Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

Shashwat Swaroop, Founder of Marmeto, shared valuable insights into the evolving landscape of e-commerce

The Marmeto Blueprint: Transforming E-Commerce, One Brand at a Time

Shashwat Swaroop, Founder of Marmeto, shared valuable insights into the evolving landscape of e-commerce

In a world where online retail is rapidly becoming the cornerstone of global commerce, Marmeto stands as a beacon of innovation and reliability. Established in 2015, Bengaluru-based digital transformation, Marmeto has earned a reputation for crafting top-tier e-commerce solutions.&nbsp; To delve deeper into Marmeto's journey and vision, Avni Raja from BusinessHook spoke to Shashwat Swaroop, the company's founder, for an exclusive interview.&nbsp; Marmeto in Numbers
1,000+ Clients: From startups to global enterprises, Marmeto has partnered with a diverse range of businesses. 1,400+ Projects Completed: Their team has delivered innovative solutions across industries, showcasing unparalleled consistency and creativity. 40+ Countries Served: Marmeto&rsquo;s impact transcends borders, with clients spread across the globe benefiting from their expertise.
Opportunities and Risks in E-Commerce During the interview, Shashwat Swaroop, Founder of Marmeto, shared valuable insights into the evolving landscape of e-commerce. He highlighted the massive opportunities in the Indian market, where e-commerce penetration is still under 10%. "E-commerce in India is a vast, untapped potential," he noted, emphasizing the importance of adaptability and innovation for businesses looking to thrive.
Swaroop also added the growing importance of delivering an omni-channel experience, describing it as "the next big thing" in e-commerce. By seamlessly integrating online and offline channels, brands can create a unified customer journey, a critical factor in standing out in a competitive market.
Vision for Marmeto Looking to the future, Swaroop shared his ambitious vision for Marmeto. "We are building Marmeto for the next 100 years," he further stated that his commitment to shaping the future of the omni-channel experience. Swaroop also said that Marmeto aims to remain at the forefront of innovation, helping brands navigate challenges and unlock new opportunities in e-commerce.&nbsp;

Startup to Scaleup: Focus on Workruit that simplifies recruitment process for both employees & employers

One of the primary challenges Workruit faces is the demand from employers for multi-skilled talent says Manikanth Challa, Founder and CEO of Workruit

Employees across the globe find it difficult to get the right job, and employers often struggle to hire the right talent. Over the years, many companies have tried to bridge this gap. Workruit, one of the latest entrants in this space, is also trying to solve this problem. However, what differentiates it from others is its intensive use of artificial intelligence. Since its inception in 2016, the company has helped millions of job seekers by working with thousands of employers. &nbsp; ediotrji's Avni Raja caught up with Manikanth Challa, Founder and CEO of Workruit, to discuss the company's journey, the growth so far and the future plans.&nbsp;
What is Workruit? 
Workruit calls itself a &lsquo;career development &amp; recruitment platform&rsquo;. To job seekers, the company offers a range of AI-powered tools including a resume builder, CV builder, and cover letter builder. Apart from these, its services also include job description comparisons, resume writing, resume proofreading, resume AI analysis, and job search assistance.
It also works with employers, recruiters, educational institutes and governments. For each of these groups, Workruit offers different services.
Also read/watch - <a title="Startup to Scaleup | Niro, a startup offering embedded credit options to consumers of internet platforms" href="https://www.editorji.com/business-news/startups/startup-to-scaleup-niro-a-startup-offering-embedded-credit-options-to-consumers-of-internet-platforms-1714566063429">Startup to Scaleup | Niro, a startup offering embedded credit options to consumers of internet platforms</a> &nbsp;
Workruit: The Scale of Business
Talkig about the scale of Workruit's business CEO Manikanth Challa said that the startup serves over 3 million job seekers and has been utilised by more than 3,000 employers. ''Additionally, over 500 educational institutions leverage Workruit's platform and the company also collaborates with governments globally to enhance recruitment processes'' Challa added.&nbsp; &nbsp; Workruit: The Revenue Picture Speaking to editorji about the revenue of the company, Challa said Workruit offers premium solutions for customers and provides annual plans for staffing companies. He further added that the platform remains free for employers, enhancing accessibility and fostering broader use among businesses. &nbsp; Workruit: The Evolution&nbsp; Challa also talked about the evolution of the company and said Workruit began as the "Tinder for jobs" and has since evolved into a comprehensive career development and recruitment platform, offering B2B and B2C solutions globally. He also added that the platform provides several AI-based features to users, enhancing the job search and recruitment process. Workruit: The Challenges Challa also discussed the challenges faced by the startup. He said that one of the primary challenges Workruit faces is the demand from employers for multi-skilled talent, necessitating continuous innovation in matching candidates with the right opportunities.&nbsp;

