FLIPKART LAYOFFS
Zerodha to end zero-brokerage model; Unacademy lays off 250 employees
Online stock broker Zerodha will likely discontinue its zero-brokerage structure due to new Sebi rules. More on this in today’s ETtech Top 5.
Former SoftBank managing partner Lydia Jett joins Flipkart board
Lydia Jett previously joined Flipkart’s board as a representative of SoftBank in 2017. She had exited Flipkart’s board after stepping down as SoftBank's managing partner in February this year. Meanwhile, Flipkart has been aiming for profitability amid changes in senior management and layoffs prompted by cost-cutting earlier this year.
Cleartrip appoints Anuj Rathi as chief business and growth officer
Anuj Rathi has been appointed as the chief business and growth officer of Cleartrip, Flipkart's travel booking unit, replacing Ayyappan R. He announced this in a LinkedIn post on Thursday.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Startups’ pink slip count falls to 10,000 amid funding blues
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
Ixigo IPO fully subscribed; more layoffs at Paytm
The initial public offering of subscription travel firm Ixigo sailed through on the first day on robust retail interest. Details on this and more in today's ETtech Top 5.
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Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
How startups are changing their hiring strategies to streamline costs
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
IT CEOs' salary in FY24; Wipro offers 85% variable pay
Happy Wednesday! Top bosses at some of the country’s leading IT firms took home enhanced salary packages last fiscal. More on this on today’s ETtech Morning Dispatch.
Consumer firms plan IPO; startups on poll mandate
India's public market will see about a dozen consumer companies make a debut on the bourses. More on this in today's ETtech Top 5.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
Prathyusha Agarwal to head Flipkart's Shopsy
Prathyusha Agarwal has joined Flipkart as vice president (VP) and head of Shopsy, a spokesperson for the firm confirmed to ET. She was previously the chief business officer of edtech firm Byju’s, with earlier stints at Zee Entertainment, Tata Cliq and Unilever.
Anuj Rathi to take over as CEO of Flipkart-owned Cleartrip
Flipkart is seeing another set of top-deck changes, as it ropes in Anuj Rathi as the new CEO of its travel booking unit Cleartrip, while top executives Prabh Simran Singh and Sankalp Mehrotra are exiting the firm.
Cleartrip CFO Aditya Agarwal steps down as top-level shakeup continues
Cleartrip's CFO Aditya Agarwal resigns amid Flipkart's senior management changes. Akshat Mishra to succeed him. Agarwal's key role in Cleartrip's integration into Flipkart highlighted. Former CEO Ayyappan R departing for consumer tech venture. Layoffs impacting 5-7% employees after Flipkart Group acquisition.
Coaching institute Allen fires 70 sales hands from NExT
Some of Allen's employees affected by the move told ET that the layoffs happened across centres in Chennai, Bengaluru, Delhi, Hyderabad and Panchkula. The offline teaching operations of Allen NExT have also come to a halt, they added.
Exclusive: Flipkart-Zepto deal talks drop out of cart
Happy Friday! Ecommerce major Flipkart held talks with Zepto for a potential deal. More on that in today’s ETtech Morning Dispatch.
Laid off CXOs are much in demand as companies look to hire execs with proven track record
Often roles become redundant as an outcome of consolidation, mergers, restructuring of businesses, regulatory hurdles or funding delays, and top executives who lost jobs due to industry dynamics and uncertainties form a critical talent pool for other companies across sectors, said the officials.
Flipkart looking to buy Reliance-backed Dunzo: report
While talks are still ongoing, complexities surrounding Dunzo's ownership structure have impeded the two parties from coming to an understanding over a deal, the report said.
Flipkart CEO Kalyan Krishnamurthy confirms SVP exits in communication to staff
Flipkart CEO Kalyan Krishnamurthy told his staff in an internal communication that Cleartrip’s head Ayyappan R, marketplace and categories leader Amitesh Jha, fintech and payments head Dheeraj A, and growth and retention head Bharath Ram are exiting the firm. ET first reported about this on Tuesday.
Flipkart’s top deck under pressure; shake-up in senior ranks underway
Ecommerce major Flipkart is seeing senior vice presidents (SVPs) leaving, including leaders from Cleartrip and those from verticals such as marketplace and categories, fintech and payments. The company is addressing its top-heavy structure and improving agility. Performance-based layoffs are happening across all verticals. Overall, 5-7% of the company’s employees will be impacted by the layoffs, as ET first reported on January 8.
Layoffs at big internet firms keep staffers at startups on the edge
The new year has begun on a sombre note for people working in large and well-capitalised startups as companies like Swiggy, Flipkart, and Paytm are laying off a sizable chunk of their teams.
Startups talk up funding winter, but loosen their purse strings
During the ongoing funding winter, several internet majors such as Paytm, Policybazaar parent PB Fintech, Flipkart failedd to control expenses in FY23. Horizontal omnichannel retailers such as Nykaa, Mamaearth parent Honasa Consumer and FirstCry also saw both employee expenses and marketing costs rise anywhere between 23% to 55% during FY23.
Layoffs in 2024: List of companies that announced job cuts so far this year
According to data from Layoffs.fyi, a layoff-tracking website, a total of 2,62,595 employees were laid off last year by 1,187 tech companies. So far in January, 91 tech companies have already fired 24,564 employees.
Swiggy to lay off 6% of workforce impacting 400 jobs ahead of IPO
Swiggy is set to cut its workforce by 6% affecting 350-400 roles across teams like technology, call centre, and corporate roles, with senior leaders having been briefed to conduct these layoffs gradually over the coming weeks, the sources added.
Swiggy to axe 400 jobs; Groww vs Zerodha race heats up
The cuts, which will impact about 6% of its 5,500 to 6,000 staff, will most likely happen across teams like technology, call centre, and corporate roles. As per briefs given to senior leaders in the firm, the layoffs are expected to kick in over the next few weeks.
RBI's draft rules on fintech SRO; Pixxel unveils mega facility
The main idea behind the guidelines is to empower the fledgling sector to function and innovate responsibly even in the absence of formal regulations.
Inside Flipkart’s restructuring; Ad boost for q-commerce, food-delivery
Happy Monday! Walmart-owned ecommerce behemoth Flipkart is undergoing significant restructuring, including an internal workforce reduction. This and more in today’s ETtech Morning Dispatch.
Flipkart may trim rolls by up to 7% in yearly refocus
Spotlight on Cleartrip, grocery and Shopsy; $1-billion funding in progress at company.
Udaan lays off over 100 employees shortly after $340 million fundraise
Most of the job cuts happened in the go-to-market (GTM) team, which handles relationships with sellers, among other responsibilities, people in the know said. The layoffs, the sources explained, were due to redundancies following a rejig of the business in September.
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