Cisco plans to layoff 350 employees in Silicon Valley: Report

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September 19, 2023

A Seeking Alpha report states that US-based telecom gear maker Cisco plans to lay off 350 employees in Silicon Valley in October.

Cisco will lay off 123 people in Milpitas and 227 in the San Jose office by mid-October, according to the telecom publication Light Reading, while citing the California Employment Development Department.

SFGate stated that software engineering positions account for most layoffs at both locations.

An earlier statement from a Cisco spokesperson to Light Reading stated that the company’s November 2022 “rebalancing effort” led to the layoffs. This also includes a limited restructuring that will affect the real estate portfolio of the company and about 5% of its staff, or 4,000 employees.

“As we announced then, this is not about cost savings as we have roughly the same number of employees as we did before the process began,” the Cisco spokesperson was quoted as saying in the report.

“This rebalancing is about prioritizing investments in our transformation, to meet and exceed our customers’ expectations in the changing technology landscape. We will continue to do everything we can to help place affected employees in open roles and offer extensive support including generous severance packages,” the spokesperson said, as per the report.

Among the major telecom companies, Cisco is cutting employees. Other companies reducing workforce include Verizon, Crown Castle, BT, Vodafone, Ericsson, and others.

LTIMindtree launches Testing as a Service for Oracle SaaS

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September 18, 2023

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LTIMindtree, a global technology consulting and digital solutions company, announces the launch of Testing as a Service for Oracle SaaS. This new offering establishes new standards for Oracle SaaS testing, following the success of RELY, a comprehensive suite of assurance and compliance services platform for enterprise applications.

The Testing as a Service for Oracle SaaS by LTIMindtree on the RELY platform was developed to address a number of issues with Oracle Cloud testing and validation. The manual and time-consuming nature of testing operations, which leaves comparatively little time for analyzing and deploying updates, is one of the major problems faced by testing teams. Currently, the teams employ outdated test scripts, which raises questions about accuracy when comparing test results. Additionally, they frequently experience problems with system integration, security, and compliance, which reduce the SME’s bandwidth and require frequent independent third-party testing to ensure optimal performance.

A powerful set of features, including out-of-the-box tests, interactive dashboards for real-time visibility, seamless support for all Oracle versions, end-to-end automation, tighter audit control, and 5X faster testing, are available on the RELY platform to address the challenges of the existing testing processes.

“Oracle Cloud testing and validation is a critical activity in the overall cloud deployment process, but it often becomes tedious and time consuming with suboptimal outcomes,” said Nachiket Deshpande, Whole-Time Director, and Chief Operating Officer, LTIMindtree. “The complexity of the deployment of IT systems & architectures with inadequate testing and process can hinder and delay the realization of full business benefits for the organizations. With our experience with Oracle Cloud, and our state-of-the-art platform ‘RELY’, we are in a superior position to help customers embark on their Oracle Cloud transformation journey reliably and effectively.”

RELY was developed by LTIMindtree, powered by Tricentis, to enhance further the enterprise application’s test automation services for SAP, Oracle, and other service lines. LTIMindtree seeks to provide clients from a variety of industries with the tools they need to address the rising demand for environmentally friendly products while navigating the challenges that come with the dynamic global business environment.

Wellness startup The Good Bug secures $3.5mn funding

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September 18, 2023

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The Good Bug, a direct-to-consumer (D2C) brand, raised $3.5 million in its latest funding round led by Fireside Ventures.

The company claims that it would use a significant portion of the funds for brand investments, team expansion, and the development of new products.

The Good Bug, a wellness company founded in 2022 by Keshav Biyani and Prabhu Karthikeyan, focuses on gut health and seeks to address issues such as bloating, constipation, weight management, and others through the gut.

“Our journey has been about more than just business; it’s about transforming lives. We are excited to have Fireside Ventures as our partner in this journey,” said Biyani, in a statement.

Biyani had previously worked as Future Group India’s head of strategy and emerging business. Karthikeyan is a serial entrepreneur in the consumer space who has previously cofounded the hair care brand Athena Life Sciences and the men’s grooming brand United Consumer Brands.

The Good Bug currently has 100,000 customers, according to the company.

“As consumers are getting more health-conscious and looking for safe and effective solutions with long term benefits; we see a huge potential for gut health. The Good Bug is at the forefront of this segment with their innovative and effective products,” said Ankur Khaitan, principal, Fireside Ventures.

With the pandemic, the D2C space has seen a significant infusion of capital with the increase in online shopping by customers. Massive industry consolidations have also taken place over the past several months as large, fast-moving consumer goods (FMCG) brands compete for market share.

Goat Brand Labs, an e-commerce rollup brand backed by Flipkart Ventures and Tiger Global, acquired Chumbak earlier this year for an undisclosed amount.

Consumer giant HUL acquired a 51% stake in the plant-based supplement brand Oziva last December for Rs 264 crore, and over the next three years, it plans to acquire the remaining 49%.