Startup to Scaleup: Spotlight on The Hosteller, the game-changer in backpacking hostel space


<div class="c-message_kit__blocks c-message_kit__blocks--rich_text">
<div class="c-message__message_blocks c-message__message_blocks--rich_text" data-qa="message-text">
<div class="p-block_kit_renderer" data-qa="block-kit-renderer">
<div class="p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first">
<div class="p-rich_text_block" dir="auto">
<h2 class="p-rich_text_section">Discussing about the company's fundraising plans. Pranav Dangi, Founder &amp; CEO of The Hosteller mentioned that they have been actively seeking funds and noted challenges due to a funding slowdown in 2023</h2>
</div>
</div>
</div>
</div>
</div>
<div class="c-message_kit__reaction_bar c-reaction_bar c-reaction_bar--light c-reaction_bar--collapsed" role="group" data-qa="reaction_bar" aria-label="Reactions" data-stringify-ignore="true">&nbsp;</div>

Backpacking trips in India provide diverse and immersive experiences for adventure seekers on a budget. From the majestic Himalayas to the serene beaches of Kerala and the vibrant streets of Rajasthan, India offers accessible landscapes to these travelers, courtesy of the growing backpacker hostel sector. To explore the topic of hostels in India further and to better understand their differences from hotels and homestays, Avni Raja from Editorji interviewed Pranav Dangi, Founder &amp; CEO of The Hosteller.
 About The Hostellers Established in 2014, The Hosteller is a prominent backpacking hostel chain. Currently, it operates approximately 55 properties across India. The majority of its properties, around 45, are located in North India, with an additional 10 to 12 properties situated in South India. Dangi, Founder &amp; CEO of The Hosteller, revealed that the company has plans to expand the property count to 75 by March. He also emphasised the company's ethos, stating, "We don&rsquo;t 'burn to earn' money," highlighting a focus on responsible business practices. 
The Hosteller's demand picture&nbsp; Speaking about the demand picture, Dangi said that the Hosteller clocks an average occupancy rate of 72%, which is significantly higher than the industry average. He also said that demand at most of the company's properties in popular destinations like Delhi and Goa don't see any seasonal dip. However, approximately 10% of the properties experience seasonal fluctuations in destinations like Rajasthan. &nbsp; Homestays versus Hostels&nbsp; Highlighting key differences between homestays and hostels, Dangi noted that homestay customers tend to be larger groups, while The Hosteller competes directly with hotels. Despite this competition, Dangi emphasised the company's strong strategy to differentiate itself in the market. &nbsp; The Hosteller&rsquo;s target group When it comes to The Hosteller's target group, Dangi said that they have an inclusive approach, welcoming anyone above 18 years old. Remarkably, they have hosted guests ranging from young adults to individuals in their 80s. Looking ahead, The Hosteller aims to evolve into a "house of brands" and intends to expand into the boutique hotel space, added Dangi.&nbsp; Hosteller's fundraising plans Discussing about the company's fundraising plans. Dangi mentioned that they have been actively seeking funds and noted challenges due to a funding slowdown in 2023. However, Dangi expressed optimism, stating that they are now receiving positive responses from investors and anticipate closing funding deals soon.&nbsp;

Amid the existing the funding winter, startups are cutting on the cost by launching new products, upselling or cross selling to existing partners and restructuring the organisation to make the company profitable

Startup funding winter: Indian startups begin reducing burn rate with 70% funding drop 

Amid the existing the funding winter, startups are cutting on the cost by launching new products, upselling or cross selling to existing partners and restructuring the organisation to make the company profitable

