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'Layoffs, Pay Cuts': Zypp Electric's Cost-Cutting Plans in Motion

OutlookIndia

OutlookIndia · 4m ago

'Layoffs, Pay Cuts': Zypp Electric's Cost-Cutting Plans in Motion

Zypp Electric, an electric scooter rental start-up from Gurugram, has laid off about 150 employees and initiated pay cuts as part of its cost-cutting strategies despite recently raising Rs 55 crore in funding. The company aims to build a scalable, high-performing team to support growth and market expansion. Currently valued at approximately $322 million, Zypp plans to deploy 100,000 electric two-wheelers in collaboration with Indofast Energy, enhancing its service capabilities across major Indian cities.

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Focused cuts and fewer layers: Tech layoffs enter a new phase

Economic Times

Economic Times · 1y ago

Focused cuts and fewer layers: Tech layoffs enter a new phase

Tech companies, including Amazon, Google, and Microsoft, have started a new phase of cost-cutting, making targeted job trims and focusing on key projects while doing more with less. These layoffs come after years of booming global economy and near-zero interest rates. The pandemic caused many companies to over-hire, and now they are making strategic cuts to areas with reduced investment plans. Smaller startups are also cutting staff to stay afloat. In the first 30 days of this year, around 100 tech companies have seen 25,000 layoffs.

How much are Indian startup founders earning amid job cuts and funding winter?

Inc42 · 1y ago

How much are Indian startup founders earning amid job cuts and funding winter?

The tracker reveals that Ritesh Agarwal of OYO topped the list with an annual remuneration of INR 12 crore in FY23. The average founder salary for 51 founders from 29 tech companies in India was INR 1.59 crore, slightly higher than the previous year. Despite the funding winter, startups are focusing on profitability and cost-cutting measures, including layoffs and pay cuts. Read the source article from "View Source" button below to read the entire list.

Ola Electric’s subsidiary faces insolvency plea over payment dispute

Economic Times

Economic Times · 4m ago

Ola Electric’s subsidiary faces insolvency plea over payment dispute

Rosmerta Digital Services filed an insolvency plea against Ola Electric's subsidiary over payment disputes. The petition claims non-payment for services, seeking a corporate insolvency resolution process. Ola Electric disputes the claim and plans legal challenges. The issue traces back to vendor renegotiations leading to reduced vehicle registration figures. Meanwhile, Ola Electric faces internal restructuring, financial losses, layoffs, and market share decline, but expects positive Ebitda next quarter amid cost-cutting efforts.

Over 1,250 Google workers sign petition demanding job security amid growing concerns over layoffs: Report | Mint

Livemint

Livemint · 6m ago

Over 1,250 Google workers sign petition demanding job security amid growing concerns over layoffs: Report | Mint

Over 1,250 Google employees in the US and Canada have signed an internal petition titled "Job Security," expressing concerns over the company's planned cost reductions for 2025 and ongoing layoffs. The petition highlights the anxiety and insecurity felt by staff, questioning job cuts despite Google's strong financial position. Employees demand voluntary buyouts before layoffs and guaranteed severance packages, following the remarks by CFO Anat Ashkenazi about impending cost-cutting to fund AI infrastructure investments.

Porter Enterprise partners with Gurugram's Zypp Electric to provide logistics solutions

IndianStartupNews

IndianStartupNews · 1y ago

Porter Enterprise partners with Gurugram's Zypp Electric to provide logistics solutions

Porter Enterprises has partnered with Zypp Electric to offer sustainable logistics solutions. The collaboration aims to achieve 100% sustainability in last-mile deliveries by 2028. Porter's logistics network in over 20 Indian cities will be integrated with Zypp Electric's EV solutions. The partnership focuses on improving operational efficiency and reducing downtime. The move aligns with the industry's shift towards electric vehicles to reduce carbon emissions, with other major delivery platforms also transitioning to EVs. Zypp Electric plans to deploy 100,000 electric scooters by 2024 in collaboration with Zomato.

STMicroelectronics CEO says 5,000 jobs to be cut in next 3 years

Economic Times

Economic Times · 2m ago

STMicroelectronics CEO says 5,000 jobs to be cut in next 3 years

STMicroelectronics plans to reduce its workforce by 5,000 jobs over the next three years, including 2,800 layoffs announced earlier. The company's cost-cutting strategy aims to save millions by 2027, with workforce reductions through attrition and early retirements. Discussions with stakeholders regarding the implementation, particularly challenging in Italy, are ongoing. The Italian and French governments, who hold a 27.5% stake, have expressed concerns over job cuts amidst the firm’s market downturn and allegations of insider trading.

Exclusive: Zypp Electric Bags $14 Mn From Energy Giant ENEOS

Inc42 · 1y ago

Exclusive: Zypp Electric Bags $14 Mn From Energy Giant ENEOS

Zypp Electric, an Indian startup, has secured an investment from ENEOS, marking their first investment in an Indian company. The funding aligns with Zypp Electric's larger Series C funding round, with the startup aiming to raise funds at a valuation of approximately $280 million.

KPMG freezes pay for 12,000 UK employees amid economic slowdown

Livemint

Livemint · 1y ago

KPMG freezes pay for 12,000 UK employees amid economic slowdown

Big Four accountancy firm KPMG has frozen pay for 12,000 employees in the UK, according to a report by Financial Times. This comes after the company announced job cuts and pay freezes in its deals advisory arm. The pay freeze also extends to KPMG's tax and legal arm, with bonuses being reduced. Other Big Four firms have also implemented cost-cutting measures due to challenging market conditions. PwC, for example, has warned its UK staff about potential pay freezes and smaller pay rises and bonuses.

Simpl fires 100 employees in a bid to cut costs

Internet

Internet · 1y ago

Simpl fires 100 employees in a bid to cut costs

Simpl, a buy-now-pay-later startup, laid off over 100 employees across verticals in a cost-cutting measure, marking its first such action in 2024. The layoffs, announced by CEO Nitya Sharma, impacted high-level employees. Simpl cited a commitment to improving operational efficiency and profitability as reasons for the layoffs. Severance terms remain unclear. This move follows similar actions taken by Simpl in 2023 amid uncertain economic conditions.

Test-prep startup Exampur delays employees salaries for months, founder says, "we plan to pay in 3-4 months"

IndianStartupNews

IndianStartupNews · 1y ago

Test-prep startup Exampur delays employees salaries for months, founder says, "we plan to pay in 3-4 months"

Exampur, a test-prep startup, is facing financial difficulties, leading to unpaid staff salaries and unsettled full and final (F&F) payments for employees. The company's co-founder attributed the issues to a failed acquisition by upGrad and a subsequent shortage of funds. The acquisition caused operations to scale down, resulting in layoffs and employee departures. The co-founder sold personal holdings and mortgaged belongings to sustain the company, but salaries were still delayed. Exampur expects to pay off December salaries by February end and plans to pay off dues to ex-employees in the next three to four months. The edtech sector as a whole is experiencing funding challenges, with many startups making cost cuts and layoffs.

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