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News on Medial
Once valued at $450 Mn, ZestMoney to shutdown by Dec-end, lay off 150 employees
Inc42
·
1y ago
Medial
Fintech startup ZestMoney is set to shut down by the end of December, laying off its entire workforce of 150 employees. Despite efforts by the new management to revive the company, it failed to secure additional funding or find a buyer. The shutdown comes after the original co-founders left earlier this year, and the company struggled with mounting losses and loan defaults. ZestMoney had raised over $130 million in funding and reached a valuation of $445 million at its peak. This announcement adds to the list of Indian startups that have shut down in 2023.
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ZestMoney to shut ops, lays off 150 employees
Economic Times
·
1y ago
Medial
Fintech startup ZestMoney is shutting down its operations by the end of this month, leading to the layoff of its remaining 150 employees. The company failed to revive its business after acquisition talks with PhonePe fell through in March. ZestMoney, which began as a loan-sourcing platform, had tried to pivot its business model and offer its technology stack as a white-label solution to other fintech lenders and NBFCs after the acquisition talks failed. PhonePe had initially signed a non-binding term sheet to acquire ZestMoney in November last year.
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DMI Group acquires BNPL startup ZestMoney in a fire sale deal
Money Control
·
1y ago
Medial
NBFC DMI Finance has acquired Buy Now Pay Later startup ZestMoney in a fire sale deal. The move strengthens DMI Group's commitment to customer-centric financial solutions and opens up new possibilities for seamless checkout finance tools. The Walmart-backed fintech decacorn PhonePe was previously in talks to acquire ZestMoney, but backed out due to issues with due diligence. ZestMoney faced difficulties without PhonePe's involvement, leading to layoffs and eventual shutdown. However, DMI Finance has assured that all existing employees will remain with the company.
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Return of pink slips? Intel, Microsoft, Tinder parent Match hit by layoffs
Economic Times
·
1y ago
Medial
Despite a brief slowdown earlier this year, tech companies are once again resorting to job cuts to control costs. Over 120,000 employees have been laid off by 384 tech companies this year. Major players like Intel, Microsoft, and Match Group have all announced significant layoffs. Indian tech startups are also facing challenges and have been forced to lay off employees due to a tough funding environment. Companies like Ola Electric, Paytm, and Byju's have announced substantial job cuts.
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Byju's insolvency case fans fears of employees
Economic Times
·
11m ago
Medial
The insolvency of Indian edtech company Byju's has prompted thousands of panicked employees to seek recoveries and protect their careers. Once valued at $22 billion, Byju's popularity soared during the pandemic but it is now engaged in a dispute with US lenders seeking $1 billion in unpaid dues. Employees are considering protests and lawsuits after months without pay, while the company has warned of a total shutdown. Byju's founder, Byju Raveendran, has assured staff that salaries will be paid promptly once control is regained, but the future remains uncertain with potential asset liquidation.
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The startup that attempted to bring Elon Musk's futuristic hyperloop dream to life is shutting down
Business Insider
·
1y ago
Medial
Futuristic transport startup Hyperloop One, the company aiming to build Elon Musk's hyperloop transit system, is reportedly shutting down. The company is laying off employees and selling its assets. Despite raising over $450 million, Hyperloop One has faced financial challenges and shifted away from passenger travel. This closure is a setback for supporters of the hyperloop technology, which Musk had initially proposed. Hyperloop One did not comment on the reported shutdown.
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Rohan Misra’s Gravity raises $150-mn fund; JioStar to lay off staff
VCCircle
·
5m ago
Medial
Rohan Misra, son of ex-SoftBank Vision Fund CEO Rajeev Misra, has secured approximately $150 million for his investment company, Gravity Holdings. This London-based firm primarily obtained funding from family offices and tech industry leaders, according to The Economic Times. Meanwhile, JioStar is reportedly planning to lay off staff, although further details on the extent and reasons behind the layoffs were not provided in the report.
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Online furniture retailer Wayfair to cut 1,650 jobs to trim costs
Reuters
·
1y ago
Medial
Online furniture retailer Wayfair announced that it will lay off approximately 1,650 employees, accounting for 13% of its global workforce, in an effort to reduce costs. The job cuts are expected to result in annualized cost savings exceeding $280 million. Wayfair had previously announced plans to cut 1,750 jobs in the previous year. As of the end of 2022, the company had a global workforce of about 17,505 employees.
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DealShare deserts B2B biz, fires over 100 employees
Entrackr
·
1y ago
Medial
Social commerce startup DealShare has decided to shut down its B2B arm and lay off several employees as it shifts focus to B2C offerings. The move comes after the CEO Vineet Rao stepped down. The company aims to be "relevant to its consumers in the market" and will realign budgets and teams accordingly. While the exact number of layoffs is undisclosed, it is reported that around 130 employees have been affected. DealShare, valued at $1.7 billion, experienced significant growth in FY22 but also reported increased losses.
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Ecom Express Faces Staff Exodus Ahead of Delhivery Merger; CEO Chitkara May Exit Too
OutlookIndia
·
2m ago
Medial
Ecom Express is facing significant staff departures ahead of its acquisition by Delhivery, valued at Rs 1,400 crore. Around 150 mid-level employees have resigned, and CEO Ajay Chitkara may also exit after regulatory approval. Previously, cash-strapped Ecom Express laid off 500 employees and postponed IPO plans. Delhivery plans to absorb qualified staff from Ecom Express, despite overlapping customer bases and processes. Approval from the Competition Commission of India is pending for the transaction.
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Spotify CFO Paul Vogel to step down next year
Economic Times
·
1y ago
Medial
Spotify's Chief Financial Officer (CFO) Paul Vogel will step down by the end of March 2024 after an eight-year tenure. This announcement follows Spotify's decision to lay off approximately 1,500 employees, or 17% of its workforce. The company, currently facing challenges, plans to launch an external search for Vogel's successor. In the interim, Ben Kung, the Vice President of Financial Planning and Analysis, will assume additional responsibilities. Spotify's shares dropped 2.3% in extended trading following the news.
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