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News on Medial
Cash crunch, pay cuts, layoffs – Has AlmaBetter lost its way?
Inc42
·
1y ago
Medial
Edtech startup AlmaBetter, backed by Kalaari Capital, has faced financial difficulty, leading to pay cuts and layoffs. The company implemented a salary reduction plan, with employees earning over INR 50,000 facing a 50% cut, while those earning less experienced a 25% cut. Subsequently, around 35 employees were laid off, citing a financial crunch. However, CEO Shivam Dutta denied claims of a two-month cash runway and stated that the pay cuts were part of the regular salary review process. AlmaBetter is currently seeking fresh funding and considering potential acquisitions.
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Related News
Tech layoffs: Over 27,000 jobs lost in August 2024; Intel, Cisco and IBM lead the wave
Livemint
·
11m ago
Medial
Tech layoffs in August 2024 impacted the industry as major players like Intel, Cisco, and IBM made significant job cuts. Over 27,000 workers lost their jobs across 40 companies. Intel plans to eliminate 15,000 jobs, while Cisco intends to reduce its workforce by 6,000. IBM is withdrawing its R&D operations from China, resulting in 1,000 job losses. German chipmaker Infineon plans to cut 1,400 jobs. Other notable layoffs include GoPro, Apple, Dell Technologies, ReshaMandi, and Brave. These layoffs highlight the ongoing volatility in the tech industry.
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Byju’s founder pledges homes to raise funds for staff salaries
Livemint
·
1y ago
Medial
Byju Raveendran, the founder of Indian edtech giant Byju's, has pledged his home and his family's homes as collateral to raise $12 million and pay salaries to the company's employees amidst a cash crunch. The move comes as Byju's is selling its US-based kids' digital reading platform and facing a legal battle over missed loan payments. Raveendran, who was once worth nearly $5 billion, has also raised personal debts of around $400 million, leaving him cash-strapped. Byju's recently reported narrowed losses and concluded an investigation into its overseas fundraising.
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Bolt.Earth Fires Employees In Another Restructuring Exercise, Shuts Two Business Verticals
Inc42
·
1y ago
Medial
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.
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Byju’s lays off about 500 staffers, nearly half from tuition centre business
Economic Times
·
1y ago
Medial
Byju's, the troubled edtech company, has reportedly laid off around 500 employees, mainly in sales and marketing roles. The layoffs come as the company faces difficulties in securing capital and managing day-to-day operations. Around 240 of the affected employees worked in Byju's Tuition Centre operations, with the rest employed in other areas like K-10 and examination preparation. The company has attributed the layoffs to a cash crunch and a business restructuring exercise. Additionally, employees were informed that their salaries would be delayed due to actions by investors. Byju's is currently attempting a $200 million rights issue to raise funds.
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Working for Google used to be 'sexy and exciting,' with a strong sense of security. Now, not so much.
Business Insider
·
1y ago
Medial
Google has recently announced fresh job cuts, following a 6% reduction in staff last year. The tech giant has already laid off over 1,000 employees this month, with CEO Sundar Pichai indicating further layoffs in the coming year. Google expects to pay around $700 million in severance costs this quarter, as stated in Alphabet's latest results. These cuts have been met with resistance from remaining employees, who are criticizing the company's leadership and the changing workplace culture. The layoffs may have long-term consequences for retention and recruitment, impacting the company's reputation as an attractive employer.
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Dunzo further delays employee salaries amid cash crunch, says report
Business Today
·
1y ago
Medial
Quick-commerce startup Dunzo is facing a severe cash crunch, resulting in delayed salary payments to its employees. The company has been struggling to raise fresh funds and is renegotiating its valuation with investors. In an unplanned video call, Dunzo's founder and CEO, Kabeer Biswas, promised to pay pending August salaries next week. The company is also considering vacating its office space in Bengaluru to cut costs. With outstanding dues of ₹11 crore and legal action from multiple vendors, Dunzo's financial challenges continue to mount.
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General Atlantic India COO Alok Misra retires
YourStory
·
1y ago
Medial
Alok Misra, COO of General Atlantic India, is stepping down from his position after almost 11 years. This move comes at a challenging time for General Atlantic, as it navigates its investment in BYJU's, which recently admitted insolvency following legal battles, cash crunch, and operational troubles. General Atlantic holds a 4.8% stake in BYJU's and has invested over $300 million in the company. Additionally, General Atlantic's investment in Unacademy has also faced challenges, with the company recently experiencing a round of job cuts. Anand Agarwal has been appointed as the new Operating Partner at General Atlantic.
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About 13,500 employees from Byju’s, Paytm get on job-hunting mission
Economic Times
·
1y ago
Medial
Around 13,500 employees from Indian startups Paytm and Byju's are actively seeking jobs elsewhere. Both companies have faced investor and regulatory challenges, leading to a decline in employee morale. Byju's, once valued at $22 billion, has experienced cash crunch, legal battles, and valuation markdowns, while Paytm faced a directive from the Reserve Bank of India to stop banking services. The tough job market, coupled with macroeconomic uncertainties, presents challenges for employees seeking new opportunities despite being willing to take salary cuts.
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Good Glamm’s Pay Delay: April Salaries, Layoff Dues on Hold Amid Fund Crunch
OutlookIndia
·
3m ago
Medial
Good Glamm Group is facing financial challenges, delaying salaries for April and dues for recently laid-off employees. The company, once valued at $1.2 billion, is experiencing severe cash flow issues, prompting layoffs of about 15% of its workforce and potential brand sales. Key leadership exits include co-founder Priyanka Gill and CFO Piyush Kalra, further destabilizing operations. The firm plans restructuring to regain profitability by FY25, amid lost investor confidence and board resignations.
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Robinhood's new credit card goes after Apple Card with ability to invest cash-back perks
TechCrunch
·
1y ago
Medial
Robinhood, the popular brokerage app, has launched its new Gold Card, offering a range of features including 3% cash back on all categories and 5% cash back on travel bookings made through its platform. The card also allows users to add up to five family members as cardholders, providing a way to help teens build credit and monitor spending. In addition, the physical cards will be numberless for added security. The Gold Card is only available for Robinhood Gold members, who pay $5 per month or $50 annually.
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