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Divvy Homes Faces Third Round of Layoffs as Valuation Dips

Robots · 1y ago

Divvy Homes Faces Third Round of Layoffs as Valuation Dips

Divvy Homes, a rent-to-own startup previously valued at $2 billion, is facing its third round of layoffs within a year. The company's unique approach to homeownership has been impacted by rising mortgage interest rates and the high cost of capital. Divvy Homes aims to help renters become homeowners but has struggled to adapt to changing market conditions. These layoffs, affecting 94 employees, are an attempt to conserve cash amid challenging economic conditions in the proptech industry. Other real estate tech firms have also faced difficulties due to increasing interest rates.

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Personal care brand mCaffeine vies for strategic suitors as PE interest dips

VCCircle

VCCircle · 1y ago

Personal care brand mCaffeine is shifting its focus towards strategic suitors as it faces limited interest from private equity firms. The brand had planned to raise an institutional round of funding and had hired an investment bank to assist with finding potential investors. However, in light of the unenthusiastic response from private equity firms, mCaffeine is now looking for strategic partners. The company is known for its premium personal care products and was co-founded by Vikas Lachhwani and Tarun Sharma.

Elon Musk’s X raises almost $1 billion in new equity funding

Economic Times

Economic Times · 4m ago

Elon Musk’s X raises almost $1 billion in new equity funding

Elon Musk’s social network X raised nearly $1 billion in new equity, valuing the company at approximately $32 billion, consistent with its valuation when Musk took it private in 2022. Musk participated in the funding, and some proceeds may address remaining debt. Darsana Capital Partners also joined the equity round. X faces challenges following Musk's acquisition of Twitter, including layoffs and advertiser exits, with past valuations significantly reduced by Fidelity Investments. Musk regularly seeks private market backing for his ventures.

Dunzo to have third round of layoffs in 2023

Money Control

Money Control · 2y ago

Dunzo to have third round of layoffs in 2023

Dunzo's Co-founder and CTO Mukund Jha informed employees that the company will undergo another round of layoffs, the details of which will be finalized this week. This will mark the third round of layoffs for the company this year. Approximately 20% of Dunzo's workforce, around 200 employees, are expected to be affected by this restructuring, according to senior employees' estimates.

Twilio announces third major round of layoffs with 5% workforce reduction

Livemint

Livemint · 1y ago

Twilio announces third major round of layoffs with 5% workforce reduction

Twilio, a cloud communications platform, is undergoing a third round of layoffs, cutting primarily salespeople for its consumer data platform and contact center software. CEO Jeff Lawson justified the cuts as necessary for the transition to profitable growth. This follows Twilio's struggle to maintain high revenue growth and investor interest. The company has laid off over 3,000 workers since September 2022, nearly one-third of its total workforce in 2022, and may incur charges between $25 million and $35 million related to the layoffs. Twilio's shares fell by 1.1% after the announcement.

WayCool Foods cuts over 200 jobs amid financial struggles: report

YourStory

YourStory · 1y ago

WayCool Foods cuts over 200 jobs amid financial struggles: report

Chennai-based agritech and supply chain startup WayCool Foods has laid off over 200 employees in various departments. The company cited the need to simplify and automate roles and structures to achieve profitability as the reason for the layoffs. In addition, WayCool has reportedly delayed employee salaries and outstanding payments to vendors due to funding difficulties and client payment delays. This is the third round of layoffs for the startup within a year. WayCool is currently raising a bridge round of funding, with 75% of the proceeds already received.

Exclusive: Unacademy’s PrepLadder Lays Off 145 Employees In Sales Strategy Rejig

Inc42 · 1y ago

Exclusive: Unacademy’s PrepLadder Lays Off 145 Employees In Sales Strategy Rejig

Unacademy-owned medical entrance test prep platform PrepLadder has undergone another round of layoffs, with around 145 employees being let go. This is the company's third round of layoffs in the past three years. The restructuring affected various teams, including sales, marketing, product, and tech, with the sales team being the most impacted. Unacademy confirmed the exercise and stated that it was necessary for enhancing business efficiency. The company is offering severance packages and extended medical insurance to the affected employees. The recent restructuring is attributed to increased involvement from Unacademy in PrepLadder's operations since its acquisition in 2020.

IPO-bound Reddit discloses patent infringement complaint from Nokia

Economic Times

Economic Times · 1y ago

IPO-bound Reddit discloses patent infringement complaint from Nokia

Reddit is currently reviewing a letter from Nokia Technologies claiming that it violated some of their patents. This comes as the social media platform faces an investigation by the Federal Trade Commission related to the sharing of user-generated content with third parties for AI training. Reddit has warned that as it gains more visibility and competition, it could face more intellectual property claims. The company is targeting a valuation of up to $6.5 billion for its upcoming IPO, which is reportedly oversubscribed and expected to take place on March 21.

General Catalyst leads $340 mn funding in Zepto as valuation soars

VCCircle

VCCircle · 11m ago

General Catalyst leads $340 mn funding in Zepto as valuation soars

Indian quick commerce startup Zepto has raised $340 million in a funding round led by General Catalyst, bringing its valuation to $5 billion. The funds will be used to strengthen Zepto's balance sheet as the company continues to experience robust growth. This funding round comes just two months after Zepto raised $665 million in a funding round co-led by Glade Brook, Nexus, and StepStone. Zepto operates a network of micro-warehouses and provides home delivery of groceries and essentials within minutes. The company faces competition from players like Swiggy's Instamart and Zomato's Blinkit.

Google parent Alphabet lays off hundreds of employees from its global recruiting team: Report

IndianStartupNews

IndianStartupNews · 1y ago

Google parent Alphabet lays off hundreds of employees from its global recruiting team: Report

Google is conducting layoffs within its parent company, affecting hundreds of employees in the global recruiting team. The move is attributed to a decrease in the volume of requests for Google's recruiters. Earlier this year, Google announced one of the largest rounds of layoffs in the tech industry, affecting nearly 12,000 employees from various departments. While the current layoffs are not part of a wide-scale reduction, Google is focusing more on AI development as it faces competition from AI chatbots like OpenAI's GPT-3.

India's unicorn count at 67, dips for 1st time since 2017: Hurun

Inshorts · 1y ago

India's unicorn count at 67, dips for 1st time since 2017: Hurun

The number of unicorns in India has fallen by 1 to 67, as per Hurun's Global Unicorn Index 2024. This is the first time India's unicorn count has dipped since the launch of Hurun's list in 2017. India has the third-largest unicorn ecosystem in the world after the US and China, which house 703 and 340 unicorns, respectively.

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