It is another cautionary tale of ambitious startups that attempted to conquer new markets and grow rapidly only to come up against a funding winter amid global market turmoil this year.
Interestingly, the slowdown in the job market doesn’t seem to have affected other recruitment platforms like Naukri. That company, run by Info Edge, said its recruitment business recorded 49 percent growth in new customers and billing growth was witnessed across IT and non-IT.
Google executives have reportedly warned their employees of dire consequences if things don’t start looking up for the tech giant.
The scope of the job cuts is currently unclear as managers are still planning it for their teams, the report said, adding that the Snapchat-owner has more than 6,000 employees.
According to sources, permanent employees from sales and training teams were laid off over the last month.
Unacademy told the educators that it has made 'strategic changes' to its customised learning solutions and owing to the change, it will 'significantly' reduce doubt solving on its platform.
The company had placed its bets on a pandemic-driven boom in online shopping. "It's now clear that bet didn't pay off," Chief Executive Officer Tobias Lütke said.
“While we also grew a lot last year, we grew profitably. And hence, in some way, destiny is under our control because we can now choose to go aggressive or not, without relying on extreme measures,” he said.
Tesla in a filing in federal court in Austin, Texas, where the company is based, said the workers who were terminated signed valid agreements to bring employment-related legal disputes in arbitration and to refrain from participating in class-action lawsuits.
Alibaba plans to reduce its strategic investment team of more than 110 people, mainly based in mainland China, to about 70, Reuters learnt from sources.
The filing comes a day after Twitter sued Tesla Inc Chief Executive Elon Musk for violating his $44 billion deal to buy the company and asked a Delaware court to order the world's richest person to complete the merger at the agreed $54.20 per Twitter share.
Separately, electric-car maker Tesla Inc will permanently shut its office in San Mateo, California, and will lay off 229 employees, a filing showed on Tuesday. They were working on the company's Autopilot driver-assistant system.
The company has laid off over 750 employees or about 12 percent of its workforce including educators and contractual employees since the start of 2022.
Vembu’s comments come at a time when startups in India across sectors are cutting costs aggressively in a bid to survive in the near term with VC and private equity (PE) funding slowing down amid a correction in global financial markets.
LifeCell’s diagnostics business and MFine will have a combined user base of more than six million. MFine, as a brand, will continue to exist as the consumer-facing platform, under the new entity LifeWell
The move to undertake layoffs also comes days after Ola decided to shut down Ola Dash, its quick commerce business, and also recast its cars business to focus more on strengthening its electric division.
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.
People may find jobs, but experts say having a degree and the requisite skills both become important.
Many Tesla employees have shared their termination stories online, seeking to connect with potential employers.
Substack CEO Chris Best told employees that the cuts affected staff members responsible for human resources and writer support functions, among others, according to a person familiar with the discussion.
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
Sources have also told Moneycontrol that employees from the sales and marketing team are largely impacted by this round of layoffs.
While thousands of startup employees have lost jobs, the number is small if one looks at the larger employment market canvas, experts said. While IT and ITes sector will continue its run, e-commerce and logistics as well as export oriented sectors including textiles, leather goods are doing well. Consumer goods sector will increasingly hire more as well as the retail and hospitality sectors.
Vauld will be looking at reducing marketing expense, slowing hiring, reducing executive compensation by 50% and pausing most vendor engagements
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