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New Delhi, Ed-tech titan <keyword id="3320944" type="General" weightage="20" keywordseo="Byjus" source="Orion">Byjus</keyword> is looking to sell its overseas ventures Epic and Great Learning to pay back its entire USD 1.2 billion (Rs 9,956 crore) loan to lenders, a source familiar with the matter said. The ed-tech decacorn has been in discussions with the lenders and has made a proposal to clear its Term B loan, the source said. Byju's hopes to garner between USD 800 million to USD 1 billion from the sale of Epic, the US-based kids learning firm, and Great Learning - the upskilling platform. The firm is also working on raising fresh capital from equity sales, and is working with bankers for the sale of the aforementioned key assets to strategic investors -- which has also garnered interest, the source said. An email sent to the ed-tech platform for comments remained unanswered. India's most-valued startup is hoping to repay the entire USD 1.2 billion term loan B (TLB) in under six months. Of this, it is proposing to repay USD 300 million in the next three months. Lenders have not yet responded to the proposal. Byju's in November 2021 raised USD 1.2 billion in debt through a term loan facility (TLB) from a group of overseas investors. A TLB is a type of senior secured syndicated credit facility that is issued by global institutional investors. Typically, the proceeds from a TLB are used to either refinance an existing debt or to make overseas acquisitions in order to enhance a company's offerings. Byju's had acquired Aakash USD 950 million in 2021. In July this year, the steering committee of ad hoc term loan lenders is reported to have agreed to amend the USD 1.2 billion term loan. The development comes after the company formed an advisory council with ex-Infosys CFO Mohandas Pai and Bharatpe Chairman and former SBI chief Rajnish Kumar after the exit of investors G V Ravishankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus. Byjus had acquired Epic in a USD 500 million cash-and-stock deal in May 2022.

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

<ul><li>On the occasion of <keyword id="6481694" type="General" weightage="20" keywordseo="gandhi-jayanti" source="Orion">Gandhi Jayanti</keyword>, Indian brands try to reflect on Gandhiji’s values of self-discipline, perseverance and self-sufficiency and pay a tribute to the father of our nation.</li><li>This year, Edtech giant <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>’s campaign applauds four individuals who have personified Gandhi’s ideals and brought about a change in society.</li><li>Recently appointed <keyword id="309498" type="General" weightage="20" keywordseo="vineet-singh" source="Orion">Vineet Singh</keyword>, Vice President, Brand &amp; Creative StrategyThink &amp; Learn Pvt. Ltd. (BYJU'S) takes us behind the scenes and walks us through the conceptualisation and execution process of the campaign.</li></ul>It is no secret that COVID-19 has had a severe impact on our collective mental health. We are feeling alone, overwhelmed with the spike in cases, and have been living with the constant fear that someone close to us or someone we know might succumb to the virus, for the past 1.5 years. With each passing day, it gets a little difficult to hold onto hope for a better tomorrow. If the father of the nation, Mahatma Gandhi were alive today, when we are faced with multi-layered crises such as global pandemic, climate crisis, economic recession, to name a few, he would have encouraged Indian citizens to manifest values of self-discipline, perseverance, and self-sufficiency. He would have walked with our urban migrants back to their homes, reminded us to stay united from a distance, used his mighty pen to send the message of resilience, thank doctors and environmental activists for their phenomenal work and lead the country towards the path of empathy and togetherness. On the occasion of <keyword id="791333" type="General" weightage="20" keywordseo="Mahatma-Gandhi-Jayanti" source="Orion">Mahatma Gandhi Jayanti</keyword>, EdTech Giant BYJU’s wanted to remind us that while the leader might not be with us today, he has taught us some invaluable lessons. Acted and voiced-over by the veteran actor Padma Shri Manoj Kumar, BYJU’S film applauds four individuals from different walks of life who have personified Gandhi’s ideals and brought about a change in society. The campaign celebrates Jamuna Tuddu, a Padma Shri awardee who has over the years fought the jungle mafia and given a lease of life to 100+ acre of forests; Sapan Patralekh, headmaster of a school in Jharkhand, who ensured that the learning journey for tribal kids did not suffer due to the closure of class rooms