Twitter now lays off 4,400 contractual workers: Report

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November 14, 2022

Elon Musk reportedly laid off at least 4,400 contractual workers at the company after firing roughly 3,800 people, or about 50% of Twitter’s workforce.

Platformer and Axios have reported that the microblogging platform is currently terminating the employment of contract employees.

“Contractors aren’t being notified at all, they’re just losing access to Slack and email. Managers figured it out when their workers just disappeared from the system,” tweeted Platformer’s Casey Newton.

“They heard nothing from their leaders,” he posted. Neither Musk nor Twitter reacted to the new wave of layoffs that started over the weekend.

Many found out they were no longer employed by the firm when they suddenly lost access to Twitter’s internal systems.

“One of my contractors just got deactivated without notice in the middle of making critical changes to our child safety workflows,” one manager posted on the company’s internal Slack messaging platform.

Following Twitter’s earlier layoffs, several contractors were placed on teams without full-time employees, leaving no one to sign off their timesheets, according to Engadget.

Godrej Properties acquire two land parcels in Noida for ₹337-cr

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November 12, 2022

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Godrej Properties announced that it had placed the highest bid of Rs 377 crore for two adjacent Noida land parcels.

The land parcels span 12.4 acres and are situated in Sector146, Noida.

In Mundhwa-East, Pune, Godrej Properties announced the purchase of a 12-acre land parcel. The project is expected to have a developable potential of roughly 2.2 million sq ft and an estimated revenue potential of over ₹2,000 crores. The development on this land will primarily be for a premium group housing project.

“GPL will develop residential group housing on the land parcels located in Sector 146, Noida. Spread over 12.4 acres, the land parcels will offer approximately 3.2 million square feet of development potential comprising primarily premium residential apartments of varied configurations,” Godrej Properties said in its regulatory filing.

“We have witnessed strong demand for our existing projects in Noida, and these projects will further strengthen our development portfolio in NCR (National Capital Region). This fits well with our strategy of deepening our presence in key micro markets across India’s leading cities,” said Mohit Malhotra, MD & CEO of Godrej Properties.

Godrej Properties’ consolidated net profit increased by 53.82% to ₹54.96 crores in the September quarter from ₹35.72 crores in the comparable quarter last year.

In Q2 FY23 over Q2 FY22, the company’s revenue from operations increased by 27.66% to ₹165.09 crore.

BYJU’S claims four of its five acquisitions to break even by next quarter

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November 11, 2022

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Even as the startup develops a go-to-market strategy for children’s coding platform WhiteHat Jr., edtech giant BYJU’S claims that four of its five significant acquisitions will break even in the quarter ending March 2022. BYJU’S acquired WhiteHat Jr for $300 million in 2020.

“Of the main five big integrations, we are struggling for one, which is WhiteHat Jr. We haven’t solved for a go-to-market for WhiteHat Jr, so people think all our acquisitions have failed. Ask any investor, four of five is great. Aakash’s success alone will justify even if we make five more mistakes while integrating,” said Byju Raveendran, CEO of BYJU’S.

He added that Aakaash had reportedly scaled 3X since being acquired in 2021 for $950 million while speaking at TechSparks 2022. According to certain reports, BYJU’S planned to list Aakash separately and value the entity at Rs 8,000 crore.

“Pre-acquisition, Aakash’s revenues were at Rs 1,000 crore. In two years, it has grown to Rs 3,000 crore,” said Byju Raveendran.

According to him, Great Learning was expanding at a rate of 100% annually, while its US bets, Osmo and EPIC, were expanding at a pace of, on average, 30–40% annually.

“We have not yet figured out how to acquire users efficiently in the US. We have not yet found cricket and Bollywood equivalents there, which are the biggest religions in India. If the macro environment had continued for 18 more months, we would have. Now we are taking a measured approach on how to figure that out for WhiteHat Jr,” he said.

