STARTUP HIRING
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.
LinkedIn cofounder's background-checking startup KarmaCheck raises $45 million
The San Francisco-based company said on Thursday that it will use the funds to accelerate the development of its technology and "expand into new industry verticals."
Silver's the new gold as startups rejig CXO portfolio
Many startups, particularly those gearing up for public listing, now consider youth and experience a winning combination. Having experienced leaders instills confidence in investors and markets, who view it as an indicator of stability and potential for success, said company founders and industry watchers.
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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.
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.
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.
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.
B2B fintech startup Vegapay raises $5.5 million from Elevation Capital
Vegapay had raised $1.1 million in its first institutional funding round in 2023 led by Eximius. According to the company, the newly raised fund will be used to enhance Vegapay’s product suite, focusing on product development and regulatory compliance.
67% startup employees prefer moving to established firms: CIEL HR survey
According to the findings of a survey on hiring and recruitment trends by Ciel HR Services, about 67% of the workforce is open to transition to established firms. The report is based on the data and analysis of 130,896 employees across 70 startups in India, along with 8746 job postings sourced from various job portals.
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.
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.
Easing FDI norms in space sector to attract foreign players, boost demand for high-tech jobs
Sreeram Ananthasayanam, Partner, Deloitte India, said that the recent amendment of higher FDI limits in the space sector is a significant step towards transforming India's space program, in terms of infrastructure development.
CII brings out new corporate governance charter for startups
CII launched a corporate governance charter for startups, including a self-evaluative scorecard. The tool allows startups to measure their governance progress, with score changes indicating improvements in governance practices as assessed against the scorecard from time to time.
AI startup Symbolica raises $31 million to develop AI systems to compete with OpenAI
Symbolica has created a framework that will enable it to develop alternatives to the "transformer" deep learning architecture, said Symbolica CEO George Morgan.
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.
VC firm Accel picks eight startups focused on AI, industry solutions under accelerator programme
Accel's 'Atoms 3.0' accelerator program aids startups in AI and Industry 5.0, offering mentorship, networking, and funding opportunities. The program's thematic design and sector-focused support drive growth and innovation for early-stage founders.
Pool of ‘unemployed CXOs’ grows as old firms refuse to match startup salaries
Several CXOs laid off by startups are struggling to find new roles as traditional companies are unwilling to hire them at the inflated salary levels and fancy designations that attracted them to startups in the first place. This situation has led to a growing pool of 'unemployed CXOs' in the job market. Many of these executives are finding it challenging to secure new positions due to their above-market compensation packages and lofty titles. The influx of resumes from these individuals, who are seeking roles in large companies but are deemed overpriced, reflects this trend.
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.
Nexus MD Sameer Brij Verma quits; will launch multi-stage fund
The fund will likely be $150-200 million in size, Verma will be a solo partner with a team of around a dozen executives.
Binny Bansal’s Three State Ventures funds his new startup OppDoor
Three State Ventures is the investment vehicle of Binny Bansal, which is sponsored through his personal capital. The filings reveal the investment was made in stages over the past few months, with the most recent injection occurring in February.
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
Placement season: At IITs, startups score advantage points
IITs like Kanpur and BHU are seeing about a 30-40% jump in the number of startups compared to last year, placement sources told ET.
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