Adore Group to invest Rs 200 crore in Gurugram project

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September 15, 2023

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Adore Group, a Gurgaon-based real estate developer, has acquired a 10.20-acre plot of land in sector 77 and plans to invest Rs 200 crore in its development, according to a senior official.

The project will have a clubhouse spread across 60,000 sq ft. The project, which has 12 towers with over 700 units, is expected to bring in Rs 1,000 crore in revenue for the company.

“This is the first time in Gurgaon when a project will be based on the Greek lifestyle,” said Jetaish Gupta, Founder & Director, Adore Group.

Adore has completed 20 projects totaling 10.11 million sq ft.

A record number of housing unit launches are expected in Delhi-NCR during the following festive season since several developers have bought land in the last six months to meet the growing demand for homes.

Developers with planned launches in the year’s second half include DLF, Godrej, L&T, TARC, Signature Global, and County Group.

Residential launches in the first half of this year were already more than double those in the same period last year, says Cushman & Wakefield. In Delhi-NCR, 10,963 residential units were launched in the first half of the year, almost as many as were introduced in 2019.

Livspace posts strong revenue growth in FY23; Ebitda loss narrows

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September 15, 2023

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Home décor startup Livspace, backed by US private equity firms TPG and KKR, had a significant rise in its topline and improved financial health in the year ending in March 2023, a senior official told VCCircle.

“We achieved a top-line growth of 85% across the business, with our revenue reaching nearly ₹1,100 crore,” Livspace chief strategy officer Ankit Shah said in an interaction.

According to Shah, the company’s growth in the fiscal year was fueled by business development, investment in branding and experience centers, and improved supply chains.

By the end of March 2021, Livspace was present in six to seven cities. By the end of FY23, Livspace was operating in 45 to 50 cities.

Livspace’s earnings before interest, taxes, depreciation, amortization, or Ebitda margin before employee stock options increased from -95.2% in FY22 to -50.7% in FY23, indicating a better financial position. As a result, the Ebitda loss before ESOPs decreased to around 581 crores from over 600 crores in FY22.

According to Shah, the company’s absolute gross profit increased by 140% over the year, while the real margin increased by 10%, from around 30% to 40%.

“We have delved deeper into the supply chain. Our efforts and energy have been significantly invested in negotiating with vendors and sourcing materials,” he added while explaining how the company lifted its margins in FY23.

“In the past few months, our India business, which constitutes approximately 80% of our operations, has achieved an EBITDA margin before ESOPs in the late teens. We’re looking to break even by the end of this fiscal,” Shah said.

An omni-channel platform for home interior and restoration, Livspace was established in 2014 by Ramakant Sharma and Anuj Srivastava. It has operations across Southeast Asia, India, and the Middle East.

A funding round led by KKR in February 2022 raised the company’s latest $180 million, valuing it at $1.2 billion and elevating it to the coveted unicorn club. There have been several rounds of funding totaling roughly $450 million.

The company is betting on the future expansion of India’s real estate sector, which is recovering from the lows of the COVID-19 pandemic.

“We’re strengthening our presence in the current 45 cities and plan to expand to around 100 cities in the coming year. This expansion includes adding more experience centres in the cities where we already have a presence,” said Shah.

Yatra Online raises Rs 348-Cr from anchor investors

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September 15, 2023

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Yatra Online, an online travel company, announced that it has raised Rs 348.75 crore from anchor investors ahead of its Rs 775 crore initial public offering (IPO).

A circular uploaded on the BSE website states that the company has allocated 2.49 crore equity shares to 33 entities at Rs 142 each.

ICICI Prudential Mutual Fund (MF), Mirae Asset MF, Tata MF, Bandhan MF, Max Life Insurance, Bajaj Allianz Life Insurance, Massachusetts Institute of Technology, Morgan Stanley Asia (Singapore) Pte, Goldman Sachs (Singapore) Pte, Bofa Securities Europe SA, Societe Generale, BNP Paribas Arbitrage and Quantum State Investment Fund are among the anchor investors.

The IPO will bring up to Rs 775 crore at the upper end of the price band.

The IPO includes an offer for sale (OFS) of up to 1,21,83,099 shares by the promoter, THCL Travel Holding Cyprus Ltd, and investor Pandara Trust – Scheme I, represented by its trustee Vistra ITCL (India) Ltd.

Up to Rs 150 crore of the proceeds from the fresh issue would be put toward strategic investments, acquisitions, and inorganic development, and up to Rs 392 crore will be used for investments in customer acquisition and retention, technology, and other organic growth initiatives.

Yatra Online Ltd. offers corporate travel services and ranks third among the major online travel businesses in the country in terms of gross booking revenue and operating revenue.

SBI Capital Markets Ltd, DAM Capital Advisors Ltd and IIFL Securities Ltd are the book-running lead managers to the IPO.

The shares of the company will be listed on the BSE and NSE.