According to Byju, 60% of BYJU’S enterprises witnessed revenue growth of 50% annually. The Founder and CEO predicted that the company’s annual reports for FY22, which ended on March 31, 2022, would probably show a 3X increase in revenues and a halving of its losses.

Due to differences with its auditors over accounting practices, the startup has delayed filing its FY21 results.

“Our acquisitions help create value for students by giving them a choice to learn from multiple resources,” said Divya Gokulnath, Co-founder and Director of BYJU’S.

Volvo launches VR-enabled R&D lab in Bengaluru

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November 11, 2022

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Volvo, a Swedish automaker, launched its Vehicle TechLab in Bengaluru on Thursday. The lab is equipped with virtual reality (VR) capabilities, allowing the company’s engineers from centres in Sweden, India, and the US to work together on truck design and development.

The lab can simulate a workshop by giving engineers access to a truck and its components. Jan Gurander, deputy chief executive officer at Volvo, who was in Bengaluru for the launch, said, “We have a lot of engineers sitting in our offices. This will help them get the real feel (of the vehicle).” The lab will use human motion tracking to create solutions that make it easier for mechanics to service the truck.

“Motion sensors will detect the posture of an engineer when they are examining a part or trying to fix a problem. It will tell us how much stress the bending or stretching would put on the human body, and we can use that information to build better vehicles,” C R Vishwanath, vice president at Volvo Group Trucks, said.

According to Vishwanath, the lab would reduce the time and cost of product development. With over 1,600 engineers, this is Volvo’s largest R&D facility outside of Sweden.

TCS to expand in Illinois, add 1200 new jobs

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November 11, 2022

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Tata Consultancy Services (TCS) announced that it is expanding in Illinois, which will create 1,200 new jobs in the US by the end of 2024. The state currently has over 3,000 employees working for India’s largest IT services exporter, which includes 1,100 hired in the last five years. With 30 such outposts around the US, it runs a facility in Naperville.

From its Naperville location, TCS employees support businesses’ digital transformation and expansion, including United Airlines and Walgreens Boots Alliance.

“Our expansion in Illinois is driven by companies that use… obstacles as an opportunity to transform themselves and capture growth. They are investing to overcome today’s challenges and become more resilient for tomorrow,” Suresh Muthuswami, North America chairman for TCS.

To help clients become future-ready enterprises, he added, the company is attracting talent in cloud computing, AI, cybersecurity, and other technologies.

According to the statement, the company has been working on STEM (science, technology, engineering, and mathematics) education and computer science programmes in the state since2009. The investment in the local economy is also accompanied by a commitment to speed up STEM outreach efforts in local schools so that they can reach 25% more students and teachers.

The “Ignite My Future in School” programme has reached 32,000 children and 535 instructors in Illinois.

Governor J.B. Pritzker of Illinois welcomed TCS for their initiative to expand in his state and promised to add more than a thousand jobs over the next two years.

OYO announces strategic partnership with Adventure Women India

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November 10, 2022

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Hospitality technology platform Oyo announced a long-term strategic partnership with travel group Adventure Women India that encourages women to be active and adventurous.

“As part of the engagement, members of the group will be offered multiple benefits along with the convenience to choose from the network of safe, clean, and affordable accommodations,” OYO stated.

Adventure Women India partners with companies in the travel sector, such as tour operators and hotels, and allows its members to select their travel providers from a range of reliable and secure vendors.

“The partnership with OYO will help them identify and book hotels that best suit their preferences in terms of budget and location,” OYO said.

About 1.5 lakh women, primarily between the ages of 25 and45, are collectively active members of Adventure Women India.

Its volunteers assist members through a network of 21 local city chapters in India and two international chapters in Bhutan and Mauritius.

“Women travelling solo has been a trend across the world for years, and we want to support this by doing our bit as more and more women in India choose to travel solo. We are excited to partner with Adventure Women India and support them in their inspiring mission,” OYO Chief Growth Officer Kavikrut said.

