Latest business news
Swiggy fires 380 employees, shut meat marketplace, CEO cites overhiring a major reason
According to the company, affected employees will get a cash reimbursement during the next three to six months which will be based on their tenure and rating.
A food delivery platform Swiggy on Friday announced that it is firing 380 employees as a part of its restructuring exercise. CEO Sriharsha Majety sent the mail to impacted employees about its latest layoff plan and called it an extremely difficult decision.
CEO Sriharsha Majety said in a mail that the company is implementing a very difficult decision to reduce the size of their team as a part of a restructuring exercise. The company is laying off 380 talented Swiggsters, read the mail. The CEO has also apologized to its employees for making such a difficult decision.
Swiggy has cited macroeconomic conditions as one of the major reasons for its layoffs. The company said that the lower earnings are a result of the slowdown in the company’s growth rate. However, Swiggy claims to have sufficient cash on hand to cover expenses. The executive has also blamed overhiring for its decision to lay off people.
The CEO further said that the company is exploring all available options and has put together a comprehensive Employee Assistance Plan that will help impacted employees with their financial and physical well-being during the transition.
Read Also: Microsoft fires an Indian employee after over 21 years, here’s what he says in his bittersweet note
CEO Majety further said the company is committed to exploring new business opportunities and is planning to shut down its meat marketplace as the company hasn’t hit product-market fit despite their iterations. Swiggy will, however, continue to provide meat delivery through Instamart, according to the email.
According to the company, affected employees will get a cash reimbursement during the next three to six months which will be based on their tenure and rating. People will either receive an assured three-month salary, 15 days of ex-gratia for each year of service that has been completed, and an outstanding balance of earned leave. To all those who are impacted, Swiggy will at least provide three months of remuneration, including variable compensation or bonuses.
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Latest business news
Reliance Jio Air Fiber to be launched today: Checkout features here
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, during the annual general meeting on August 28,2023 announced the launch of Jio AirFiber on Ganesh Chaturthi. JioFiber features integrated security firewall, support for WiFi 6 and parental controls.
Reliance Jio is set to launch Jio AirFiber, a wireless internet solution today. This service is intended for both offices and homes. It offers speeds upto 1.5Gbps which can be used for activities like lag free video conferencing, online gaming and high definition video streaming.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, during the annual general meeting on August 28, 2023 announced the launch of Jio AirFiber on Ganesh Chaturthi. JioFiber features integrated security firewall, support for WiFi 6 and parental controls.
Jio AirFiber is looking to tap a massive untapped market of over 200 million Indian households. JioAirfiber will be priced competitively at around Rs 6000 as it includes a portable device unit. Jio AirFiber uses 5G technology to provide high speed internet access. It accommodates sets top boxes, smart TVs, tablets, PCs, smartphones and multiple devices while maintaining top notch internet speed.
Jio AirFibre makes a wireless approach establishing digital connections between offices and homes through wireless signals. This eliminates the need for fibre cable and depends on clear line of sight communication with Jio towers. Another major advantage of Jio AirFibre is its extensive coverage potential as it does not depend on physical infrastructure limitations like JioFiber. It is designed to be user friendly plug and play solution.
Jio AirFibre will be available in select cities only. Reliance plans to expand the service more cities in the coming months. Jio AirFibre has large number of features like WiFi 6 support, unlimited data usage and high speed internet connectivity. The WiFi6 support provides faster speeds, better performance and OTT subscription.
The launch of Jio AirFibre will have a major impact on the Indian broadband market. Jio is known for innovative plans and aggressive plans. The rollout of the Jio Air Fibre can lead to other broadband providers to improve their services and reduce their prices.
India News
Uday Kotak steps down as MD and CEO of Kotak Mahindra Bank
Kotak Mahindra Bank’s managing director and chief executive officer, Uday Kotak, resigned with effect from September 1.
Kotak Mahindra Bank’s managing director and chief executive officer, Uday Kotak, resigned with effect from September 1.
The bank has said that as an interim arrangement, Dipak Gupta, the joint managing director will perform the duties of the managing director and CEO until December 31, subject to the approval of the RBI and the members of the bank.
Uday Kotak said he is stepping down to facilitate the succession plan at the bank in a communication on social media on Saturday.
Kotak will continue as a non-executive director of the bank. Uday Kotak’s tenure as the chief executive officer and managing director of the bank ends on December 31, 2023.
Uday Kotak said on X that the chairman of the bank, Joint MD and including himself to step down by year-end. He said the succession at Kotak Mahindra Bank has been foremost on his mind. He is keen to ensure a smooth transition by sequencing these departures. He initiated this process now and stepped down voluntarily as CEO, Kotak said.
Kotak said the bank awaits RBI approval of the proposed successor and as an interim his colleague Dipak Gupta, currently Joint MD, will function as MD & CEO, subject to approvals.
He further said that he is deeply attached to the brand Kotak as he is the founder of the bank and he will continue to serve the institution as a Non-Executive Director and significant shareholder. He said that having an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity, Uday Kotak said.
Uday Kotak stated that JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. He further said that it is with this dream that he started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. He had deeply cherished every bit of this memorable journey and lived his dream.
Economy news
Financial changes effective from September, Aadhaar update, nomination deadline for demat account
Some changes will take effect on the first day, while others will be implemented later in the month. This list will affect people’s finances.
In the month of September, there are many changes occurring, particularly in the financial sector. Some changes will take effect on the first day, while others will be implemented later in the month. This list will affect people’s finances.
The deadline to update an individual’s Aadhaar card details for free is quickly approaching. The Unique Identification Authority of India (UIDAI) extended the deadline from June 14 to September 14, 2023. This scheme is specifically for citizens who obtained their Aadhaar card 10 years ago and have yet to update their information. People can take this opportunity to update their details before it’s too late.
The nomination process for trading and demat accounts is mandatory for holders and the deadline for this has been extended by the Security and Exchange Board of India (SEBI). The account holders have to make nominations or opt out of it before September 30.
People will need to update and link of Aadhaar identity documents with PAN cards. Those who have credit cards from Axis Bank will also experience the effects of these changes starting this month.
As per the updated terms and conditions, Axis Bank’s Magnus credit card users need to pay higher fees. The annual fee has been increased to Rs 12,500. Also, the benefits associated with the card will be updated.
This month marks the final opportunity for individuals to exchange Rs 2,000 notes. As stated by the Reserve Bank of India (RBI) in May, individuals may exchange or deposit these notes into their bank accounts before the specified deadline.
The central bank has specified that individuals may exchange or deposit for lower denomination notes, up to Rs 20,000 at a time, until September 30th. Interestingly, even after the deadline, Rs 2,000 notes will still be considered valid tender.
Starting from the current financial year, the Ministry of Finance has made it mandatory to provide both Permanent Account Number (PAN) and Aadhaar card information when making investments in small saving schemes such as the Public Provident Fund (PPF), Post Office Saving Scheme, and Senior Citizens Saving Scheme (SCSS). Existing subscribers must submit their Aadhaar number before September 30th, or their accounts will be frozen.
