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Chingari Claims Operational Profitability After Downsizing Staff

Inc42 · 2y ago

Chingari Claims Operational Profitability After Downsizing Staff

Indian short-video sharing platform Chingari has claimed to have become operationally profitable. The CEO and co-founder, Sumit Ghosh, stated that the company will rely on its monthly revenues, no longer requiring VC funding to sustain its operations. Chingari recently laid off more than 50% of its workforce in a cost-cutting move. The startup is focusing on quality user acquisition and monetization strategies to ensure profitability. The company reported a net loss of INR 139.4 crore in FY22, up 225.7% from the previous year. Chingari gained popularity after the Indian government banned TikTok and other Chinese apps in 2020.

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Economic Times

Economic Times · 2y ago

South Korea to toughen punishments for technology leaks in chips, displays

Indian short-video sharing platform Chingari has claimed to have become operationally profitable. The CEO and co-founder, Sumit Ghosh, stated that the company will rely on its monthly revenues, no longer requiring VC funding to sustain its operations. Chingari recently laid off more than 50% of its workforce in a cost-cutting move. The startup is focusing on quality user acquisition and monetization strategies to ensure profitability. The company reported a net loss of INR 139.4 crore in FY22, up 225.7% from the previous year. Chingari gained popularity after the Indian government banned TikTok and other Chinese apps in 2020.

Argentina’s state airline cuts staff, routes, passenger perks ahead of possible sale

Livemint

Livemint · 7m ago

Argentina’s state airline cuts staff, routes, passenger perks ahead of possible sale

Aerolineas Argentinas, the state airline of Argentina, is downsizing in preparation for a potential sale to attract private investment by cutting staff, routes, and passenger perks. Despite union protests and political opposition, the government aims to privatize the airline. The airline has achieved profitability for the first time in years as part of this restructuring. President Milei's administration is pushing for reforms but faces challenges due to the airline's social significance in Argentina.

Zee to cut 15% of workforce

Livemint

Livemint · 1y ago

Zee to cut 15% of workforce

ZEE Entertainment is planning to lay off about 15% of its staff, which is approximately 500 employees, as part of its efforts to implement a leaner and more streamlined management structure. The move aims to reduce costs and focus on performance and profitability. Recent senior-level exits have also been witnessed in an attempt to cut costs and streamline operations. The company plans to promote team members across different business units, cultivate a collaborative culture, and strengthen content creation capabilities. ZEE will provide more details about the new operational framework after obtaining board approvals.

Oyo to report maiden net profit of Rs 16 crore in ongoing quarter

Economic Times

Economic Times · 1y ago

Oyo to report maiden net profit of Rs 16 crore in ongoing quarter

Hospitality company Oyo's parent firm, Oravel Stays, claims to be on the brink of reporting its first-ever profit after tax (PAT) in the current quarter. Founder Ritesh Agarwal, in an email to top management, stated that Q2 FY24 is projected to be Oyo's maiden profitable quarter with a PAT of over INR 16 crore. The company achieved operational profitability in FY23, with an adjusted EBITDA of INR 277 crore. Oyo plans to expand its hotel network after pruning incompatible properties and aims to become an experience-focused offering.

Titan Capital partially exits Credgenics with more than 100x return

Entrackr

Entrackr · 2y ago

Titan Capital partially exits Credgenics with more than 100x return

Early-stage investor Titan Capital has reportedly made a partial exit from debt recovery and legal automation platform Credgenics, achieving a remarkable 116x return on their investment. Titan Capital had led a $300K seed round for Credgenics in 2020. This exit comes after Credgenics secured a $50 million Series B funding round led by Westbridge Capital and Accel. Credgenics offers advanced loan collections and debt recovery technology solutions to various financial institutions and claims to have reached operational profitability and Rs 100 crore in revenue in FY23.

Chingari’s Loss Narrows Nearly 70% To INR 42.5 Cr In FY23

Inc42 · 1y ago

Chingari’s Loss Narrows Nearly 70% To INR 42.5 Cr In FY23

Chingari, the short-video sharing platform, saw its net loss decrease by 69.5% to INR 42.5 Cr in FY23. The reduction in advertising costs and increased operating revenue contributed to this improvement. Chingari's operating revenue more than doubled to INR 112.6 Cr in the fiscal year. The startup gained popularity after TikTok was banned in India. Despite facing funding challenges, Chingari pivoted to 18+ content and introduced paid live one-on-one calls to boost revenue. However, the impact of this pivot will be evident in their FY24 results.

Amazon-owned Twitch may cut 400 more jobs

Startup News FYI

Startup News FYI · 1y ago

Amazon-owned Twitch may cut 400 more jobs

Popular streaming platform Twitch is reportedly undergoing a second round of layoffs, cutting nearly 400 jobs just before the TwitchCon event. While Twitch has not confirmed the layoffs, it is believed that the customer experience department will be affected, with the positions potentially being outsourced to external vendors. This comes after Amazon fired 400 Twitch employees earlier this year, in an effort to compete in the increasingly competitive streaming market. The gaming industry as a whole is facing similar downsizing, with Naughty Dog also reportedly cutting staff and pausing the production of a multiplayer spin-off title.

As Google layoffs continue, a look at Big Tech job cuts in 2025

Economic Times

Economic Times · 3m ago

As Google layoffs continue, a look at Big Tech job cuts in 2025

In 2025, tech companies like Google, Meta, Microsoft, and Apple are continuing layoffs amid AI-focused strategies. Google recently cut 200 jobs in its global business unit, following previous reductions in its Platforms & Devices unit earlier this year. Microsoft plans middle management layoffs in May, while Meta laid off 3,600 staff in February due to performance reviews. Apple also cut roles in its digital services arm in 2024. The trend reflects a broader tech industry downsizing.

US bank Citigroup to remove 20,000 jobs over next couple of years

Livemint

Livemint · 1y ago

US bank Citigroup to remove 20,000 jobs over next couple of years

Citigroup has announced plans to cut 20,000 jobs over the next couple of years as part of a corporate reorganization aimed at increasing profitability and returning cash to shareholders. The move will bring the bank's headcount down to around 180,000 by 2026, compared to 240,000 at the end of 2022. This downsizing also takes into account the expected spinoff of Citigroup's Mexico subsidiary, Banamex. Source: Livemint

Deadly Air India crash puts ambitious turnaround plans at risk

Economic Times

Economic Times · 2m ago

Deadly Air India crash puts ambitious turnaround plans at risk

Air India Ltd., under Tata Group's ownership, aims to transform into a world-class airline following its 2022 acquisition. Its turnaround plans face risks after a recent fatal crash involving flight AI171, which challenged its operational improvements. The crash, the deadliest in over a decade, complicates its progress towards profitability by 2026, despite narrowing losses by 61% in 2023-2024. The incident underscores the need to focus on operational and maintenance issues in the reinvention process.

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