Sunday, January 29, 2023
Outlook.com
Outlook India
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Unacademy

Swiggy laid off 1,100 employees in May 2020, and fired another 350 July last year

While continual talks of layoffs won’t fit well for the narrative of India’s thriving start-hub ecosystem, increasing fundraising news will suggest that investors are confident about the sector’s potential

The development came at a time when upGrad is trying to take cost-cutting measures to keep its business on a profitability track

The edtech is shutting down its core education business and moving to a test product business with a newly launched application called NextLevel

Vedantu took the harsh measure to keep its business on the profitability track amid a global economic downturn

In July 2021, the company raised $75 million in a Series C funding round led by LeapFrog and Khosla Ventures

India is currently the home of the third largest ecosystem of start-ups after the US and China

The global fintech player has witnessed a 44 per cent drop in its share prices

The Unacademy founder's tweet comes at a time when Indian start-ups are struggling to raise capital at a proper valuation and laying off their employees to stay profitable

GSV Ventures led the funding round, which saw the participation of Clal Insurance and ADQ’s venture platform DisruptAD