The funding winter is now forcing the Indian startups to redue their burn rate, said a report by Redseer. Since FY22, the funding to startups has dropped 70%.
Burn rate represents the speed at which an unprofitable company consumes its cash reserves. In the case of a startup company, it is the rate at which a new company is spending its venture capital to finance overhead before generating positive cash flow from operations.&nbsp;
Indian startup ecosystem had experienced a sharp funding peak during FY22, receiving a total of $50 billion. In FY23, there was a 70% drop in funding to $15 billion, owing to the macro economic conditions.&nbsp;&nbsp;
"The increasing cost of capital and interest rates, recession in developed markets, a decline in the value of tech stocks, and the slowdown in consumer internet growth have all been challenges for sustained funding. Consequently, startups are focusing on expediting their path to profitability and reducing burn rates," said Mohit Rana, Partner at Redseer.
Startups are resorting to various methods to reduce burn rate. For instance Paytm launched new products, expanded into new business segments, and upsold/cross-sold to existing customers to increase revenue per customer and reduce Customer Acquistion Cost. Likewise, Zomato increased take rates from restaurant partners and delivery costs from customers.&nbsp;
The strategy consultant firm Redseer also noted that by Fy27 the number of profitable unicorns will grow to 55 from 30 in FY22. As per the report, the Unicorns battling funding changes, valuation drops and slow growth will either shift to new models, get acquired, or shut down. There were 68 loss-making unicorns in FY22 which is expected to fall to 43 in FY23.
&nbsp;
&nbsp;

Venture capital funding drops by 20% close to $2.19 billion in Q1 FY23

Venture capital inflow drops by 20%; Investors delay startup deals

Venture capital funding for startups drops close to $2.19 billion in Jan-March 2023. This is a 20% drop compared to the investment during the Oct-Dec quarter of 2022

Venture capital funding for startups drops to $2.19 billion in Jan-March 2023. This is a 20% drop compared to the investment during the Oct-Dec quarter of 2022

Aggregate venture funding fell to $ 2.19 billion in January-March quarter of 2023 which is 20% lower than the previous quarter, October to December, when startups received funding of $3.17 billion. In fact in the year ago period, January - March of 2022, startups received $11.34 billion, as per an Economic Times report.&nbsp;&nbsp;
The reason for this fall in funding, is that risk capital investors are being more rigid in analysing the business model and are delaying to close deals.
According to ET, nearly a fourth of the money invested in statups in the Jan-March 2023 quarter is attributed to the $500 million raise announced by Asia&rsquo;s largest eyewear retailer, Lenskart. Walmart-owned PhonePe also raised a cumulative $650 million in three tranches as a part of its $1 billion fundraise round.
Investors are being more cautious and are taking more time to evaluate a company's business model. Disparity in the valuations expectation between the founders and the investors is also an important factor to delay deal closing.&nbsp;
Experts say that these extended timelines was in place during the years 2018-2019. Indian startups received a windfall of investment in 2021, due to rise in demand for digital services and heightened money supply globally.&nbsp;
As per ET, in the boom years, investors were engaged in quick-fix deal making to prevent losing out on good assets. This year, with VC firms taking their foot off the gas pedal, some funds are asking for more data and negotiations are also taking more time.
According to Venture Intelligence data, during January-March of 2023, Seed and Series A investment rounds saw $712 million in funding, less than half of the $1.92 billion recorded in the same quarter last year. The number of deals also fell from 248 to 115 during this period.
Meanwhile, the investors have rounded up on certain sectors that have the potential to be profitable. A report by Praxis Global Alliance points to sectors such as health-tech, climate-tech and financial services as the breakout sectors in 2023, as far as investments are concerned.

The startup came into the spotlight for all wrong reasons lately after it reported false numbers to its shareholders despite being audited by big names such as KPMG and PwC

Troubled automobile startup GoMechanic acquired by Lifelong Group Led Consortium

The startup came into the spotlight for all wrong reasons lately after it reported false numbers to its shareholders despite being audited by big names such as KPMG and PwC

Two months after car service and repair firm, GoMechanic publicly admitted to financial misreporting, the troubled startup has found a buyer in a consortium led by Lifelong Group. According to a report by Yourstory, Delhi-based Lifelong India Pvt Ltd is acquiring GoMechanic as the majority shareholder under its Servizzy entity. Lifelong Group, incorporated in 1985, is a renowned manufacturer of automotive components, medical devices, and a player in the ecommerce space. The development comes barely two months after the startup&rsquo;s co-founder Amit Bhasin admitted to errors in the company&rsquo;s financial reporting. The company also said it will lay off 70% of its workforce and conduct a third-party audit of its business. Founded in 2016, the Sequoia India-backed startup has serviced and repaired more than two million cars in the country through its service centers, and says its services cost 40% less than the offerings of automakers.

