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Exclusive: Bobble AI lays off 50 employees amid organizational redesign

EntrackrEntrackr · 3m ago
Exclusive: Bobble AI lays off 50 employees amid organizational redesign
Medial

Exclusive: Bobble AI lays off 50 employees amid organizational redesign According to the company, it is supporting outgoing employees with an Employee Assistance Program, career coaching, and well-being sessions. Bobble AI, the homegrown AI-powered communication and data intelligence startup, has laid off about 50 employees in a recent round of restructuring, according to three sources aware of the matter. "The move was communicated internally and has been attributed to the company’s ongoing fundraising challenges. The layoffs were linked to the slowdown in closing fresh funding,” said a source, requesting anonymity. Bobble AI confirmed the development to Entrackr. “Bobble AI recently undertook an organizational redesign to align with our long-term strategic priorities and commitment to stakeholders. This meant reflection and looking into 3 Ps – Projects, Processes and People. This decision was not driven solely by fundraising but by our focus on building a leaner, more resilient company. We remain confident about our growth path and committed to innovating in AI-powered communication and data intelligence,” said Ankit Prasad, founder of Bobble AI, in a statement. However, the company did not comment on how many employees were impacted by the layoff. Entrackr had earlier reported that Bobble AI is raising fresh funds at a 30% lower valuation. According to startup data intelligence platform TheKredible, the Gurugram-based company has raised around $35 million, including $26 million in a mix of primary and secondary capital from Krafton Inc in September 2022. Krafton controls nearly 25% stake in the 12-year-old company. Bobble.ai offers an AI-powered Indic keyboard supporting over 120 languages, with facial recognition for personalized GIFs and stickers. Integrated with WhatsApp and Facebook (Meta), the company monetizes through ads, data insights, subscriptions, and branded merchandise. For the fiscal year ended March 2024, Bobble AI registered a 25% growth in revenue to Rs 37.67 crore. However, its losses also widened by 40% to Rs 60.88 crore in the same period. The firm is yet to report its FY25 numbers.

Freelancing must become a full-time priority for business leaders

TechradarTechradar · 1y ago
Freelancing must become a full-time priority for business leaders
Medial

According to research by Harvard Business Review Analyst Services and Fiverr, freelancers are currently responsible for around 20% of work in US-based businesses, and they are projected to outnumber full-time workers by 2027. However, many organizations struggle to effectively manage freelancers, with only 38% saying they are very effective at doing so. To better utilize freelancers, businesses should consider implementing a Chief Freelance Officer, using processes and technology to streamline management, and aligning talent management strategies with company goals. As the workforce becomes more dynamic and freelancing continues to grow, optimizing the management of freelancers will become increasingly important.

Exclusive: BeepKart lays off more than 100 employees

EntrackrEntrackr · 1y ago
Exclusive: BeepKart lays off more than 100 employees
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. “A 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,” 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.

SoftBank-backed Whatfix lays off 6% of workforce

EntrackrEntrackr · 18d ago
SoftBank-backed Whatfix lays off 6% of workforce
Medial

SoftBank-backed Whatfix lays off 6% of workforce Software-as-a-service (SaaS) company Whatfix has laid off 6% of its workforce. This marks the first layoff announced by the Bengaluru-based firm since its inception. Economic Times, which reported the development first, added that 60-80 employees were impacted in the strategic realignment. Responding to Entrackr’s queries, a company spokesperson said, “Whatfix undertook a strategic realignment to sharpen its focus on long-term, sustainable, and efficient growth in a rapidly changing market. As part of this shift, approximately 6% of our current headcount was impacted, including around 4% in our GTM (go-to-market) teams, to better align our go-to-market with the strong traction we are seeing in our AI-first product lines.” “These decisions are never easy, and we remain committed to handling the transition with care and empathy for our colleagues. We will continue to support impacted team members and ensure uninterrupted excellence for our customers,” the spokesperson added. Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools are used by large companies to drive efficiency. In September last year, the company raised $125 million in a Series E round led by Warburg Pincus, with participation from existing investor SoftBank Vision Fund 2. After the funding, Whatfix launched a $58 million liquidity program for employees and investors, marking its fourth ESOP buyback. While Whatfix has yet to disclose its FY25 numbers, the company’s revenue from operations grew 49% to Rs 424.58 crore in FY24 from Rs 284.74 crore in FY23. It also reduced its losses by 20% to Rs 262.63 crore in FY24. The US emerged as Whatfix’s largest revenue contributor and accounted for 72.13% of its total revenue.

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