Debarghya Sil
@debarghyawrites
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Reporter: @inc42 | Covering Indian Startup Ecosystem - Funding, Layoffs, Financials, & More | @ACJIndia alumni | Tips: debarghya @inc42 .com | Views Personal
New Delhi, India
Joined March 2013
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Last Seen Profiles
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🚨Inc42 Investigation: ReshaMandi, which raised over $40 Mn & claimed to have reported INR 2,000 Cr revenue has exhausted its funds, defaulted on debts, and is now trying to restart under a new company
A short thread 🧵
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As per a Swiggy report
A user from Mumbai, placed food orders worth INR 42.3 lakh 🥹. Yes INR 42.3 lakh!
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How rest of India travels
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Folks in Bengaluru defending their city even when it takes 3 hours to cross 300 metres in traffic:
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boAt Reported Loss For The First Time Since Inception
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🚨Byju Raveendran Of BYJU'S Has Put Two Of His House As A Collateral To Borrow $12 Mn In Order To Pay Salaries To The Employees: Bloomberg
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🚨IMPORTANT: Short-video platform Chingari has made a pivot to 18+ content with paid live 1-on-1 calls between creators and users
Multiple sources told Inc42 that since 1-on-1 video calls are private, the chances of involving graphic images or language is high
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🚨 Bike Taxi Startup Rapido Launches — Rapido Cabs to compete against Uber, Ola, BluSmart, & InDriver
- Rapido is starting its cab services with a fleet of 1 lakh vehicles
- It is a zero-commission model. Driver will get paid directly by customer without Rapido taking a cut.
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I've been a trader for 19 years. I've been doing the same job for how old you guys (Zepto founders) are. So, it is okay if I make a little money: Nikhil Kamath
FYI: Zerodha reported a profit of INR 2,907 Cr in FY23. Meanwhile, Zepto, which recently became an 🦄, incurred a loss
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🚨EXCLUSIVE: Healthtech startup MFine Has Laid Off Around 600 Employees
-> The layoffs is 75%-80% of the entire workforce
-> Reason citied for layoffs were lack of fund to pay salaries
-> Employees were informed about the layoffs yesterday over video calls
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boAt opens a new office in Gurugram
Adds a "Social" touch to it
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Noise – the audio & wearable startup has raised Series A funding round from audio product giant – Bose
Noise is no longer a bootstrapped company
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🚨IMPORTANT: Meesho has scaled down its grocery vertical – Meesho Superstore
-> It has shut operations in 90% cities & is currently operating only in Mysore & Nagpur: sources
-> It was running in 6 states & Meesho in April said they will expand to 12 states by end of 2022
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🚨 Lists Of Indian Apps Google Removed From Its Play Store Today:
- Naukri, 99 Acres (Owned by InfoEdge)
- Shaadi. Com (Owned by Anupam Mittal)
- Bharat Matrimony
- Kuku FM
- Truly Madly
- Quack-Quack
- Stage
- ALTT (Earlier called Alt Balaji)
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Enough of hyping the 🦄Unicorn Club, let's talk more about the "Profitable Club"
List of Indian startups that turned profitable in FY23 👇
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🚨NEW: Around 800 WhiteHat Jr resigned as it called for work from office
-> WhiteHatJr had asked its employees on March 18 to report to their respective work locations within a month
-> Though WhiteHatJr didn't ask for resignation, employees claimed there was no other way
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After a record high funding in 2021 ($42 Bn), one shouldn't ponder on who's the next 🦄, but discuss these figures:
2022 layoffs:
➡️ Lido lays off ~ 150 employees
➡️ OkCredit lays off ~40 employees
➡️ Unacademy lays off ~ 335 teachers & consultant
➡️ Furlenco lays off 180 staff
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Lag bhi nahi raha hain 😭
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🚨 New Additions To Founder Salaries Tracker
Aadit Palicha & Kaivalya Vohra, cofounders of Zepto – the latest entrant to 🦄 club – took home Rs 1.5 Cr annually each in FY23
In FY22, their remuneration stood at Rs 28 Lakhs each
They are the youngest unicorn founders in India.