Startups can fulfil their working capital and payroll obligations with the aid of specialiZed credit lines, term loans, EMIs, and revenue-based financing models offered by debt firms and venture capitalists.

Impact of SVB: Investors and venture debt companies establish company emergency credit lines.

Financial relief packages by Indian venture capital firms have been setup in form of credit lines where startups can fulfil their working capital and payroll obligations with the aid of credit lines, term loans, EMIs, and revenue-based financing models.

In order to provide startups with immediate cash, particularly for the working capital requirements in the wake of the collapse of Silicon Valley Bank (SVB), Indian venture capital firms and venture debt firms are setting up an emergency line of credit and debt options.
The parent company of Silicon Valley Bank, SVB Financial Group, announced to the market late on March 8 that it had sold roughly $21 billion worth of securities from its holdings, resulting in an after-tax loss of $1.8 billion for the first quarter. This caused a huge sell-off of its stock on Wall Street, which in turn caused a flurry of withdrawal with regulators declaring the bank insolvent.&nbsp;
Although some Indian startups claimed that only a small part of their money was in the process of being withdrawn and that it would take some time, the Biden administration declared on March 13 that SVB depositors will have complete access to their money.
According to Chachra of 8vdx, startups must receive their money back as soon as possible in order to run payroll by the end of the month and meet other urgent obligations, which will be a major issue, as told to Moneycontrol.
The startups won't be able to make many short-term and immediate payments, which may regrettably even spell the end for many small startups, according to Chachra.
The revenue-based financing platform Klub, which is supported by Sequoia Capital, provides specialised credit lines, term loans, EMIs, and revenue-based financing model fusion.
"We do not have a capital reserve, but we can provide funding ranging from $6K to $400K within 48 hours. Anurakt Jain, cofounder and CEO of Klub, in coversation with Moneycontrol added that we have a number of supply-side partners who are eager to provide money to startups during this time of crisis.

Post the collapse of SVB The US governemnt had given depositors the access to withdraw their money. In the same light Indian startups have been able to handle fund transfers totaling $250–300 million over the past day

Indian startups transfers up to $300 million from collapsed SVB

Post the collapse of SVB, the U.S governemnt has given depositors the access to withdraw their money. Indian startups have transferred $250&ndash;300 million of funds over the past 24 hours

After U.S regulators permitted depositors to withdraw their funds from the Silicon Valley Bank, Indian startups have transferred $250&ndash;300 million over the past 24 hours, as per Financial Express report. Early-stage startups typically had cash balances of up to $2 million to $3 million in U.S bank accounts, while bigger startups typically had cash balances of $20 million to $25 million in SVB accounts.&nbsp;
Further, SVB has still not resumed direct international transfers, businesses must first establish new business bank accounts in the U.S in order to transfer funds.
SVB announced on March 13 that all deposits had been transferred to Deposit Insurance National Bank of Santa Clara, which is presently being taken over by the US Federal Deposit Insurance Corporation (FDIC) (DINB). The FDIC established the new bridge bank DINB with the primary goal of enabling SVB customers to quickly access their money.
The majority of Indian startups impacted by the SVB collapse are those supported by US-based accelerators like Y Combinator, where companies choose a "flip structure" with a parent company registered in the US, especially in Delaware. In order for early-stage startups to obtain money from foreign investors, the "flip company" structure has already become more and more important.
According to PTI&nbsp; Nazara Technologies reported that out of Rs 64 crore held by its two step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB.
The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing.
&nbsp;

Toys 'R' Us opened a store in Sarath city Capital mall in Hyderabad on March 11 but closed it within 24 hours, two sources with knowledge of the matter said

Toys 'R' Us shuts store within 24 hr of opening in Hyderabad

This company shuts its store within 24 hr of opening in Hyderabad

Toys 'R' Us opened a store in Sarath city Capital mall in Hyderabad on March 11 but closed it within 24 hours, two sources with knowledge of the matter said

