As winter sets in, we transition from Diwali to the Christmas season, but unfortunately, the chill in the air also brings a familiar refrain – global layoffs. The narrative we are witnessing as we close out the old year and welcome the new one eerily resembles what transpired in 2022. Back then, approximately 150,000 individuals faced unemployment, and now in 2023, the numbers are even more staggering, with over 240,000 working professionals losing their jobs. This impact resonates across the spectrum, affecting tech giants like Google, Amazon, and Microsoft, as well as small fintech startups and apps. As the holiday season draws near, the specter of job cuts looms large, particularly within these major global tech behemoths.
Struggling to cut costs, Dunzo, a quick-commerce startup, takes a significant step by migrating all employee accounts from Google to Zoho Workplace. This migration is anticipated to reduce costs by a substantial one-third for the embattled company.
Year-end layoffs have become a common phenomnon for last couple of years. Reportedly, from 2022 to date, approximately 95 startups have laid off nearly 31,965 employees. Now, as we are again going towards the year-end, the industry has started feeling layoff chills.
Designing a roadmap to assist Maharashtra in achieving the status of a USD 1 Trillion Economy by the year 2028, the Maharashtra Economic Advisory Council presented 341 recommendations to the Maharashtra cabinet. The Maharashtra Government subsequently reviewed the council's suggestions.
In a significant move that merges the worlds of cricket and fitness, legendary cricketer Mahendra Singh Dhoni has invested in Tagda Raho, a Bengaluru-based fitness startup. The ICC World Cup-winning captain has not only backed the initiative but also expressed his commitment to the venture’s mission of revitalizing Indian physical culture.
Within hours of the news breaking that the edtech company Byju’s had purportedly received a notice from the Enforcement Directorate (ED), and despite the company's initial denial of receiving any notice from the law enforcement agency, the ED confirmed issuing a show cause notice to the prominent edtech company Think and Learn Private Limited, commonly known as Byju's, and its founder, Byju Raveendran.
Nestled within the esteemed corridors of IIT Bombay, a bastion of technological innovation and academic excellence, the Society for Innovation & Entrepreneurship (SINE) stands as a testament to the institute's commitment to fostering groundbreaking ideas and nurturing the entrepreneurial spirit. Established in 2004, SINE has emerged as one of the earliest incubators situated within the academic realm, possessing a unique potential to cultivate startups that not only contribute to economic growth but also embody strategic value and social relevance.
It was a flourishing day for startups across diverse sectors as they secured substantial funding from the investors. From Bengaluru's traveltech standout, Scapia, securing $23 million in Series A funding, to Baaz Bikes' $8 million boost for electric bikes and batteries, and Kiwi's $13 million injection to expand 'credit cards on UPI,' the startup landscape witnessed a surge in support. Kolkata-based KOZYNAP also celebrated the successful closure of its seed funding round, further emphasizing the dynamic and promising trajectory of the entrepreneurial ecosystem.
Adding on to the already existing troubles, Byju’s, the edtech giant finds itself entangled in a web of controversies, ranging from alleged violations of the Foreign Exchange Management Act (FEMA) to financial woes and management disputes. The Enforcement Directorate (ED) is reportedly investigating FEMA violations amounting to Rs 9,000 crore by Byju's.
Until now, incubators held centralized data about startups and were responsible for assessing business ideas before incubation. However, for the first time, startup founders will also have access to a centralized repository. This access alleviates the challenges associated with individually researching available incubators, enabling them to make informed decisions crucial to their entrepreneurial journey.
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