We will add more founders to our Salary Tracker in the coming week.
Until then, you can read more here 👇
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Interesting: boAt has been profitable since the beginning.
The brand 'boAt' was launched in 2014.
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After fiasco, Rahul Yadav's latest startup, 4B Networks, is in a mess.
What truly shocking is how Rahul Yadav managed to maintain an extravagant lifestyle, but asked his long-time employees to take loans to pay employee salaries
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Everytime I'm in Kolkata, I'm reminded how convenient it is to get alcohol home delivered. This is on Swiggy:
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🚨IMPORTANT: Skill Lync, an edtech startup that raised ~ $20 Mn frm Y Combinator & Iron Pillar, made its students take loans by showcasing them as salaried employees working for Fake/Made-up companies
Some worked for "Mother Theresa (PVT)", while others worked for "Student"
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🚨NEW: Know Salaries Of Founders/CEO Of Top 13 Fintech🦄 In FY22
- Zerodha's Kamath Brothers bagged INR 48 Cr each – highest among fintech founders
- Median remuneration for the 25 founders was INR 1.5 Cr, which dropped to INR 1.4 Cr when Kamath brothers were excluded
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Zomato Might Acquire Paytm Movies, Paytm Insider For Rs 1,500 Cr ($1.8 Bn) : ET
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🚨IMPORTANT: Stripe & Sequoia Backed Clear (ClearTax) Lays Off over 190 Employees
-> Layoffs took place 2 months after it acquired CimplyFive & 6 months after it acquired Xpedize
-> In Oct 2021, it raised $75 Mn in Series C from Kora Capital, Stripe & Alua Capital
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🚨 NEW Shark: Radhika Gupta, MD & CEO, Edelweiss Mutual Fund Will Join
#SharkTankIndia
Season 3 🦈
@iRadhikaGupta
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Fractal Paid Rs 1,500 Cr In Salaries To Its 4,480 Staff 👀
This translates to an average annual CTC of Rs 34 Lakh; It has 4,480 employees as per LinkedIn
Fractal's founders Srikanth Velamkanni took home Rs 5.4 Cr & Pranay Agrawal Rs 6.2 Cr in salaries
Read More:
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🚨 MAJOR BREAKING : Amazon Is Finally Acquiring MX Player From Times Internet
- Amazon Is Acquiring MX Player For Over $100 Mn
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🚨SCOOP: Cars24 is witnessing high-level exits
-> Jitendra Agrawal, CTO of Cars24 has left the firm
-> Kingshuk Sanyal, VP & business head of Cars24 is serving notice period
-> Mrinal Sinha, chief human resources officer, is also likely to exit the startup:
@inc42
sources
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🚨Flipkart Owned Cleartrip Spent Rs 15 To Earn Rs 1
Let that sink in 🫠
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🚨Breaking: Dale Vaz is stepping down from CTO role in Swiggy
Madhusudan Rao to take the CTO role.
Madhusudan Rao was SVP in Engineering, Swiggy
Last week, Swiggy Instamart head Karthik Gurumurthy stepped down
Via
@Inc42
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Popular biryani cloud kitchen startup 'Biryani by Kilo' FY22 Financials:
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🚨 EXCLUSIVE: Used Car Seller Cars24 Has Laid Off Around 600 Employees
-> Cars24 has laid off employees mostly from lower positions across divisions
-> Sources have informed that the layoffs took place because the startup is trying to further automate operations and cut cost.
