUSINESS
Dunzo partners with OneTap to ensure August salary payments amid challenges
Dunzo said employees can expect to receive salaries by September 14 or September 15 at the latest.
BUSINESS
Delhi G20 summit: Up to 25,000 food, grocery delivery workers to be impacted
Essential activities like postal and medical services will be allowed across the national capital, but commercial activities like e-commerce deliveries (except medicines) will be prohibited.