American toy and clothing retailer Toys 'R' Us is said to have shut within 24 hours a store it opened in Hyderabad to mark its second entry into India over some legal complexities with the mall owner, sources said.
Toys 'R' Us opened a store in Sarath city Capital mall in Hyderabad on March 11 but closed it within 24 hours, two sources with knowledge of the matter said.
Emails sent to the company, as well as its Indian operator and the mall owners, remained answered.
Quoting sources, Financial Express said a no-compete clause with another global toy retailer is said to be behind the mall pulling the plug on Toys 'R' Us.
Just like cola brands Coke and Pepsi are seldom retailed from the same restaurant, the no-compete clause meant the two competing toy retailers could not operate in the same mall. The other retailer already had a shop in the mall.
Toys 'R' Us has been launched in India in two formats - Toys 'R' Us, which is the world's leading toy store, and Babies 'R' Us, a one-stop destination for baby essentials.
It is run by a Bangalore-based firm, Ace turtle, which entered into a joint venture with the Flipkart Group's wholesale entity in India to acquire the licence for Toys 'R' Us and Babies 'R' Us in June 2021.
The toy retailer had made an unsuccessful entry into India in 2017 when it tied up with Tablez India, a division of Abu Dhabi-based Lulu Group International, for an exclusive master franchise agreement.
It launched the global toy brand in India in October 2017 with plans to open 200-plus stores. But it could managed to open only 14 stores which wound up within three years of operations.

"I will meet wth Indian Startups this week to understand impact on thm n how @narendramodi govt can help durng this crisis," Chandrasekhar tweeted on Sunday.

IT Minister to meet start-ups to assess impact of Silicon Valley Bank's collapse 

IT Minister to meet start-ups to assess Silicon Valley Bank's collapse impact

"I will meet wth Indian Startups this week to understand impact on thm n how @narendramodi govt can help durng this crisis," Chandrasekhar tweeted on Sunday.

&nbsp;Minister of State for Electronics and IT Rajeev Chandrasekhar will meet representatives of start-ups this week to assess the impact of their exposure to Silicon Valley Bank which was deeply entrenched in the tech startup ecosystem.
According to various industry players and experts, most Indian software-as-a-services startups with a presence in the US and firms linked to incubator Y Combinator are among entities that will feel the heat of the Silicon Valley Bank collapse but the impact is likely to be short-term.
"The SVB_Financial closure is certainly disrupting startups across the world. Startups are an imp part of NewIndia Economy. I will meet wth Indian Startups this week to understand impact on thm n how @narendramodi govt can help durng this crisis," Chandrasekhar tweeted on Sunday.
Also watch: <a href="https://www.editorji.com/business-news/no-federal-bailout-for-silicon-valley-bank-but-working-to-help-depositors-us-treasury-secretary-1678639266155">No federal bailout for Silicon Valley Bank but working to help depositors: US Treasury Secretary</a>

The collapse of the Silicon Valley Bank could have repercussions for Indian startups too. Several Indian startups have higher deposits in SVB, than what is insured by the Federal Deposit Insurance Corporation.

Silicon Valley Bank collapse: Impact on Indian startups 

The collapse of the Silicon Valley Bank could have repercussions for Indian startups too. Several Indian startups have higher deposits in SVB, than what is insured by the Federal Deposit Insurance Corporation.

The collapse of Silicon Valley Bank (SVB) has sent shockwaves across the globe. One of the biggest bank failures since the 2008 global financial crisis, the collapse of SVB has far-reaching ramifications. This includes a significant impact on the Indian startup ecosystem.&nbsp;
SVB has been one of the preferred bank of startups and venture capitalists globally. Several Indian startups have exposure to the bank. In fact a large number of Indian startups, especially in the SaaS sector that services U.S clients, have accounts and deposits at the bank. Reports say that Indian startups have over $250,000 parked at SVB, this is more than what is insured by the Federal Deposit Insurance Corporation (FDIC).&nbsp;
"All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023", said FDIC in a statement that also asked customers with accounts that had over $250,000 to contact a toll-free number.&nbsp;
The other fallout of the SVB bank collapse will also impact the fundraising ability of Indian startups as the bank was a key source of funding for tech startups. As per reports, SVB has invested in several Indian firms including InMobi, Carewale, and Bluestone among others. For these companies, their raised funds could get stuck and lead to a cash crunch.
Also watch: <a href="https://www.editorji.com/business-news/markets/silicon-valley-bank-shut-down-a-look-at-biggest-banking-failures-since-2008-1678526214050">Silicon Valley Bank collapse: a look at biggest banking failures since 2008</a> A combination of all these factors will further exacerbate the rough weather and a funding crunch that Indian startups were already facing. In fact, in the last few months, Indian startups have already been cutting costs and announcing layoffs, a situation that may only worsen going forward.&nbsp;&nbsp;
As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits.&nbsp;
&nbsp;

As per reports, Lenskart is in talks with Abu Dhabi Investment Authority for a deal worth $500 million, which would value the eye wear startup at $4 billion. 