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🚨 IMPORTANT: Fitness Startup HealthifyMe Lays Off 150 Employees
-> Layoffs impacted non-operations roles such as SME, quality analytics, product, and marketing
-> Indian startups, including HealthifyMe, have laid off 16,933 employees in 2022
Break by
@Inc42
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🚨BREAKING: Ola Has Laid Off ~ 200 Employees
-> Employees from tech & product team were impacted
-> Layoffs happened across verticals- Ola Cabs, Ola Electric, & Ola Financial Services
-> Ola in a written statement with
@Inc42
said this is part of their restructuring exercise
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Two weeks into 2023, 🇮🇳startups have laid off ~ 1,400 employees
ShareChat 500
Ola 200
Bounce 200
Skit ai 115
Dunzo 90
LEAD 60
Harappa 60
Rebel Foods 50
Relevel 40
Moglix 40
Upscalio 25
If you are hiring, please post your requirements below. Let's help each other🤝
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🚨 New Additions To Founder Salaries Tracker
Nithin & Nikhil Kamath of Zerodha took home Rs 48 Cr salary each in FY23
Despite Zerodha's profit touching Rs 3,000 Cr mark, their annual salaries didn't change in FY23
Revenue: Rs 6,833 Cr (37%↑)
Profit: Rs 2,909 Cr (37%↑)
We will add more founders to our Salary Tracker in the coming week.
Until then, you can read more here👇
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🚨NEW: Unacademy Group Has Laid Off Around 150 Employees
-> As per
@Inc42
sources layoffs have taken place on the basis of employees' performance
-> Impacted employees were from sales and operations & were working in Unacademy & PrepLadder verticals
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🚨 Rare Rabbit's FY23 Financials:
Rare Rabbit's parent entity posted INR 32 Cr in profit
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🚨Sequoia Capital backed Apna FY22 Financials:
-> Their loss surged by almost 300% to Rs 112.5 Cr
-> Their advertising expenses was Rs 86.6 Cr, which is 48% of the total expenses
-> Their sales revenue was Rs 63.8 Cr
-> Apna's valuation of $1.1 Bn is 127X of its total revenue
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🚨 New Additions To Founder Salaries Tracker
Bhavish Aggarwal from OLA Electric has received an annual remuneration of Rs 6 Cr in FY23
FY23 sales: Rs 2,630.9 Cr
Loss: Rs 1,472 Cr
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🚨 IMPORTANT: OYO Lays Off 600 Employees From Tech Roles
- Engineering & Product Team Impacted
- Will add 250 CRM & BD roles
- It laid off 300 employees in 2020
Break by
@Inc42
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Inc42 today today launched – Founder Salaries Tracker FY23 💰
At a time when employees are losing their jobs & taking pay cuts, have the founders of the new-age tech companies also seen a decrease in their remunerations?
A Short 🧵
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New Trend: Startups firing employees, weeks after raising funds.
First Third Wave Coffee and now Udaan?
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🚨IMPORTANT: Edtech Startup Teachmint Conducts 2nd Round Of Layoffs Within 5 Months
- Yesterday it laid off over 70 employees across teams
- Struggling to cap its losses. In FY22 loss wasINR 132 Cr, while sales wasINR 77 Lakhs
- Cofounder & CTO Anshuman Kumar quit in March
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🚨 NEW: Sequoia Capital funded Lummo has laid off 50% of its workforce in India
-> Around 50-60 employees working in India were laid off
-> In India, employees from product, engineering, & design teams, along with 3rd party developers were impacted by the layoffs
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🚨IMPORTANT: Zoho's FY23 Financials:
Zoho's operating revenue crosses INR 8,000 Cr Mark
@svembu
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🚨IMPORTANT: Razorpay FY22 Financials 👇
- Revenue from operations nears INR 1,500 Cr mark
- Profit widens to INR 7.3 Cr
