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Google-backed ShareChat fires 600 employees

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Google-backed social media startup ShareChat has fired 20 percent of its workforce, around 600 employees.

Reports said that during the last few days, ShareChat parent, Bangalore-based Mohalla Tech Pvt has laid off around 600 out of its 2100 employees from senior management and mid-to-junior management.

According to reports, the company stated that it has laid off around 20 percent of its workforce or about 500 employees, but insiders claim the number to be closer to 600.

The employees were informed of the layoffs via email and a company announcement on Slack informed the unaffected employees that those reading the message were not affected by the action.

Quoting anonymous sources, reports said that the layoffs were a result of excessive hiring after several funding rounds, adding that access to fired employees has been cut off.

The layoffs are believed to be a result of cost-cutting by heavily-funded startups who are anticipating cut in funding in coming months.

Pertinently, the downsizing comes just six months after the company raised 255 million dollars in funding.

As per company policy, the terminated employees will receive 100 percent of their variable salary until December 2022. They will also receive the total the total salary for the notice period and two weeks’ pay as ex-gratia for every year served.

The ex-employees will get to keep their work assets like laptops also keep their health insurance policy till June 2023.

Confirming the developments, Mohalla Tech said that the terminated employees can en-cash unused leave balances of up to 45 days as per the current gross salary. Additionally, their stock options will continue to vest until April 30, 2023, and they will retain all vested employee stock option plans (ESOPs). .

In December last year, ShareChat fired 115 employees when the company shut down its fantasy sports platform Jeet11.

ShareChat’s parent company, Mohalla Tech is currently valued at around 5 billion dollars and has the backing of tech giants like Google and Temasek Holdings.

ShareChat and its short video sharing app Moj saw an enormous rise in popularity following TikTok ban in India. Currently, the two platforms have an estimated user base of around 340 million.

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Rapido to introduce cab services soon

The company intends to introduce Rapido taxis in Delhi-NCR as early as next week, according to sources.

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Rapido, the two- and three-wheeler ride-hailing platform with the quickest growth, is getting ready to introduce the taxi service on a wide network shortly. According to reports, Rapido’s planned facility will offer a service comparable to that of Ola and Uber.

According to the report, a daily choice would be made to provide passengers with a flawless travel experience. The brand hasn’t yet disclosed the precise launch information, though.

The company is currently testing out a taxi service in Hyderabad and is receiving positive feedback from users. According to reports, the company is testing the service at an advanced stage and may expand the network to further locations once it receives more positive feedback.

The company intends to introduce Rapido taxis in Delhi-NCR as early as next week, according to sources.

A statement from Rapido that read, the company is thrilled to share that our test run for Rapido Cabs in Hyderabad is off to a fantastic start. The dynamic market of the city has welcomed us with open arms, and the encouraging feedback is quite encouraging. We sincerely hope to expand our cutting-edge services to further cities and are dedicated to keeping you fully updated on our progress as we forge ahead.

Additionally, the article mentioned that Rapido wants to work with Zingbus, a company based in Gurugram, to integrate intercity bus ticketing into its app.

Meanwhile, for the previous eight years, Rapido has been providing bike taxi services. Since its founding in 2015, the organisation has expanded its network to encompass over 100 communities across the country, and it has received overwhelmingly positive feedback. Following its popularity, the brand expanded to include the 3-wheeler category with the same service.

Based on information found on Tracxn, Rapido has raised $324 million in total. Swiggy, an online meal delivery business, spearheaded the company’s $180 million fundraising effort in April of last year.

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BSE Sensex, Nifty fall due to tension in Middle East

The 30 share Bombay Stock exchange fell 407.19 points in the early trade. The Nifty fell 142.7 points. Asian Paints, IndusInd Bank, Titan, Tata steel and State Bank of India were the major stock which lagged behind.

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BSE Sensex, Nifty falls due to tension in Middle East

The BSE Sensex, Nifty fell on early trade on Monday as rising tensions in the middle east has set off a risk off in the market. According to market analysts investors preferred to remain on the sidelines and did not take any big risks as Hamas-Israel conflict has caused huge uncertainity for the markets.

The 30 share Bombay Stock exchange fell 407.19 points in the early trade. The Nifty fell 142.7 points. Asian Paints, IndusInd Bank, Titan, Tata steel and State Bank of India were the major stock which lagged behind. But Sun Pharna, Hindustan Unilever, Infosys, Wipro, TCS, Tech Mahindra and HCL technologies did not go according to the market trend and traded in the positive territory.

The BSE had gone up 364.06 points or 0.55 percent to settle at 65,995.63 points on Friday. The Nifty had gone up 107.75 points to settle at 19,653.50. The Hamas-Israel conflict has caused a huge uncertainity in the market. VK VijayaKumar, chief investment strategist at Geojit Financial services said No one knows how this war is going to evolve.

He said the war is not going to cause disruption to the oil supplies, the situation will change if Iran is drawn to the war. As Iran is a major Hamas supporter. Vijayakumar said this can cause disruption in oil supplies which will further lead to increase in crude oil prices. He said it is a time to remain cautious in the market.

The manufacturing data and industrial production for the month of August are going to be announced on October 12. Inflation rate for September will be announced after the Wholesale price index (WPI) data on October 13.The Reserve Bank of India had left its key interest rate unchanged. RBI signaled to keep liquidity tight by using bond sales to bring prices closer to market.

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First look of Air India’s aircraft following changes to the logo and design revealed | See here

Air India uploaded images of its A350 aircraft parked in a paint shop in Toulouse, France, on X, formerly known as Twitter. This winter, the jet will touch down in India.

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Prominent airline Air India posted the first image of its aircraft on Saturday after changing its name, logo, and livery after being acquired by the Tata Group.

Air India uploaded images of its A350 aircraft parked in a paint shop in Toulouse, France, on X, formerly known as Twitter. This winter, the jet will touch down in India.

Here is the majestic A350 in our new livery for the first time, as seen in Toulouse’s paint shop. This winter, our A350s start returning home… @Airbus, tweeted Air India.

As part of its rebranding effort, Air India earlier in August announced its new logo and colour palette.

The new logo, which features a more stylized style and a new colour scheme of red, white, and purple, is a contemporary interpretation of the airline’s well-known Maharaja mascot.

The strong red lettering of Air India is still present in the new colour scheme but is in a different font. Air India is written in white in a red area on the underside of the aircraft as part of the colour scheme.

According to the airline, the new livery and design of the aircraft incorporates a pattern that is inspired by the chakras and a colour scheme of deep red, aubergine, and gold highlights.

The airline’s previous logo, which depicted a red swan embellished with the recognisable orange Konark Chakra, has been replaced.

Tata Sons Chairman N Chandrasekaran stated the new logo signifies limitless possibilities at the time of unveiling it.

In January 2022, Tata Sons bought Air India through Talace Private Limited, an entirely owned subsidiary. Later, it was revealed that Air India and Vistara, a different Tata Sons division, will be combined to form a more cohesive organisation. By March 2024, this merger is expected to be finished.

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