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Actyv.ai fires 60 employees after recent fundraise

Startup News FYI

Startup News FYI · 2y ago

Actyv.ai fires 60 employees after recent fundraise

Following a recent fundraise, Actyv AI has laid off 60 employees. The startup, which focuses on AI-driven solutions, is restructuring its workforce as part of strategic adjustments. Despite the funding, Actyv AI's decision to reduce staff highlights the evolving priorities and challenges startups face in optimizing operations and achieving sustainable growth within the competitive tech industry.

Related News

SaaS startup Actyv.ai fires 60 staffers as market downturn bites

Economic Times

Economic Times · 2y ago

SaaS startup Actyv.ai fires 60 staffers as market downturn bites

SaaS startup Actyv AI lays off 60 employees due to market downturn effects. The company's decision reflects the challenging environment impacting the tech sector. Actyv AI's workforce reduction aims to streamline operations and mitigate financial pressures, highlighting the need for startups to make strategic adjustments to navigate economic uncertainties and sustain their business viability.

Edtech startup Adda247 fires 300 employees

Entrackr

Entrackr · 1y ago

Edtech startup Adda247 fires 300 employees

Edtech startup Adda247 has reportedly laid off around 250-300 employees, marking the company's first round of layoffs in recent years. The layoffs affected various verticals, including StudyIQ, a UPSC-focused platform acquired by Adda247. Sources claim that the downsizing was driven by the need to extend the runway as funding becomes scarce in the edtech sector. Adda247, backed by WestBridge Capital and Google, has raised over $60 million and was valued at $175 million in its last funding round. The company's revenue surged to Rs 61.5 crore in FY22, but losses also increased by 90% to Rs 28.8 crore.

Ajim Premji-Backed Increff Fires 20% Workforce

OutlookIndia

OutlookIndia · 2y ago

Ajim Premji-Backed Increff Fires 20% Workforce

Backed by Ajim Premji, Increff, an e-commerce startup, has reportedly laid off 20 employees. The move comes amidst market challenges and a need for optimization. Increff focuses on fashion and lifestyle brands, providing technology solutions to enhance inventory management and supply chain. The startup aims to streamline operations and maintain competitiveness in the e-commerce sector. Around 60 employees from tech, sales, customer success, and HR departments were laid off

Third Wave Coffee fires more than 100 employees two months after raising $35M

Entrackr

Entrackr · 1y ago

Third Wave Coffee fires more than 100 employees two months after raising $35M

Third Wave Coffee, an Indian coffee chain, has reportedly laid off over 100 employees, just a few months after raising $35 million in a Series C funding round. The affected employees come from various teams, including tech, finance, and marketing. This marks the first instance of layoffs for the Bengaluru-based company. Third Wave Coffee, which offers curated food and handpicked coffee, has cafes in several Indian cities and had plans to expand further with the latest funding. The company has raised over $60 million in the past two years.

Amid pivot from fast fashion, Virgio fires 30% staff

Economic Times

Economic Times · 1y ago

Amid pivot from fast fashion, Virgio fires 30% staff

Fashion startup Virgio has reportedly laid off or seen exits of 20 to 30 employees, mostly between April and June this year, as it closed down its fast fashion business. The company, founded by former Myntra CEO Amar Nagaram, had over 60 employees at the time. Positions across various verticals including business, tech, design, and manufacturing were affected, while the finance and HR departments remained relatively unaffected. Virgio is now shifting its focus towards "circular fashion" that emphasizes sustainability and extends the lifecycle of products.

Blackstone backed Simplilearn fires 200 employees, blames poor performance

Inc42 · 1y ago

Blackstone backed Simplilearn fires 200 employees, blames poor performance

Bengaluru-based edtech startup Simplilearn has reportedly laid off around 200 employees, citing poor performance. The layoffs affected employees at various levels, with the sales team being hit the hardest. While Simplilearn claims that the decision was based on performance, some impacted employees stated that it happened suddenly without any recent performance reviews. The layoffs come amidst the challenging funding climate for edtech startups, with thousands of employees being laid off in the sector since the start of 2022. Simplilearn offers online upskilling courses and was majority-acquired by Blackstone in 2021.

Udaan fires over 100 employees days after securing $340 million in capital

Money Control

Money Control · 1y ago

Udaan fires over 100 employees days after securing $340 million in capital

After securing $340 million in capital, B2B e-commerce unicorn Udaan has reportedly laid off around 150 employees, constituting about 10% of its total workforce. The layoffs are attributed to a significant shift in the company's operational structure, moving from a pan-India focus to decentralized operations with separate teams for different clusters. Udaan's recent funding round aimed to fuel its expansion and strengthen its position in the B2B e-commerce space.

Exclusive: Prosus-Backed Airmeet Undertakes Another Restructuring Exercise, Fires 80% Tech Team

Inc42 · 11m ago

Exclusive: Prosus-Backed Airmeet Undertakes Another Restructuring Exercise, Fires 80% Tech Team

Around 20% of Airmeet's workforce, approximately 30 employees, were laid off as part of the virtual event startup's recent restructuring. This reorganization also affected employees from the product and design teams. In response, Airmeet's founder, Lalit Mangal, revealed that the company is currently developing a new AI-focused product unrelated to events.

Bolt.Earth Fires Employees In Another Restructuring Exercise, Shuts Two Business Verticals

Inc42 · 1y ago

Bolt.Earth Fires Employees In Another Restructuring Exercise, Shuts Two Business Verticals

Bengaluru-based electric vehicle (EV) charging infrastructure provider, Bolt.Earth, has laid off employees from multiple teams in a second restructuring exercise within four months. Sources attribute the layoffs to a cash crunch due to the startup's failure to secure fresh funding. The number of employees impacted is estimated to be around 70-100, or 40%-60% of the company's workforce. Bolt.Earth confirmed the layoffs but stated that the number is exaggerated and is a necessary adjustment within their strategic realignment. The company decided to shut down its operating system and fleet management system verticals to focus on its core business of EV charging network.

Expedia fires CTO and SVP.

News Bytes

News Bytes · 1y ago

Expedia fires CTO and SVP.

Expedia has dismissed CTO Rathi Murthy and SVP Sreenivas Rachamadugu for policy violations. Their sudden departure follows recent AI developments Murthy discussed. Expedia is actively seeking replacements and remains confident in its technology and strategy. This leadership change comes shortly after Ariane Gorin was announced as the new CEO in February, raising questions about the company's future plans.

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