- Spent INR 1 on adv & marketing to earn INR 17.3 from operations
- EBITDA margin deteriorated to 2.62% in FY22 from 3% in FY21
Via
@Inc42
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🚨 NEW: No More PIPs, Direct Exits With Notice Period: Gaurav Munjal Of Unacademy
"...We will not waste the Non-Performer's time and the Company's time with a PIP Process":
@gauravmunjal
More Details ⤵️
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🚨NEW: Know What Top 8 Edtech Founders Earned In FY22 💵
- PW's Alakh Pandey earned INR 9.6 Cr annually - highest among the edtech founders💰
- Median remuneration of the founders of these startups was INR 1.3 Cr💸
- Founders' got an avg salary hike of 46% in FY22📈
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🚨 BREAKING: Over 100 employees gather outside MFine's B'luru office demanding full salary
-> Employees demand full salary for May and early release of Notice period payment form 60 day to 30 or 45 days
-> MFine had earlier said it would give 20 days salary for May
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🚨 IMPORTANT: Edtech giant BYJU'S is piloting Celebrity-focused masterclasses
-> Masterclasses are on life skills,Science, technology & engineering, Arts & Maths & is available for class 4-10
-> It has held masterclasses with VVS Laxman, Mithali Raj, Parineeti Chopra, & others
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🚨IMPORTANT: Healthtech Startup MediBuddy Laid Off ~200 Employees
- Layoffs impacted all dept. including Sales, Tech, Product, Operations, among others
- In FY22 their loss jumped by 2.4X to INR 249 Cr from INR 102.8 Cr in FY21
- Raised $125 Mn last year
I report for
@Inc42
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Reminder: In 3 months FY24 will end, & BYJU'S is yet to file its FY22 financials.
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Ola Electrics' employee attrition rate was 47.48% in FY23 😳
"As we build our brand & become more well-known, the risk that competitors or other companies may poach our talent increases" — Ola Electrics' DRHP
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🚨EXCLUSIVE: Lightspeed Backed FrontRow Lays Off 30% Of Workforce
-> The non academic upskilling platform has let go off around 145 employees
-> Sales team, quality team, and HR team were the worst impacted due to the layoff
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🚨 IMPORTANT: Chingari Lays Off More Than 50% Of Its Workforce In 2nd Round Of Layoffs
- Asked several employees to even take pay cut upto 50%
- Sources said the fresh funding that Chingari was raising, didn't materialise because of due diligence issue
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🚨 India's Twitter Rival Koo Has Failed To Offer April's Salary As It Has Failed To Find A " Strategic Partner" Yet
Break by
@karnanupam
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Neobank Startup Jupiter Spent Rs 54 To Earn Rs 1 😶
Valuation to Operating Revenue Multiple is 800X 😵💫
Raised $167 Mn from Peak XV, Tiger Global, Matrix
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🚨 NEW: MX Player's FY22 Financials:
-> MX Player's loss nears $100 Mn mark
-> Amazon is likely to acquire MX Player from Times Internet for ~ $100 Mn
-> MX Takatak, the short video platform which Times Internet sold to ShareChat for ~ $600 Mn, had sales of $1.6 Mn in FY22
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This defence shot by Jadeja probably got the loudest cheer from the crowd
Also 4.1 Cr viewers.🤯
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🚨 BCCI Claims BYJU'S Has Defaulted Payment Worth Rs 158 Cr
Understand that BYJU'S was the title sponsor for Indian Cricket Team since 2019
In September 2023, BCCI dragged BYJU'S To NCLT Court
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🚨 Now Zepto Considers "Ghar-Wapsi"
Zepto is eyeing this year to register itself as an Indian company as it intends to go for IPO in 2026
Zepto's parent entity is based out of Singapore.
