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News on Medial
Startup employees look for exits amid crises; outside talent reluctant to join
Economic Times
·
1y ago
Medial
The attractiveness of the startup sector in India has further diminished due to the ongoing crises at Byju's and Paytm. Recruiters are finding it difficult to attract talent from other sectors, particularly at senior levels. Many employees who joined startups from traditional sectors during the boom are now looking to return, even accepting pay cuts. The troubles faced by decacorns and issues related to compliance are making it challenging to fill CXO roles in startups. Professionals are seeking opportunities in MNCs and conglomerates for stability and a safer work environment. However, it is believed that this is a temporary phase, and the startup sector will regain its appeal when funding increases.
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OpenAI researchers get job offers from Salesforce CEO, Sam Altman replies
Livemint
·
1y ago
Medial
Salesforce CEO Marc Benioff has offered to match the cash and equity of OpenAI researchers, trying to attract them to join his company's Einstein AI research team. Benioff's offer came amid the controversy surrounding the control of OpenAI. He even responded to OpenAI employees threatening to join Microsoft, assuring them that they won't have to use Microsoft Teams at Salesforce and can use Slack instead. Meanwhile, former OpenAI CEO Sam Altman stated that all of his former employees will be working together in some capacity, expressing unity and commitment.
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Senior executives exit startups to the safe shores of big local business groups
Economic Times
·
1y ago
Medial
Senior executives are leaving startups to join established local business groups, seeking stability and established growth paths. The trend highlights a shift in talent movement from startups to more established companies, driven by the appeal of established infrastructure and resources. This migration underscores the ongoing evolution of the startup landscape and the allure of established corporate environments amid market uncertainties. Since September 2022, about 750 senior executives (CXOs and CXO-1) out of about 5,000 top professionals (with more than Rs 1 crore salary) exited unicorns and soonicorns.
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Companies battle for small pool of IT employees
Livemint
·
1y ago
Medial
Companies in India are struggling to fill the talent gap for skilled IT employees. According to a report, companies are finding it challenging to find candidates with the latest IT skills, such as artificial intelligence and machine learning. The demand for IT skills, especially in AI and ML, is increasing as companies digitize their businesses, leading to competition for talent across industries. The limited pool of qualified candidates during campus hiring is another hurdle for organizations. Companies are now focusing on upskilling their existing workforce rather than hiring from outside.
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IPOs lead India's 2024 startup exit wave, but M&As likely to catch up - The Economic Times
Economic Times
·
6d ago
Medial
In 2024, Indian startup exits were dominated by IPOs, contributing 68% due to high public market valuations. However, an increase in mergers, acquisitions, and secondary deals is expected within the next 6-12 months amid public market corrections and liquidity pressures. Although IPOs currently lead exits, a balanced approach is anticipated as valuations correct. Recent strategic M&A deals have already seen significant value, reflecting a diversification in exit strategies for investors and companies.
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Indian founders are quitting at a rapid pace
Inc42
·
1y ago
Medial
Over 30 Indian startup founders and CEOs left their roles in 2023 amid challenges like the extended funding winter, economic pressures, and business restructuring. Notable exits include founders from Zomato, ShareChat, Teachmint, and ZestMoney, among others. Some stepped down for personal aspirations or to pursue new ventures, while others left amid governance issues. Second-time founders also contributed to the creation of new startups. The leadership changes reflect the dynamic landscape of India's startup ecosystem in response to evolving challenges.
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Meta is suing a former exec it claims took a trove of 'highly sensitive' documents just before joining an AI startup
Business Insider
·
1y ago
Medial
Meta is suing former executive Dipinder Singh Khurana after he left the company to join an AI startup. The lawsuit claims that Khurana violated his contract by taking private documents with him, including proprietary and confidential information about Meta's business and employees. Meta accuses Khurana of uploading these documents to his personal Google Drive and Dropbox. The company also alleges that eight employees listed in the documents have left to join the AI startup. Meta takes this misconduct seriously and is committed to protecting its confidential information. Khurana did not respond to a request for comment.
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Amazon UK to spend £170 million on staff pay rises
Economic Times
·
1y ago
Medial
Amazon UK has announced plans to invest £170 million in pay rises for staff. This move comes as the company aims to attract and retain talent amid an ongoing labor shortage in the UK. The pay rise will be given to over 40,000 employees across the country, including warehouse and courier staff. Amazon has been facing criticism regarding its treatment of employees, and this pay increase is seen as an effort to address those concerns.
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VCs looking for partial exits, investors eyeing IPO-bound firms push up secondary deals
Economic Times
·
1y ago
Medial
Venture capital investors are increasingly seeking partial exits from late-stage startups as they face pressure to generate returns in a challenging technology market. Several startup companies have seen a significant reduction in valuations as early backers demand exits, while there is also a growing demand for secondary stakes in companies planning to go public. This comes as venture investments in India decreased from $38.5 billion in 2021 to $9.6 billion in 2023. The trend of secondary transactions is expected to continue as long-term investors look to acquire stakes from venture capital firms and derive value from IPOs.
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Kenyan logistics startup Sendy shuts down, embarks on asset sale
TechCrunch
·
1y ago
Medial
Kenyan logistics startup Sendy, known for direct FMCG purchases, is ceasing operations and seeking asset sale amid financial struggles. Sendy's co-founder confirmed the acquisition process, indicating a formal statement to follow. Facing fund shortages, the company executed cost-cutting measures, including layoffs and market exits. Despite a valuation of $80 million, difficulties securing additional capital led to this outcome, spotlighting challenges faced by B2B e-commerce firms amid operational costs and pricing issues.
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Ola Electric shares slide 5% after CTO and CMO resign amid leadership exodus
Economic Times
·
6m ago
Medial
Ola Electric's shares fell 4.6% after the resignations of two senior executives, CTO Suvonil Chatterjee and CMO Anshul Khandelwal, amid a wider leadership exodus. Both joined Ola Cabs before moving to Ola Electric. Their departures follow recent top-level exits and layoffs affecting 300-400 employees across various departments. Despite citing personal reasons for their resignations, this turnover signals challenges for Ola Electric, which also faces declining market share and increased customer complaints.
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