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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.

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EV Charging infra provider Bolt.Earth fires about 20% of its workforce

Inc42 · 1y ago

EV Charging infra provider Bolt.Earth fires about 20% of its workforce

Bolt.Earth, a Bengaluru-based electric vehicle charging infrastructure and operating system provider, has laid off around 15-20% of its workforce in a restructuring exercise. However, sources indicate that the layoffs impacted as much as 35% of the startup's employees. The company cited uncertainty surrounding the FAME II scheme as the reason for the layoffs. Bolt.Earth had recently raised $20 million in funding and is currently in discussions to secure an additional $50 million.

Accel-backed Breathe Well-being fires 100 employees

Inshorts · 7m ago

Accel-backed Breathe Well-being fires 100 employees

Delhi NCR-based Breathe Well-being fired about 100 employees in a restructuring exercise last week. The reason behind the layoffs was that the startup has not been able to raise fresh funding and only has a runway of 6 months to 1 year adding that the number of employees impacted by the restructuring exercise could be as high as 120.

Exclusive: Kuku FM Fires 100 Employees To Cut Costs

Inc42 · 9m ago

Exclusive: Kuku FM Fires 100 Employees To Cut Costs

Indian audio platform Kuku FM, backed by Vertex Ventures, recently underwent a restructuring exercise affecting approximately 300 employees. The content team, consisting of writers and producers, was the most affected by the changes. Despite this, Kuku FM reported significant growth with revenue increasing to INR 88 crore in FY24 and losses narrowing by 18% to INR 96 crore.

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.

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.

Unacademy lays off 250 employees

Inshorts · 1y ago

Unacademy lays off 250 employees

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.

Exclusive: Wint Wealth Fires 20% Of Its Workforce

Inc42 · 1y ago

Exclusive: Wint Wealth Fires 20% Of Its Workforce

Fintech startup Wint Wealth has laid off around 20% of its workforce in a recent restructuring exercise. The layoffs impacted various departments, including marketing and sales. The company confirmed that this was part of a regular business performance evaluation. This development comes after Wint Wealth acquired a majority stake in NBFC Ambium Finserve. The company now holds an NBFC license and expects its loan book to grow to INR 500 crore by the end of 2024. Wint Wealth has previously raised $16 million in funding and has over 53,000 users on its platform.

Byju’s chief business officer Prathyusha Agarwal, two more senior execs quit

Money Control

Money Control · 1y ago

Byju’s chief business officer Prathyusha Agarwal, two more senior execs quit

Three senior executives have resigned from edtech startup Byju’s, including Chief Business Officer Prathyusha Agarwal, Himanshu Bajaj (Business Head of Byju’s Tuition Centers), and Mukut Deepak (Business Head for Class 4 to 10). The departures come as Byju's undertakes restructuring efforts, consolidating its business verticals into two key areas: K-10 and Exam Prep. The company has been facing operational challenges, including the resignation of key investor board members and Deloitte as auditor. Byju’s has laid off over 2,000 employees and is seeking funds while aiming to address student and parent dissatisfaction.

Exclusive: WayCool Fires 70 Employees In Second Restructuring Exercise WithIn A Year

Inc42 · 1y ago

Exclusive: WayCool Fires 70 Employees In Second Restructuring Exercise WithIn A Year

Chennai-based agritech startup, WayCool Foods, has reportedly laid off at least 70 employees across various departments including sales, research, marketing, and tech. This is the second round of layoffs within a year for the company, which attributed the restructuring exercise to the rationalization of its warehouse footprint. WayCool also closed its warehouses and the layoffs were reportedly due to the startup's failure to raise new funding. The company claims that its shift in strategy has helped reduce its EBITDA loss significantly and it aims to achieve EBITDA profitability in Q1 FY25.

Chegg fires 441 employees

ABPLive

ABPLive · 1y ago

Chegg fires 441 employees

American education technology company Chegg, which also has operations in India, fired 441 employees which represent 23% of the company's global workforce. "We executed a restructuring effort, a major step in my plans to refocus Chegg and return to subscriber and revenue growth," Chegg President and CEO Nathan Schultz said. Chegg expects to save up to $50 million with restructuring.

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