Abu Dhabi Investment Authority may buy $500 mn stake in Lenskart: Report 

As per reports, Lenskart is in talks with Abu Dhabi Investment Authority for a deal worth $500 million, which would value the eye wear startup at $4 billion.&nbsp;

Abu Dhabi investment authority (ADIA) is in talks with Eyewear startup Lenskart to acquire a stake worth $500 million.&nbsp;
A report by Bloomberg says that ADIA is finalising an agreement to buy a mix of existing shares and new equity. This deal would value Lenskart at $4 billion. Quoting sources, the report says that the deal could be announced next week.&nbsp;
LensKart, co-founded by Peyush Bansal, is backed by KKR, Softbank, Temasek among others.&nbsp;
This round of funding would be amid a global rout for tech companies that's led to thousands of layoffs and hugely eroded valuations especially of startups.&nbsp;
There has been no official word from ADIA or Lenskart on the deal so far.&nbsp; Last year, Co-founder &amp; CEO Peyush Bansal had said that the company was profitable and was planning an IPO within 48 months.&nbsp;

2023 has barely begun and already over 4000 employees have been fired by Indian startups in January alone. Meanwhile, the layoffs wave continues globally in the tech industry, with Zoom being the latest to cut jobs. 

Indian startups cut jobs: 6,000 fired Oct-Dec 2022, 4000 in Jan

Startups layoffs in India: 6,000 fired Oct-Dec 2022

2023 has barely begun and already over 4000 employees have been fired by Indian startups in January alone. Meanwhile, the layoffs wave continues globally in the tech industry, with Zoom being the latest to cut jobs.&nbsp;

Job cuts continue to plague employees both globally and in India. Globally it is the tech industry which is seeing the maximum layoffs and in India a whole host of startups have been attempting to cut costs by cutting jobs.&nbsp; As per a mint report, the tech industry started the year with a wave of job cuts, around 50,000 in January alone.&nbsp; Zoom Layoffs&nbsp;
The video-conferencing service, Zoom has become the latest firm to cut about 1,300 jobs, or approximately 15% of its workforce.
CEO Eric Yuan said in a blog post Tuesday that the company ramped up staffing during the COVID-19 pandemic, when businesses became increasingly reliant on its service as people worked from home. Yuan said Zoom grew three times in size within 24 months to manage demand.
The executive said that businesses continue to depend on its service post-pandemic but that adjustments are needed.&nbsp;
Indian startups cut jobs
Meanwhile, in India, startups have laid off over 4000 employees in January 2023 alone.&nbsp;
According to a report by the Economic Times, startups in India have fired about 6,000 employees in October to December 2022 including unicorns BYJU&rsquo;S, Chargebee, Cars24, LEAD, Ola, OYO, Meesho, MPL, Innovaccer, Udaan, Unacademy and Vedantu.&nbsp;

Due to the funding crunch, startups across the world, including in India, have resorted to layoffs to cut costs

Startups' expectations from Budget 2023 

Startups expectations from Budget 2023 

Amid the wave of layoffs in the sector, startups have a list of demands from budget 2023 to provide a boost to both employment and funding.&nbsp;

Budget 2023 After a tough 2022 due to funding crunch and macroeconomic uncertainty, Indian startups have high hopes from the upcoming Union Budget.
<h3>BUDGET 2023 FOR STARTUPS </h3>
Single window clearance is one of the major demands for Indian startups as opposed to registration with multiple authorities to claim tax incentives.
ESOP taxation: Startups want a modification in ESOP taxation. NASSCOM has recommended that the facility of deferment of ESOP tax be given to a wider pool of startups.&nbsp;
Minimum alternative tax (MAT) Startups and Nasscom also want minimum alternative tax (MAT) for eligible startups to be reduced to 9 percent from 15 percent. This will enable small businesses to meet their working capital requirements.&nbsp;
Tax relief incentive: Another demand is to increase the angel investor pool at the seed stage for Indian startups, offer a tax relief incentive of 30 percent of the cost of equity shares set off against the angel investor&rsquo;s income tax liability for the year in which the investment was made.&nbsp; Long term capital gains tax: LTCG on unlisted shares and public stock investments to be brought on parity. &ldquo;The current tax provisions do not provide a level playing field to domestic investors vis-&agrave;-vis foreign investors", says NASSCOM.&nbsp; &nbsp; &nbsp;

After admitting to financial irregularities, GoMechanic founder Amit Bhasin said that the company will seek "capital solutions" and that the co-founders take 'full responsibility' for the current situation.

