INDIA STARTUPS HIRING STATUS
GCCs on the hunt: IT companies becoming hotspots for senior talent
According to the findings, there are about 120 top GCCs in India with some 21,000 senior executive roles, including those of vice-president, assistant vice-president, senior vice-president and director. These senior executives have a minimum experience of 15 years, and in the last one year, more than 100 have moved from an IT company to a GCC.
Top startup and tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories that we covered this week. Here’s a recap if you missed them.
CXO-level shifts rearrange top deck at Indian startups
The world of startups witnessed a series of top-level movements in the first half of 2024, including Naveen Tahilyani taking the helm as CEO of Tata Digital and the resignation of Surinder Chawla, managing director and chief executive officer of Paytm Payments Bank.
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.
AI: the supercharger for India’s MSMEs
Artificial intelligence (AI) is not only reshaping India’s landscape but also fostering economic growth through innovative tech solutions. According to Stanford University’s annual AI Index report, India saw the fifth highest investments last year in startups offering AI-based products and services.
25% of new hires are married women; nearly 70% workforce are women: Apple iPhone maker Foxconn
Foxconn clarified to government that 25 per cent of new hires are married women and safety protocol banning metal is not discriminatory. Ministry of Labour sought report on married women issue at Foxconn India Apple iPhone Plant. Foxconn emphasised that safety protocol applied to all, not just Hindu women. They brushed away media reports saying it was a misinterpretation.
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Fintech sector will dominate future Unicorns at USD 58 billion: Hurun report
The total worth of India's future unicorns will stand at USD 58 billion, an increase of 1.2 per cent as compared to last year. Fintech sector leads with the highest number of companies that can become Unicorns in future.
Trai suggests infrastructure status, single-window clearance for broadcasting sector
In July 2023, the ministry of information and broadcasting had urged Trai to provide its inputs for the formulation of the NBP. The Trai had issued a consultation paper on NBP seeking stakeholder comments in April. While suggesting steps to grow the TV and radio footprint in the country, the regulator has also asked the MIB to establish a credible audience measurement system for TV, radio, and OTT.
MeitY to review India AI Mission status this week
Ashwini Vaishnaw to lead review of Rs 10,372-crore India AI Mission, covering funding for startups, AI innovation centre, and foundational AI model. The plan aims to address compute infrastructure, AI skill gap, and regulatory challenges. The government also aims to provide streamlined funding support for deep-tech startups in the AI space
Charting the course of the future: Could India take the lead in CleanTech AI?
Although problems such as landfilling, incineration and composting dominate waste disposal, they also give rise to the need for a personalized waste solution.
NCLT directs Byju’s to maintain status quo; ETtech Done Deals
NCLT has asked Byju's to maintain status quo in its shareholding, pausing its controversial rights issue, this and more in today’s ETtech Top 5.
Freshers hiring witnesses 5 pc growth over last 6 months: Report
The highest share of job postings for freshers was witnessed by the IT and staffing industry with over 32 per cent and 12 per cent share of jobs, respectively, dedicated to entry-level professionals, foundit (formerly Monster APAC & ME) report on fresher hiring trends.
India a hotbed for startups and key market for Google Cloud: global sales head
Google Cloud's president-global sales, Matt Renner, highlighted India's significance as a key global market for startups. Renner emphasized the company's increased investments in Indian startups, particularly in the field of artificial intelligence innovation.
Delhi-NCR, Bengaluru have highest demand for entry-level talent : Report
The demand for freshers is highest in Delhi-NCR and Bengaluru, followed by Mumbai, Chennai, and Pune, according to data from foundit. Most job postings for entry-level positions are in the IT and recruitment/staffing industries, with a growing demand seen over the past six months.
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.
After four failed attempts, space startup Agnikul Cosmos carries out successful sub-orbital launch of Agnibaan rocket
Chennai-based space start-up Agnikul Cosmos achieved a significant milestone on Thursday by conducting a successful sub-orbital test-flight of its domestically manufactured 3D-printed semi-cryogenic rocket, named Agnibaan, from its launch pad at Sriharikota. This accomplishment marks Agnikul Cosmos as the second private entity in India to achieve such a feat, following in the footsteps of Skyroot Aerospace, which launched the Vikram S in November 2022.