Story by
@extrapao
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BYJU'S Puts A Hold On 3 Year Contract With Lionel Messi
BYJU'S paid money for the first year and is yet to pay the remaining amount
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🚨 BYJU'S Has Not Paid Employees' PF For 4 Months Now Despite Deducting It From Their Salaries
In First 6 months of 2023, BYJU'S paid Rs 63.8 Cr In PF, whereas in 2022 it paid Rs 200.6 Cr
2 days back it was reported Byju Raveendran has put 2 houses & 1 under construction villa
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🚨 India To Get Its First 🦄 Of 2023, To End 10-Month Drought Since Last One
-> Zepto is closing ~$150 Mn funding round led by Stepstone
-> At a time, when there are valuation markdowns, this round will catapult Zepto's valuation to $1.3Bn
@Inc42
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🚨 EXCLUSIVE: Indiabulls' social commerce app Yaari has laid off over 150 employees (60% of workforce)
-> The lay offs come almost a year after Yaari App was launched
-> Supply support, customer support, business development and marketing teams were heavily impacted
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Robin Raina-led Ebix Inc files for bankruptcy
In March 2022, Ebix Inc's Indian entity – EbixCash filed DRHP to raise Rs 6,000 Cr from IPO
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BYJU'S losses🔺20X to Rs 4588Cr in FY21
Revenue🔻3.3% to Rs 2428Cr in FY21
Annouced laying-off over 2500 employees a week ago to cut costs
And now, instead of focusing on biz, BYJU'S has roped in one of the most expensive sportsperson in the world as an ambassador 🤐🤦♂️
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This is the very reason I have immense respect for Sikhs. No matter where there is a need, they will be the first to respond.
#CycloneIdai
#CycloneIdaiZW
#Zimbabwe
Our team loading trucks with food for those affected by
#CycloneIdai
in
#Malawi
!
There is a severe shortage of food in the worst hit areas, we are stepping up the supplies.
Donate/Support:
@SikhProf
@SikhPA
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🚨 IMPORTANT: Hundreds Of Layoffs, Delayed Salaries, Fund Crunch: What Is Brewing At Phablecare?
- From Oct, it started laying off employees across dept in multiple tranches
- In Sept it had over 700 staff, but now it's ~200 employees
- From Sept, it started delaying salaries
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Lenskart's Fundraise In Last 1 Year:
Apr, 2022: $100 Mn - Alpha Wave
Apr, 2022: $25 Mn - Epiq Capital
Jun, 2022: $28 Mn - Avendus Capital
Aug, 2022: $12.5 Mn - Manyavar Promoters
Nov, 2022: $40 Mn - Chiratae, othrs
Mar, 2023: $500 Mn - AIDA
Total: $705.5 Mn
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@Ravisutanjani
Not sure about how to become crorepati at the age of 25, but one can definitely become crorepati in 25 years
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🚨 IMPORTANT: Zoho FY22 Financials👇
-> Net profit cross INR 2,500 Cr Mark
-> Clocks sales worth INR 6,711 Cr
-> Spent INR 1 on advertising to earn INR 9.4 in sales
-> Paid income tax worth INR 585 Cr
Via
@Inc42
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🚨Tiger Global-backed Spinny FY22 Financials:
Spinny’s advertising & promotional expenses surged 582% to INR 220 Cr in FY22 🤯
Their advertising expenses is almost 2X of their sales in FY22
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🚨NEW: Wealthtech startup Dezerv Bags $32 Mn In Funding From Premji Invests At ~$200 Mn Valuation
All three founders divested roughly a little over ~2% stakes
Here's the new shareholding pattern post the fund raise:
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Remember Thrasio? The Ecommerce Roll-Up Giant which raised $3 Bn in funding & was once valued at $10 Bn, has now filed for Bankruptcy
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@Ravisutanjani
I think more than design, all these government related websites need a backend work so they work faster. People are really tired and frustrated to deal with these websites.
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🚨 PhysicsWallah's FY23 Profit Falls 91% To INR 9 Cr From INR 98 Cr
Alakh Pandey’s remuneration also halved to INR 4.6 Cr in FY23 from INR 9.6 Cr in FY22
Employee Cost jumped ~10X to INR 414 Cr In FY23
More Details:
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-> Employees fear that at a time when so many startups have laid off, getting a job would be difficult
-> Inc42 has reached out to MFine for a comment on the development, the startup has refused to do so
-> Layoffs took place 8 months after it raised $48 Mn in Series C round
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