post the pandemic. He transformed village walls into colorful open classrooms; Dr Ganesh Rakh, who delivers girl child for free in his hospital; Kameshwar Wagmare, a 14-year-old kid who saved 2 of 3 kids from drowning. He received the Pradhan Mantri, Rashtriya Bal Puraskar 2021 for the courageous act. <div type="Youtube" id="gTAd5kwP8ok" title="Bapu Ki Aawaz (Celebrating The Mahatma) | (Ft. Padma Shri Manoj Kumar)" thumbUrl="https://i.ytimg.com/vi/gTAd5kwP8ok/mqdefault.jpg"></div> Vineet Singh, Vice President, Brand &amp; Creative StrategyThink &amp; Learn Pvt. Ltd. (BYJU'S) took us behind the scenes and walked us through the conceptualisation and execution process of the campaign. He shared, “The thought came from the fact that we really wanted to celebrate Baapu and we wanted to celebrate him with real life stories and how, while the whole world is talking about how humanity is dead, and people are not selfless anymore, we wanted to actually go out and celebrate that Baapu's belief of selflessness is still alive.” In a country of 138 crore people that is home to a lot of different cultures and traditions, and almost all of these cultures believe in celebrating empathy and selflessness, it was challenging for BYJU’s to find just four people who truly embody Gandhiji’s values. Telling us how the in-house team finalised their campaign’s protagonists, Singh said, “We wanted to cover a few facets that currently are troubling us across the country. Look at how the environment is suffering -- it's a conversation that everyone's having across the globe. Padmashree Jamuna Tuddu was an example who exists in our society and has worked towards saving 100 plus acres of forest in her region, but her message travels across the country. Then, we wanted to honor people who are doing something for the girl child. As a country, we are developing and we are getting to a place where men and women are getting equal as the day progresses, but little efforts like what Dr. Ganesh Rakh has done, is making that dream come true. After the pandemic, all schools were shut down in cities, and imagine what happened in remote Tribal Areas. So, we wanted to cover how people went out of their way there to bring alive education and Dr. Sapan was a great story. And finally, just an act of selflessness and bravery -- a 14-year -old kid jumping into the water because he saw two other young boys drowning. So, the reason why we chose these 4 people was because their stories were extremely fascinating, had a huge amount of thought and selflessness associated with it.” Singh recently joined BYJU’s from <keyword id="4052133" type="General" weightage="20" keywordseo="wework-india" source="Orion">WeWork India</keyword>. In his new role, he is hoping to help BYJU’s become the most loved edtech brand in India. His latest campaign with his team is just a part of many campaigns that would aim to position BYJU’s India’s most loved brand. Sharing his larger vision for the brand, he said, “The objective is to become one of the most loved brands in the country. And that's going to be the objective for this fiscal year, or the next fiscal year or any other fiscal year that we talk about until we get there.” CREDITS: Featured Stories: Dr. Sapan Kumar Patralekh, Dr. Ganesh Rakh, Padma Shri Jamuna Tudu and Kameshwar Waghmare Actor: Padma Shri Manoj Kumar Child Actor: Aashna Vaishnav &amp; Vidhaan Sharma Concept: Hitesh Bhagia (Sr. Director – Brand &amp; Creative Strategy, BYJU’S) Production: Hitesh Theodore Pereira (Principal Director - Media, BYJU’S) Directed By: Sonal Batra Production House: Dora Digs Produced By: Akshay Shah Team Dora Digs: Muskan Singhal, Vikas Malhotra, Suraj Shinde, Prathamesh Kamble, Vipul Mehta, Tushar Haware, Jitendra Kumar, Rohit Tiwari, Dinesh Malvi DOP: Jay Charola Editor: Falgun Busa Screenplay: Geet Sagar Music Director: Anand Bajpai Associate Producer: Sebastian Francis Line Producer: Dilip Sahoo &amp; Team Chief AD: Ayan Poddar &amp; Ardra Swaroop DI: Yash Soni

BYJU’s latest advertisement for Gandhi Jayanti aims to spread positivity and celebrate Indians who embody Gandhiji’s values

