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Polygon lays off 60 employees to “enhance performance”

Thehindubusinessline

Thehindubusinessline · 1y ago

Polygon lays off 60 employees to “enhance performance”

Blockchain company Polygon has announced that it is implementing layoffs, with 60 employees, or approximately 19% of its workforce, being let go. The move is said to be aimed at right-sizing the team and improving performance. The company has also mentioned that it will be offering severance packages and health benefits through the end of February. Polygon will be increasing overall compensation and rolling out a streamlined leveling system. Additionally, it plans to restructure its business by spinning off its Polygon Ventures and Polygon ID teams.

Related News

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.

TikTok lays off employees to reduce costs

Economic Times

Economic Times · 1y ago

TikTok lays off employees to reduce costs

TikTok has laid off a certain number of employees in its sales and advertising division in an effort to reduce costs. While reports vary, it is estimated that around 60 to at least 100 employees were asked to leave. This move follows a series of job cuts from other tech companies, including Google and Amazon. Despite the layoffs, TikTok still has around 7,000 employees in the US and over 150 million active users in the country.

Physics Wallah lays off 120 employees

Economic Times

Economic Times · 1y ago

Physics Wallah lays off 120 employees

Edtech startup Physics Wallah is considering laying off 70-120 employees, representing less than 0.8% of its workforce, due to performance concerns. The company plans to hire 1,000 additional employees in the next six months. Physics Wallah, which offers coaching for engineering and medical entrance exams, became a unicorn last year after raising $100 million in funding. It aims to generate a revenue target of Rs 2,500 crore in FY24, with Rs 1,900 crore from its core operations.

Meta lays off 3,600 workers—Then hands execs up to 200% in bonuses

Economic Times

Economic Times · 5m ago

Meta lays off 3,600 workers—Then hands execs up to 200% in bonuses

Meta recently laid off 3,600 employees and announced significant bonuses for its executives, increasing them to 200% of their base salary. This decision was made to align executive compensation with industry peers and retain top talent. However, the timing, following mass layoffs cited as due to "low performance," sparked criticism and backlash online. Many former employees accused Meta of unfair dismissals driven by cost-cutting rather than performance, intensifying scrutiny on the company's leadership.

Zomato Lays Off 500 Customer Service Employees Amid AI Automation, Food Delivery Slowdown

OutlookIndia

OutlookIndia · 4m ago

Zomato Lays Off 500 Customer Service Employees Amid AI Automation, Food Delivery Slowdown

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.

Peak XV-backed Cuemath lays off 100 more employees amid edtech slump

Money Control

Money Control · 1y ago

Peak XV-backed Cuemath lays off 100 more employees amid edtech slump

Online math learning platform Cuemath has laid off 100 employees as it aims to cut costs amidst challenges in the edtech industry. The startup, backed by Peak XV Partners and Alpha Wave Global, faced revenue and cost disparities exacerbated by a difficult macroeconomic environment. Cuemath had previously laid off about 100 employees in May to enhance efficiency. The move reflects a broader trend of investor caution towards Indian edtech companies, with investments in the sector declining by over 80% in 2023. Cuemath's CEO, Manan Khurma, noted challenges and limited market depth in India's edtech landscape.

Infosys lays off 240 freshers over failed assessments

Business Today

Business Today · 3m ago

Infosys lays off 240 freshers over failed assessments

Infosys recently laid off 240 freshers after they failed internal assessments, marking the second round of performance-related dismissals this year. The affected System Engineers and Digital Specialist Engineers, who joined in October 2024, are being offered free upskilling and career transition support through external training programs. Those departing from Mysuru will receive relocation support. Infosys aims to onboard 20,000 freshers in FY26, following the addition of over 15,000 new employees last year.

Ajim Premji-Backed Increff Fires 20% Workforce

OutlookIndia

OutlookIndia · 2y ago

Ajim Premji-Backed Increff Fires 20% Workforce

Backed by Ajim Premji, Increff, an e-commerce startup, has reportedly laid off 20 employees. The move comes amidst market challenges and a need for optimization. Increff focuses on fashion and lifestyle brands, providing technology solutions to enhance inventory management and supply chain. The startup aims to streamline operations and maintain competitiveness in the e-commerce sector. Around 60 employees from tech, sales, customer success, and HR departments were laid off

Sachin Bansal-led Navi lays off 150-200 employees amid delayed IPO

Economic Times

Economic Times · 2y ago

Sachin Bansal-led Navi lays off 150-200 employees amid delayed IPO

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.

Bootstrapped Chennai-based SaaS firm Kissflow lays off 45-50 employees

Money Control

Money Control · 1y ago

Bootstrapped Chennai-based SaaS firm Kissflow lays off 45-50 employees

Chennai-based SaaS firm Kissflow has laid off 15% of its workforce, affecting around 45-50 employees across sales, marketing, and product development. The layoffs resulted from shifting product strategies and annual performance reviews. Before the cuts, the firm employed over 400 people, with affected staff in India, the US, and the UAE. Kissflow offers cloud-based no-code and low-code work management products.

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