HotelYaari raises $2.17mn in seed funding

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September 14, 2023

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HotelYaari, a fractional ownership platform for holiday homes and hotel suites, has secured $2.17 million (Rs 18 crore) in seed funding from Alios Ventures. The company said in a statement that the entire investment would be disbursed over the next three quarters in three equal tranches.

Janardan Tiwari, a former DataTrained founder and CEO, established the startup in May 2023. The platform offers middle-class individuals an opportunity to invest in holiday homes and hotel suites. Similar to the fractional ownership concepts used by Pacasso in the US and Kocomo in Mexico, it enables cost-effective access for those who are unable to buy whole properties.

“The investment will be used to further develop the platform and hire more personnel to cater to the demand for fractional ownership of holiday homes and hotel suites,” said Janardan Tiwari, founder and chief executive officer, HotelYaari.

Tamil Nadu Startup Mission to launch reality show Startup Thamizha

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September 14, 2023

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The Tamil Nadu Startup and Innovation Mission (StartupTN) announced the launch of “Startup Thamizha,” a Tamil startup reality show aimed at bridging the funding gap and creating awareness about startups across the state.

Despite having the entrepreneurship dream, the youth face obstacles like a lack of knowledge about what it takes to be a successful entrepreneur, mentorship support, and difficulty in raising investment, according to StartupTN, which works under the micro, small, and medium enterprises department and serves as the state government’s nodal agency for startups and innovations.

“Over the last few years, reality shows on Tamil television channels have been a big hit by covering a wide range of audiences and across age groups. They are proving to be stepping stones to success for the common man,” Sivarajah Ramanathan, mission director & CEO of StartupTN, said in a statement.

The primary goal of StartupTN’s “Startup Thamizha” television reality show is to educate startup founders and aspirants by highlighting entrepreneurs pitching their innovations to global investors and successfully raising funds.

“Startup Thamizha will play an essential role in creating awareness of how entrepreneurs and innovators with a novel and scalable product or solution could make a big dream come true, without worrying about their biggest challenges,” Ramanathan added.

Additionally, the program will highlight modern investment opportunities for potential investors unaware of new investment alternatives.

Samhi Hotels receives INR 617-Cr from anchor investors

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September 14, 2023

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Samhi Hotels announced that it received INR 616.54 crore from anchor investors ahead of its initial share sale. According to a circular uploaded on the BSE website, the company has allocated 4,89,32,143 equity shares to 35 entities at an average price of INR 126 each.

SBI Mutual Fund (MF), Aditya Birla Sun Life MF, ICICI Prudential MF, Tata MF, Elara India Opportunities Fund, Singapore Government, Monetary Authority of Singapore, Societe Generale, Segantii India Mauritius, D E Shaw Valence International (SPV) LLC, Lion Global Asia Pacific Fund and Citigroup Global Markets Mauritius Pvt Ltd are among the anchor investors.

Gurugram-based Samhi Hotels set the price band on Monday for its INR 1,370 crore primary share sale, which begins on Thursday, at INR 119–126 per share.

The Initial Public Offering (IPO) comprises fresh issuance of equity shares worth up to INR 1,200 crore and an Offer For Sale (OFS) of up to 1.35 crore shares.

In a pre-IPO placement, external investor Blue Chandra sold 10.32 million shares, or 8.4% of its holdings, to Madhuri Kela, the wife of renowned investor Madhusudan Kela, along with Nuvama Crossover Opportunities Fund and TIMF Holdings, for a total consideration of Rs 130 crore.

JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the issue.

Samhi acquires or builds major hotels, then renovates, rebrands, and rerates the property before operating it. It has been in business for 13 years and added 369 keys in FY23, making it the third-largest hotel owner by key count. It currently has 4,800 keys spread across 31 operating hotels, including its most recent acquisition of ACIC last month.

It has land to build a 350-key hotel in MIDC, Navi Mumbai.

Betterhalf announces its second ESOP buyback for employees

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September 13, 2023

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Betterhalf, a startup that offers wedding and matrimonial services, has announced its second ESOP buyback, from which 29 current and former employees will benefit. This announcement builds on last year’s first buyback, which helped seven employees.

The development comes from the company generating $500K in monthly revenue.

“We encourage an entrepreneurial work style among all our employees, providing them with ownership for their respective work areas, which has led to almost zero attrition. And this year’s ESOP buyback is a testimony to these efforts,” said Pawan Gupta, Co-founder and CEO of Betterhalf.

Betterhalf is a matrimonial startup that uses artificial intelligence to connect people looking for life partners. It was founded in 2016 by Pawan Gupta and Rahul Namdev. The startup claimed to have supported over 100 weddings.

Betterhalf has 30,000 partners on its platform, including 750 venue partners in Bengaluru. The startup will soon launch in Delhi to enhance its presence in the Indian wedding market.

“Our vision is to revolutionize the Indian wedding industry by offering customers a selection of venues and non-venue service providers for seamless on-ground fulfillment,” said Rahul Namdev, Co-founder and CPTO of Betterhalf.

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