GoMechanic founder admits to financial lapses, 700 fired

After admitting to financial irregularities, GoMechanic founder Amit Bhasin said that the company will seek "capital solutions" and that the co-founders take 'full responsibility' for the current situation.

GoMechanic, a car repair startup, has announced that they will be laying off around 70% of their workforce due to financial errors. The Sequoia-backed company admitted to grave errors in judgment and financial reporting, which led to the discontinuation of a funding round led by SoftBank and Khazanah Nasional.
Taking responsibility, Founder Amit Bhasin, in a post on LinkedIn, said, ''We take full responsibility for this current situation and unanimously have decided to restructure the business while we look for capital solutions. This restructuring is going to be painful and we will unfortunately need to let go of approximately 70% of the workforce."&nbsp;
Bhasin goes on to say "we made errors in judgment as we followed growth at all costs, including in regard to financial reporting, which we deeply regret."
The company has also decided to have their accounts audited by a third party.&nbsp;
Gurugram-headquartered GoMechanic, offers services such as repairing and carwashing. As per reports, the company was struggling to raise funds for over a year despite talks with several investors reaching advanced stages.&nbsp; &nbsp;

How will digital businesses function with AI, Automation? Will augmented & mixed-reality enhancements become more useful for people? Ajit Mohan speaks with Mensa Brands’ Ananth Narayanan at the Ascent Conclave 2022. 

Ajit Mohan & Ananth Narayanan On Digital Businesses & Future At Ascent Conclave 2022

What is the future of work? How will digital businesses function with the likes of AI, automation, and Metaverse? Will augmented and mixed-reality enhancements become more useful in people’s daily lives? Ajit Mohan and Mensa Brands' Ananth Narayanan discuss at the Ascent Conclave 2022.

Ajit Mohan & Ananth Narayanan On Super Charging A Digital Future | Ascent Conclave 2022

What is the future of work? How will digital businesses function with the likes of AI &amp; automation? Will augmented &amp; mixed-reality enhancements become more useful to people? Ajit Mohan and Mensa Brands' Ananth Narayanan discuss at the Ascent Conclave 2022.

This is the valuation of startup ecosystem in India

He said India has about over a million people directly engaged by them and there must be many million more who are indirectly involved in the entire startup ecosystem.

The valuation of the startup ecosystem in the country is nearly Rs three lakh crore, Union Commerce and Industry Minister Piyush Goyal said on Saturday.
"...the fact that we are probably 110-plus unicorns, about 75 or so soonicorns which are on their way to become unicorns, is truly a remarkable achievement. The last time we did a valuation of our startup ecosystem, it came to about USD 368 billion, that's nearly three lakh crore rupees," he said.
Goyal said there are over 80,000 startups in the country registered with the Industry Ministry.
"We have about over a million people directly engaged by them. Must be many million more who are indirectly involved in the entire startup ecosystem. Over a 110 unicorns," he said.
He spoke about the various initiatives taken by the government to promote the startups.
The government is also strengthening the patent offices and everything is going to be online, he said.
Also watch: <a href="https://www.editorji.com/business-news/india-s-forex-reserves-lowest-since-july-2020-1667025622228">India's forex reserves lowest since July 2020</a>
He was replying to a query on what is being done to boost the startup ecosystem, among others.
Goyal was speaking here at an interaction with students, faculty and alumni of Indian Institute of Foreign Trade (IIFT), National Institute of Fashion Technology (NIFT), National Institute of Design (NID) and others.