Adventure Women India co-founder Minal Mathur said, “Our community provides a secure ecosystem of peers, influencers, and experts for its members to engage freely, allowing them to interact without fear of being judged. We are excited at this new beginning with OYO, which will go a long way towards meeting the diverse requirements of our members.”

According to the OYO Travelopedia Report2022, most consumers prefer to travel alone this year as part of their bucket list for 2022.

The idea of women travelling alone has gained popularity during the last decade. According to research by the Ministry of Statistics and Programme Implementation, more than half of all single-member overnight domestic trips made in India between 2014 and 2015 were made by female travellers.

Before the pandemic-related restrictions on the hospitality sector had an impact, OYO’s booking data likewise revealed a similar trend. According to the statement, the number of reservations made by women increased by 63% in 2019 over 2018.

Automovill bags Rs 2.15 Cr in pre-Series A round

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November 10, 2022

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Automovill, a full-stack mobility solution provider, has secured Rs 2.15 crore in a pre-Series A round led by Inflection Point Ventures.

Following a hybrid and flexible business model, Automovill claims to have the third-largest presence in India, with more than 0.15 million customers. The startup has improved its technology solutions to enhance and organize the auto after-service and maintenance industry.

Mridu Mahendra Das, Co-Founder & CEO of Automovill, says, “The team has quickly picked up our business model and presented a very comprehensive analysis and data collection for Automovill. It reflected the perfect impression of Automovill. Everything was done in no time and hence the overwhelming response from the investors in IPV.”

The startup will expand the scope of its current capital expenditures with the funds. Additionally, it will strategically channel and smoothen operations and expand its marketing scope. It will also continue researching ways to address the difficulties associated with car servicing by introducing a convenient, available, and affordable solution via a technological platform, helping develop orders and generating both direct and indirect employment within the ecosystem.

Since its launch in 2015, Automovill has expanded to 20 Indian cities and serves retail customers as well as pan-India clients from used car sellers, ride-hailing services, and auto insurance companies through its network of more than 200 workshops.

Mitesh Shah, Co-Founder of Inflection Point Ventures, says, “India is one of the largest automobile markets in the world. We have almost all the auto brands, from affordable to luxury cars, being sold in India. However, the post-sales and service journey is quite broken at multiple stages. Maintaining cars by using dealers’ service centres is an extravaganza while customers don’t feel safe leaving their cars with the local garage as it can lead to more problems than solutions. Automovill is tapping into this market which is highly expensive on one end and totally unorganized on the other. Our interest in the company comes from the fact that it is a hugely untapped market with only a few organized players, and we are confident that with the disruptive and tech-enabled strategy of Automovill, we will see them growing faster than its peers at pan India level.”

pi Ventures gets $8mn for Fund II from BII

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November 10, 2022

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Pi Ventures, which backs early-stage deeptech firms, raised $8 million (Rs 65.9 crore) from British International Investment (BII), a UK-based finance institution and investor.

After backing startups that use artificial intelligence (AI), such as Locus, Limechat, Wysa, and Sigtuple, pi Ventures is now looking to invest in startups working in material science, such as an artificial food company, as well as biotechnology, nanotechnology, space technology, and other fields.

“India is at the cusp of an inflexion for deeptech startups. We anticipate large global companies to emerge from India in the deeptech space. We are totally excited to be part of this movement,” Manish Singhal, Founding Partner of pi Ventures, said in an interaction.

The venture capital firm hopes to back around 20–25 startups. From the new funding infusion, pi Ventures has already invested in five firms, including ImmunitoAI, Ottonomy.IO, and Silence Laboratories.

“There remains a significant funding gap in India for early-stage technology businesses. Our renewed commitment to pi Ventures’ second fund addresses this gap, and the startups it will back have disproportionate impact potential,” Manav Bansal, Managing Director and Head of India, BII, in a release shared by the company.

High-net-worth individuals (HNIs) and family offices helped pi Venture raise Rs 303.5 crore ($40 million approximately) in the fund’s initial transaction. Along with Accel, Binny Bansal, Varun Alagh, Anupam Mittal, and Deep Kalra’s family offices, the fund is backed by Nippon India Digital Innovation AIF (NIDIA), NIDIA, and Accel.

