SWIGGY JOB CUTS
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.
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.
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.
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Oyo may pause IPO plans; GSV Ventures' Deborah Quazzo on Byju's and edtech
Oyo's initial IPO attempt hit a snag in January 2023 when the regulator sent its papers back for revisions. Following this, the SoftBank-backed company resubmitted a toned-down version, aiming for a much smaller offering through a confidential filing. Oyo was among several companies asked to adjust their IPO plans.
Mallika Srinivasan steps down as Swiggy's independent director
Swiggy said Srinivasan was stepping down due to “increasing business commitments”, without explaining further. The firm did not name a replacement for the position.
Tech salaries get reset as startup talent becomes affordable amid crises at Byju's, Paytm
While many employees of cash-strapped ed-tech firm Byju’s have been in the job market for a while now, troubles at Paytm after the central bank imposed curbs on its payments bank unit have made a number of its staffers jittery, driving them to explore other options. Swiggy and Flipkart’s announcements of workforce cuts have also added to the supply of talent who were highly paid.
More than 30,000 tech employees lose jobs globally in first month of 2024
Tech companies, including startups, around the world fired more than 425,000 employees in 2022 and 2023, with more than 36,000 employees being sacked in India in the same time frame.
Swiggy names HUL's Ashwath Swaminathan to head growth and marketing
Swiggy has appointed Ashwath Swaminathan, a former executive from Hindustan Unilever, as its chief growth & marketing officer. Swaminathan brings experience in strengthening consumer brands and growth marketing through data-driven insights and strategic collaborations.
RBI’s major blow to Paytm; IT fresher hiring at record low
The Reserve Bank of India dealt Patym a severe blow, barring the listed fintech’s payment bank from offering banking services after February. This and more in today’s ETtech Morning Dispatch.
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.
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.
RBI’s tokenisation push for digital currency; Flipkart chief on profitability
Happy 75th Republic Day! To widen the use cases of central bank-backed digital currency (CBDC), the RBI is exploring tokenisation of government bonds and securities. This and more in today’s ETtech Morning Dispatch.
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.
Byju’s losses at nearly $1 billion; Swiggy tests higher fee for users
The company is talking to investors to raise around $100 million through a rights issue, which may value the startup at anywhere between $500 million to $1 billion.
Bose picks up minority stake in Noise; Udaan fires over 100 employees
In what could potentially strengthen homegrown audio accessories and wearables brand Noise’s foothold in a tightly contested segment, the company has closed its first ever fundraise from global audio devices maker Bose. This and more in today’s ETtech Top 5.
Chill sets in for consumer lending apps; what’s cooking at food delivery platforms?
Consumer lending firms are set for difficult days ahead as a central bank diktat on reining in unsecured loans has choked off much-needed credit lines.
Bengaluru-based startup, which fired 18 employees, is now helping them find new jobs
Bengaluru-based startup FAM has laid off 18 employees as it shifts its focus from hyper-growth to sustainability, according to founder Sambhav Jain, who said the company would help affected personnel find new roles. Since 2016, approximately 70 Indian startups have laid off more than 17,000 employees, as the nation's funding winter has caused a decline in investor funding.
Over 17,000 Indian startup employees laid off in the first half of 2023 as funding winter refuses to thaw
Startups, which heavily rely on external investments to fuel their growth, have been forced to downsize due to a decline in investor funding. The lack of new investments flowing into the industry has become the biggest challenge for these startups, resulting in cost-cutting measures and cash conservation.
Prosus cuts Byju’s valuation to $5.1 billion, writes off ZestMoney investment
Prosus, earlier Naspers, owns little over 9% in Byju’s and readjusted the fair value of its investment in the firm to $493 million as of March 2023. For ZestMoney, Prosus has marked its investment in Primrose Hill (ZestMoney) to nil as against $38 million in FY22.
Layoffs in 2023: Cred, Meesho, Dunzo among Indian startups & tech companies that have cut jobs
Indian startups, too, have been impacted over the last 6 months as they struggle to raise funds in a tough global environment.
Zomato looking to hire 800 people, says CEO Deepinder Goyal
In a LinkedIn post, Goyal wrote: “...we have about 800 positions open across these five roles at Zomato. If you happen to know someone really good for any of these roles, please tag them on this thread”.
Swiggy sacks 380 employees: read CEO Sriharsha Majety’s email on job cuts
Online food delivery platform Swiggy is laying off 380 employees. The decision was communicated to staff at a town hall on Friday.
Amazon to cut over 18,000 jobs; consumers in no hurry for quicker grocery deliveries
Ecommerce giant Amazon has resorted to another round of mass layoffs in a bid to cut costs. CEO Andy Jassy, in a statement to staff, said that the latest layoffs would affect over 18,000 employees across departments. Big tech companies have been firing workers in droves in recent months to slash their expenses in the face of inflation and rising interest rates.
Apple suppliers created 50k direct jobs in India in 16 months; Swiggy's losses doubled in FY22
Apart from the direct jobs, nearly 100,000 indirect jobs may also have been created by the Apple manufacturing ecosystem in the country, they said, citing data submitted by the companies.
Meta’s ads business faces a reckoning in Europe
While the fallout from Apple’s move is still playing out, there’s little doubt it has delivered a swift uppercut cut to Meta’s once-invincible ads business. The only consolation has been that Meta can still track its users’ activity within Facebook or Instagram to show them targeted ads.
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