IT LAYOFFS
Unacademy fires 250 employees in fresh round of layoffs
Unacademy layoffs: Unacademy has laid off around 100 people from core functions like business development and marketing and the rest are from the sales department, sources told ET.
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.
Walgreens closing down multiple underperforming US stores, what went wrong?
Pharma giants Walgreens is now closing down as one of their 4 US stores are currently underperforming amid stiff competition from retail chains like Target. Even slashing price and giving discounts are not working out for the organization, claim reports.
Amazon & Google suspending green card applications: Why EB-5 visa a perfect fix for H-1B challenges and tech layoffs
The EB-5 visa program provides stability, job creation, and a streamlined immigration process, making it a reliable alternative for those facing uncertainties in the tech industry. With a direct path to green card status and economic growth opportunities, EB-5 offers a secure pathway to permanent residency.
Yes Bank restructures workforce, lays off 500 employees in cost-cutting move
While the layoffs have happened across several verticals ranging from wholesale to retail, the branch banking segment saw a large impact, one person cited above said. The people sacked have been given severance pay amounting to three months’ salary. “Yes Bank has launched an internal restructuring exercise at the advice of a multinational consultant. So far, around 500 have been asked to go and we can see more sackings in the coming weeks,” a person aware of the development said.
Elon Musk' layoff statement from April prompted Tesla to start slashing down workforce?
Elon Musk's net worth stands at $208.4 billion, as per reports, with main sources of revenue coming from Tesla and SpaceX, one of which is currently in the gray area around employee layoffs. Tesla's internal reports reportedly show a significant slash in employee count within a matter of a few months, shortly after Tesla CEO Elon Musk announced back in April that the company was planning to reduce its workforce by 10%.
B2B marketplace ReshaMandi fires 80% of workforce amid fund crunch
The B2B marketplace focused on silk products failed to secure Series B funding. Laden with over Rs 300 crore debt, it is facing court cases and may also be taken to insolvency court.
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.
Bootstrapped SaaS startup Kissflow culls 11% workforce
Kissflow, a Chennai-based startup, announced the layoff of about 45 employees (11% of its workforce) across India, the US, and the UAE. The CEO, Suresh Sambandam, cited reasons such as procurement strategy shift and annual performance reviews. In 2022, the company had gifted BMWs to key staffers for employee appreciation.
Paytm lays off employees as part of restructuring, facilitates outplacement support
Paytm's sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India's ban on services of Paytm Payments Bank.
BNPL startup Simpl undertakes another round of layoffs, rejigs senior leadership
Simpl, a Bengaluru-based consumer credit startup, laid off 30 employees after firing 160 executives. Senior executives Vatsal Jain, Ashwini Ravindranath, and Ramkumar Narayanan resigned. Earlier in April 2023, the BNPL startup let go 25% of its workforce or around 150 employees.
RBI cracks down on payment frauds; layoffs at Simpl
The central bank is setting up a panel headed by former NPCI chief Abhaya Hota to take on payment frauds. This and more in today’s ETtech Top 5.
Employee confesses about feeling stressed for not being laid off: 'I do the bare minimum'
A man shared his emotional experience on Reddit after his company laid off most of his team without prior communication. He highlighted the personal challenges his colleagues faced, such as supporting families and recent life changes. Despite not being laid off himself, he expressed guilt and stress, feeling unsure about his future at the company. The post received significant attention, with users discussing workload distribution and offering advice on handling survivor's guilt.
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.
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.
Microsoft to lay off about 1,500 employees at Azure cloud unit: report
Microsoft is cutting hundreds of jobs at its Azure cloud unit, impacting teams like Azure for Operators and Mission Engineering, as reported by Business Insider.
Ola Electric eyes leaner road to profitability, to cut 400-500 roles
Ola Electric, eyeing an IPO, is reportedly trimming its workforce by 400-500 employees to streamline operations. This number may change as the senior leadership is still concluding the scale of the layoffs. They are expected to hit multiple verticals, sources told ET.
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