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Exclusive: Aakash lays off employees amid strategic shift
Entrackr
ยท
10m ago
Medial
Byjuโs-owned Aakash Educational Services Limited (AESL) has laid off 80 to 100 employees over the past couple of months, according to sources familiar with the matter. โAakash has fired anywhere between 80-100 employees, including senior and middle-level executives, who were impacted by the layoffs,โ said one source, requesting anonymity. Several long-time employees, some with over 4 years of service, were also laid off in the past few weeks. An AESL spokesperson stated, โAs a high-performance organization, our performance reviews, talent development interventions, and consequence management follow a biannual cycle. We are introducing new business models as part of the Aakash 2.0 strategy, which includes creating new roles, consolidating existing ones, and aggressively hiring new talent. Unlike other players in the category, we expect to be net hirers by the end of this year.โ The spokesperson did not disclose the specific number of employees affected by the layoffs. This marks the first instance of layoffs at Aakash since its acquisition by Byjuโs in April 2021, when the Bengaluru-based edtech giant spent around $940 million to acquire the company. However, the Chaudhry family, founders of AESL, refused to swap their remaining stake, citing governance concerns. Earlier this year, both companies withdrew their merger petition, continuing to operate independently under the Think and Learn brand. In April, Aakash appointed Deepak Mehrotra as its managing director and chief executive officer. The company is expected to surpass Rs 2,300 crore in operating revenue in FY23, according to its valuation report, though it has yet to file audited financial statements for FY23 and FY24.
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Zomato Lays Off 500 Customer Service Employees Amid AI Automation, Food Delivery Slowdown
OutlookIndia
ยท
4m ago
Medial
Zomato has laid off 500 employees from its customer service training program amid slowing growth in food delivery and a shift to AI automation. The company's new AI platform, Nugget, now handles most customer interactions. Employees reported vague termination reasons, with AI-generated performance assessments contributing to the dismissals. Some employees received compensation without prior notice, leading to stress and uncertainty. Zomato's workforce had grown significantly, despite reporting a decline in net profit.
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Jack Dorsey's fintech firm Block lays off nearly 1,000 employees
Economic Times
ยท
1y ago
Medial
According to a report, Jack Dorsey's fintech firm, Block, has let go of almost 1,000 employees in a significant downsizing move. The downsizing effort is said to be a result of the company's plans to pivot away from its original cryptocurrency business and focus on building a decentralization platform. Block's decision to lay off employees signals a shift in its strategic direction and reflects the evolving landscape of the fintech industry.
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Google lays off hundreds of employees in Android, Pixel Group: Report
Economic Times
ยท
3m ago
Medial
Alphabet's Google has laid off hundreds of employees in its platforms and devices unit, which focuses on Android software, Pixel phones, and the Chrome browser. The decision, reported by The Information, reflects ongoing adjustments within the tech giant. This development highlights Google's strategic shift and resizing of its workforce in the highly competitive technology sector, impacting teams involved with prominent product lines such as Android and Chrome.
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Insight Partners-Backed Appsmith Lays Off 25% Of Its Workforce
Startup News FYI
ยท
1y ago
Medial
App development startup Appsmith, backed by Insight Partners, has laid off around 35 employees, approximately 25% of its workforce. The layoffs were attributed to challenging market conditions and a slowdown in business. Appsmith is offering a two-month severance pay as part of the compensation package for the impacted employees. The company aims to adapt to the evolving fundraising landscape and prioritize operational efficiency for long-term success. Since last year, Indian startups have laid off over 28,000 employees amid the funding winter and the focus on profitability.