A bizarre incident has been reported where a man dressed up as a Zomato delivery executive to get a job in Bengaluru.
The man is identified as Aman Khandelwal, he is looking for a job as a management trainee. Aman as a Zomato delivery agent delivers his resume in the boxes of pastries to the Bengaluru startups. Each pastry box contains a note of "Most of the resumes end up in the trash but mine in your belly."
Aman posted this on his Twitter handle on Saturday, his post garnered many likes and comments. Following this Aman dropped his Linkedin profile link in the comment section so that people can approach him with his viral tweet. 

Dressed as Zomato agent, man sends resume in pastry box. Find out what happened next

Man dressed up as Zomato delivery agent to find a good job, sent resume in the box of pastries

Man dressed up as Zomato delivery agent to find a good job, sent resume in the box of pastries

A man from Bengaluru is garnering many thumbs ups on social media with his &lsquo;in the box&rsquo; idea of sending&nbsp; job applications. Aman Khandelwal, who was looking for a job as a management trainee, dressed up as a Zomato rider and delivered this resume to several Bengaluru startups in a pastry box.&nbsp;
Each box contained some pastries, his resume and a note saying &lsquo;most of the resumes end up in the trash but mine in your belly.&rsquo;
ALSO WATCH: <a href="https://www.editorji.com/india-news/2-held-for-thrashing-zomato-boy-attackers-had-refused-food-used-casteist-slur-1655867490334" target="_blank">2 held for 'thrashing' Zomato boy; attackers had refused food, used casteist slur</a>
Aman posted a picture of him dressed as a Zomato delivery agent and the pastry box on his Twitter handle on Saturday and followed it up by dropping his Linkedin profile link in the comment section.&nbsp;
Several twitter users did point out that it is not an original idea and that it has been done before but Digital Gurukul Metaversity, a digital institute offering marketing courses, was so impressed by his effort that they offered him a scholarship for one of their programmes and an internship.&nbsp;

Indian startups have fired more than 12,000 employees this year as the pandemic boom starts to wane, according to Crunchbase, a platform that gathers data about private and public companies. 
According to Crunchbase, startups, especially the ones who benefitted from a pandemic boom, are feeling the pressure as valuations have started to dip. 
Companies like Ola, Blinkit, BYJU's, Vedantu, Mobile Premiere League, Furlanco and more have let go of nearly 12,000 employees so far this year.
India may see over 60,000 job losses in the startup eco-system this year as funding becomes scarce, according to reports. 

Over 12,000 employees sacked by India startups in 2022: report

Indian startups have fired more than 12,000 employees this year as the pandemic boom starts to wane, according to Crunchbase,

According to Crunchbase, startups, especially the ones who benefitted from a pandemic boom, are feeling the pressure as valuations have started to dip.&nbsp;

Indian startups have fired more than 12,000 employees this year as the pandemic boom starts to wane, according to Crunchbase, a platform that gathers data about private and public companies.&nbsp;
According to Crunchbase, startups, especially the ones who benefitted from a pandemic boom, are feeling the pressure as valuations have started to dip.&nbsp;
Companies like Ola, Blinkit, BYJU's, Vedantu, Mobile Premiere League, Furlanco and more have let go of nearly 12,000 employees so far this year.
India may see over 60,000 job losses in the startup eco-system this year as funding becomes scarce, according to reports.&nbsp;
Also Watch| <a href="https://www.editorji.com/business-news/is-byju-s-in-big-trouble-1656657537998" target="_blank">Is Byju's in big trouble?</a>

Byju's owned coding platform WhiteHat Jr has laid off another 300 employees as per reports. Byju’s, India’s most valuable startup said they are 'realigning business priorities' and 'optimising our team to accelerate results and 'optimising our team to accelerate results'.

Byju's back with pink slips; WhiteHat Jr lays off 300 people

India's most valued startup is pushing the brakes, Byju's unit lays off 300 people. 

Move comes almost a month after WhiteHat Jr witnessed mass resignation as employees were 'asked to join office'

Byju's&nbsp;owned coding platform&nbsp;WhiteHat Jr has laid off another 300 employees as per reports.&nbsp;Byju&rsquo;s, India&rsquo;s most valuable startup&nbsp;said they are 'realigning business priorities' and 'optimising our team to accelerate results and 'optimising our team to accelerate results'. A few months ago, nearly 1000 employees were 'forced to resign' as they were given strict return to office notices by WhiteHat Jr as per reports. Byju's had acquired WhiteHat Jr in 2020 in a record breaking deal to the tune of $300 mn amid its $2.5 billion buying spree.&nbsp;

startups

Categories