<ul><li>With the suspension of classes and employees working from home, the demand for <keyword id="23248" type="PERSON" weightage="20" keywordseo="Online-learning">online learning</keyword> has ramped up. </li><li>To facilitate that, edtech platforms like <keyword id="2008319" type="PERSON" weightage="20" keywordseo="Upgrad">upGrad</keyword>, <keyword id="6630114" type="UNKNOWN" weightage="20" keywordseo="unacademy">Unacademy</keyword> and Byju’s are hiring across roles despite the pandemic. </li><li>Here a few of those opportunities in edtech companies.</li></ul>The <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> pandemic has resulted in nationwide lockdown. With the suspension of classes and employees working from home, the demand for online learning grew exponentially. To facilitate that, edtech platforms like upGrad, Unacademy and Byju’s are hiring across roles, unlike many other sectors which are looking to cut costs. Every week, Business Insider collates interesting vacancies across marquee organisations. This week we bring job openings across elearning platforms. Here a few of those opportunities: Byju’s <div type="image" title="byju" msid="75243521" hostid="261"></div> Position: Backend Engineer Location: Bangalore Experience: Not specified Eligibility: Bachelor's degree Byju’s is inviting applications for a backend engineer who will be responsible for writing high quality codes and unit tests as per the SDLC (Software Development Lifecycle). He will be responsible for building solutions for Byju’s core learning apps, co-branded platforms, new launches, product development and personalized learning experiences. The candidate must have problem solving skills along with the ability to write efficient codes. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1166455257/">here</a>. upGrad <div type="image" title="ronnie" msid="75243539" hostid="261"></div> Position: Product Design Lead Location: Mumbai Experience: Minimum 7 years Eligibility: Experience in leading product design teams Ronnie Screwvala backed upGrad is hiring a product lead for its design team. The candidate will be responsible for defining the product design strategy for upGrad. As the strategic design leader, the candidate will crack complex problems and develop strategies. He will mentor the design team to identify efficiency, and promote high-output designs so as to improve the customer experience. He will also be responsible to look after the design standards, documentation and other processes. The candidate must have experience in recruiting, hiring, and retaining multi-disciplinary design teams along with good communication skills. Interested candidates can apply<a href="https://www.linkedin.com/jobs/view/1756743368/"> here</a>. Unacademy <div type="image" title="unacademy" msid="75243607" hostid="261"></div> Position: Product Designer Location: Bangalore Experience: Minimum 1 year Eligibility: Not Specified Unacademy is hiring a product designer. The hired candidate will develop designs using prototyping tools like marvel, figma and framer. To apply for the job, the candidate must have worked on consumer-facing products. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1829601426/">here</a>. Udacity <div type="image" title="udacity" msid="75243620" hostid="261"></div> Position: Student Support Representative Location: Delhi Experience: Minimum 1 year Eligibility: Not specified Udacity is looking for a student support representative who will be responsible for resolving all student queries in a timely and efficient manner. The candidate will also make recommendations based on the learner’s interests and later execute improvements as per feedback. The candidate should have experience in communicating with customers on phone, email, and chat and flexible with zendesk, google docs, online chat programs and emails. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1828427933/">here</a>. Byju’s <div type="image" title="byjus" msid="75243626" hostid="261"></div> Position: Business Development Associate Location: Bangalore Experience: Not Specified Eligibility: Bachelor’s degree - any specialisation Byju’s is hiring a business development associate in Bengaluru. The selected candidate will be responsible for improving sales for the company. The candidate will have weekly targets to achieve. To apply for the role, he must have interest in education and communication skills to drive sales. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1830865577/">here</a>. Udemy <div type="image" title="computer-506756_1920" msid="75243596" hostid="261"></div> Position: Commercial Account Executive Location: Delhi Experience: Minimum 2 years Eligibility: B2B sales experience required Online learning platform Udemy is looking to hire a commercial account executive. The candidate will be responsible for developing and closing new ‘Udemy for Business’ sales across a range of companies and verticals. The selected hire would be required to execute account plans to achieve revenue goals, deliver sales forecasts and conduct product demonstrations. He will work towards customer satisfaction, work closely with marketing, product, customer success teams. To apply for the job, the candidate must have negotiating skills and experience with selling licenses, products and subscriptions to companies. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1647826001/">here</a>.