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Exclusive: BeepKart lays off more than 100 employees
Entrackr
ยท
12m ago
Medial
BeepKart, a Bengaluru-based full stack retailer of used two-wheelers, has laid off more than 100 employees in the past few months, sources aware of the development told Entrackr. Sources added that the company conducted the layoffs in phases, starting right after the fundraise in April this year. The move has affected more than 20% of the workforce, with employees across various verticals, including marketing, tech, product, and operations, being laid off. โA few senior roles were also impacted. The layoffs, however, came as a surprise as it happened right after the funding. The company likely made the move to focus on profitability,โ a source, who did not want to disclose their identity, told Entrackr. BeepKart declined to comment on the layoffs. Founded in 2020 by Hemir Doshi and Abhishek Saraf, BeepKart helps people buy and sell used two-wheelers. The company currently operates in Bengaluru and Chennai. As per startup data intelligence platform TheKredible, the company has secured around $18.5 million to date and is currently valued at around Rs 362 crore $44 million (post-allotment of new shares). In April, BeepKart raised $6.5 million in an extended Series A round. Entrackr exclusively reported the development. The company counts Stellaris Venture Partners, Vertex Ventures, Innoven Capital, and Chiratae Ventures, among others as its backers. BeepKart directly competes with CredR and Bike Bazaar. BeepKart was a pre-revenue stage firm till FY22 but it posted decent growth during FY23. The company reported Rs 21.86 crore revenue in the fiscal year ending March 2023 while its losses stood at Rs 27.88 crore in the same period. The firm is yet to file its annual report for FY24. Layoffs right after a fundraise is rare though they do happen. Last year, e-commerce-focused packaging company Bizongo laid off employees shortly after announcing a $50 million funding round. Similarly, Coffee chain firm Third Wave Coffee fired more than 100 employees months after raising $35 million in a Series C round whereas Euler Motors trimmed 10% of its workforce within six months of a $60 million round.
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Indeed, Glassdoor to cut 1,300 jobs amid AI integration, memo shows - The Economic Times
Economic Times
ยท
28d ago
Medial
Recruit Holdings, parent of Indeed and Glassdoor, plans to lay off around 1,300 employees amid a strategic shift towards artificial intelligence. This restructuring affects various teams, especially in the U.S., and includes integrating Glassdoor into Indeed, resulting in leadership changes. Glassdoor CEO Christian Sutherland-Wong will leave, and LaFawn Davis will step down as Chief People and Sustainability Officer of Indeed. The decision mirrors broader job cuts in the tech industry prioritizing AI investments.
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Open source Arm competitor SiFive lays off 20% of staff
Economic Times
ยท
1y ago
Medial
Open-source Arm competitor SiFive lays off 20% of staff. SiFive, a startup that designs and manufactures chips based on the open-source RISC-V architecture, has laid off 20% of its employees amid uncertain market conditions. The company, which has raised more than $190 million in funding, cited macroeconomic factors and market volatility as reasons for the layoffs. SiFive's RISC-V processors are used in a variety of applications, including artificial intelligence and autonomous vehicles.
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Unacademy lays off 250 employees
Inshorts
ยท
1y ago
Medial
Edtech unicorn Unacademy has laid off 250 employees across several departments, media reports said. Around 100 laid-off employees were from core functions like marketing, business and product, while the rest were from sales. "As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise," an Unacademy spokesperson said.
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Sachin Bansal-led Navi lays off 150-200 employees amid delayed IPO
Economic Times
ยท
2y ago
Medial
Navi Technologies, founded by Sachin Bansal, has reportedly laid off around 200 employees. The layoffs come as part of a restructuring process aimed at streamlining operations and focusing on strategic priorities. Navi Technologies, which offers financial services, aims to enhance its efficiency and optimize costs while aligning with its long-term business goals.
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Google lays off employees from key teams ahead of developer conference: report
Economic Times
ยท
1y ago
Medial
Google has reportedly laid off employees from its Flutter, Dart, and Python teams as part of its efforts to become more efficient and prepare for future opportunities. The layoffs were not company-wide, and impacted employees have the option to apply for other roles within the company. This comes after previous layoffs in Google's real estate and finance departments, and a focus shift towards building artificial intelligence capabilities. The company plans to simplify its structures and reduce bureaucracy to prioritize innovation and company goals.
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