The second fund, valued at Rs 565-750 crore (approx. $69-92 million), is expected to be closed by pi Ventures in the quarter that ended in March of 2023.

Global Dental Services receives $66mn headed by Investcorp

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November 9, 2022

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Global Dental Services (GDS), which runs the nationwide chain of oral care clinics Clove Dental, has raised $66 million in growth capital, with Investcorp serving as the lead investor.

The other investors in this round include Tybourne Capital Management, SeaLink Capital Partners, and existing investors. Before this round, family offices and high-net-worth individuals had collectively invested almost $100 million in GDS.

GDS, which Amarinder Singh founded in 2011, operates 340 Clove Dental clinics in 24 cities across 12 states. GDS will use the new funding to support its three business segments: dental clinics, dental beauty, and oral care products.

On the funding received, Amarinder said, “We are building a long-term sustainable business, and now, with an institutional investor, GDS will be able to scale much more rapidly.”

Before the advent of COVID, the company, according to the founder, was expanding by 100–120 clinics annually. Due to the pandemic, there has been a pause for the past three years. With the company-owned clinics now operational, it aims for its next milestone of 1,000 clinics.

“We plan to have 30 clinics in every city where we have a presence,” Amarinder said.

The entire value chain, including software, dental laboratories, sourcing, distribution, quality management systems, products, hiring and training dental assistants, etc., has seen investments from GDS. It uses computer vision and AI-based software technologies to monitor safety functions at its clinics.

Amarinder said, “The dental industry in India is on the verge of significant growth. There is increased awareness of both good oral health and the perfect smile.”

Gaurav Sharma, Head of Private Equity, Investcorp India, said, “Today, the Indian dental services market is worth $3 billion. It is highly fragmented, with large hospitals and dental chains accounting for under 10% of all practices. This is expected to double in the next five years. Investing in a single specialty segment within healthcare aligns well with our thesis of backing scaled and differentiated assets.”

CSB Bank joins with CRISIL to strengthen ties with SMEs

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November 9, 2022

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Leading private sector lender CSB Bank announced its partnership with CRISIL, a global analytics company, to improve its relationship with SMEs. The bank stated that this alliance also analyses existing and potential customer creditworthiness.

A knowledge series will be phased in across the country by CSB bank as part of this new partnership. The goal is to expand the bank’s visibility among small and medium-sized enterprises (SMEs) and other trade bodies.

“While access to formal credit is critical for SMEs to flourish, they need the right knowledge and expertise to propel their business and scale newer heights. Through our knowledge sessions, we aim to support and guide SMEs in their journey of growth and drive them towards achieving India’s vision of a US$5 trillion economy. We believe our partnership with CRISIL will play a key role in unlocking maximum value to SMEs and making our Bank a renowned one amongst stakeholders”, stated Shyam Mani, Head SME and NRI Banking, CSB Bank.

The national knowledge series will assist the private-sector bank in helping SMEs toward financial inclusion and development. All of this will aid in raising their creditworthiness in turn.

According to Suresh Krishnamurthy, Senior Director – Research, CRISIL Market Intelligence and Analytics, “CSB has chosen CRISIL Research as its SME knowledge partner of choice. We support the efforts of lenders to understand the nuances of the SME space by leveraging our extensive database, institutional expertise, deep understanding of the market and its lending practices, and strong on-ground connect with stakeholders.”

“Additionally, our cross-sectoral linkages enable robust tracking of current and evolving situations in the space,” he added.

CSB Bank now provides credit to SMEs with an annual turnover of up to Rs 250 crores. The targeted sectors include healthcare, engineering, pharmaceuticals, chemicals, food processing, electrical, and electronics.

Although the bank is said to have a significant presence in the southern states of India, the bank’s long-term objective is to expand into newer markets with the potential to support SME businesses.

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