Sanjay Nayar’s Sorin Investments raises Rs 1,350 crore
Early-stage venture firm Sorin Investments, founded by veteran dealmaker and former KKR India CEO Sanjay Nayar, made the final close of its maiden fund at Rs 1,350 crore, sources told ET. Through this fund, Sorin will back startups looking to raise Series A funding.
Bluestone's unicorn round; Sorin’s Rs 1,350-crore fund
Happy Wednesday! Omnichannel jewellery startup Bluestone is nearing unicorn status with a potential $100-million pre-IPO investment. More on this in today’s ETtech Morning Dispatch.
Startups are driving job growth for freshers: Foundit Insights Tracker
A recent report by foundit, formerly Monster APAC & ME, highlights India's booming startup ecosystem and job opportunities for freshers.
Lesson for entrepreneurs: What are the common mistakes startup founders make and how to avoid them?
India has the third largest startup ecosystem in the world, with 1.17 lakh entities (DPIIT), nearly 1,710 venture capital funds, 794 accelerators and incubators (Tracxn), and several government initiatives like Startup India. Despite this fervour and support, financial and otherwise, the startup journey is extremely difficult.ET Wealth lists the typical mistakes most founders make and tell you how to tackle these
Go Digit IPO sails through on Day 3. Check GMP and other details
Go Digit General Insurance IPO saw oversubscription and strong retail investor interest. Backed by celebrity investors, the company plans to enhance capital with the IPO proceeds, focusing on growth and empowering distribution partners.
Late-stage startup funding up 3x in April
Data from market intelligence platform Tracxn reveals a new trend in Indian startups. While overall funding for startups declined in the first three months of 2024, late-stage funding (for more established companies) saw a dramatic increase, more than tripling in April.
Hiring sees 9% uptick in April 2024, says latest foundit Insights Tracker
The startup ecosystem saw a 37% increase in the number of new companies, leading to a 14% surge in the number of jobs. More than half (53%) of all startup jobs are targeted at freshers. Production and manufacturing sector saw a 31% year-on-year surge in hiring.
Signs of optimism in job market: White-collar mandates up for June quarter
Manufacturing, infrastructure, pharma and healthcare, global capability centres (GCCs), engineering and banking and financial services are among the sectors taking the lead on the hiring front amid large-scale public-private investments, strong digital transformation initiatives, increased consumer demand, and advancements in healthcare technology, the firms said.
Healthtech sector hiring up 9% in 2023 despite startup funding winter
India's healthtech sector saw a 9% increase in hiring in 2023, despite challenges such as reduced investments. Sales and business development roles were the most sought-after, followed by technology and product development positions. Companies are actively recruiting professionals in software development, data analytics, and quality assurance. Top roles in demand include DevOps Engineer, Mobile App Developer, and Data Scientist. Python, .Net, and AI skills are highly valued. The sector anticipates a 15-20% employment growth in 2024, with companies like Access Healthcare and Tata 1mg driving recruitment efforts.
Top Indian unicorns continue to add talent despite funding, growth challenges
Data from top 15 unicorns by talent movements– including the likes of BigBasket, Delhivery, Flipkart, IndiaMART, Meesho, Ola, PhonePe, Swiggy, Udaan, Zoho, Zomato - showed that over the last 12 months, this cohort of firms let go 33,000 employees but hired 58,000, to record a 25,000 net headcount growth.
India’s startup landscape: Funding winter continues as investment plummets
A new report brings out the continuing downward trend in funding, as investors remain more cautious and selective, even as India remained the fourth largest venture market in the world in 2023.
Startup recruiters find few takers amid overall hiring slowdown
Talent acquisition professionals at inflated salaries have found themselves priced out of the market as opportunities dwindle.
Startup employees look for exits amid crises; outside talent reluctant to join
People do not want to put their reputations at risk, and that is now becoming the case when working at such companies. According to recruiters, many of those who moved to startups from traditional sectors at eye-popping hikes at the height of the startup boom are now eager to return even taking upto 20-30% pay cuts
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