Byju's, Unacademy, upGrad and other edtech companies hiring now

<ul><li>The 74-year-old Sri Lanka People's Party (SLPP) leader was administered the oath of office by his younger brother and President Gotabaya <keyword id="60944" type="PERSON" weightage="20" keywordseo="Rajapaksa">Rajapaksa</keyword> at <keyword id="9725887" type="COMPANY" weightage="20" keywordseo="the-rajamaha-viharaya">the Rajamaha Viharaya</keyword> in Kelaniya, a north Colombo suburb, at the auspicious hour of 9:28 am local time.</li><li>This is Mahinda Rajapaksa's fourth innings as <keyword id="71" type="POSITION" weightage="20" keywordseo="Prime-Minister">prime minister</keyword>. Supporters of SLPP lit firecrackers to celebrate his swearing in as the 13th Prime Minister of Sri Lanka.</li><li> The Rajamaha Viharaya, also known as the Kelaniya temple, dates back to 2,500 years. According to the temple website, the shrine has often been associated with the rise and fall of Sri Lanka. </li></ul> Sri Lanka's former president Mahinda Rajapaksa was sworn in on Sunday as the new prime minister at a centuries-old Buddhist temple after his party won a landslide victory in parliamentary elections that allowed the influential family to consolidate power in the island nation. The 74-year-old Sri Lanka People's Party (SLPP) leader was administered the oath of office by his younger brother and President Gotabaya Rajapaksa at the Rajamaha Viharaya in Kelaniya, a north Colombo suburb, at the auspicious hour of 9:28 am local time. This is Mahinda Rajapaksa's fourth innings as prime minister. Supporters of SLPP lit firecrackers to celebrate his swearing in as the 13th Prime Minister of Sri Lanka. The Rajamaha Viharaya, also known as the Kelaniya temple, dates back to 2,500 years. According to the temple website, the shrine has often been associated with the rise and fall of Sri Lanka. There is a popular saying that as the temple rose, Sri Lanka rose and as it fell, the country and its administration fell. It has thus had a deep association with the political powers of the country, the website states. Mahinda Rajapaksa completed 50 years of parliamentary politics in July this year. He was elected as a Member of Parliament at the young age of 24 in 1970. He has since been elected President twice and has been appointed Prime Minister thrice before. He was prime minister between April 2004 and November 2005. He was prime minister for 52 days in 2018, and from November 2019 to August 5, 2020. The SLPP, led by Mahinda Rajapaksa, registered a landslide victory in the August 5 general election, securing two-thirds majority in Parliament needed to amend the Constitution to further consolidate the powerful Rajapaksa family's grip on power. India's High Commissioner to Sri Lanka Gopal Baglay on Saturday became the first envoy to congratulate the new prime minister when he called on Mahinda Rajapaksa. Baglay recalled that Prime Minister Narendra Modi had complimented the people and Government of Sri Lanka on the successful conduct of elections and had acknowledged the impressive electoral performance of the SLPP. He reiterated the strong desire and the commitment of the Indian government to work very closely with the new government and Parliament in Sri Lanka for further strengthening comprehensive bilateral cooperation, the Indian High Commission here said. Mahinda Rajapaksa polled over 500,000 individual preference votes -- the highest ever recorded by a candidate in the country's election history. The SLPP won in 145 constituencies, bagging a total of 150 seats with its allies, a two-thirds majority in the 225-member Parliament. The cabinet ministers, state and deputy ministers are expected to be sworn-in this week. The Rajapaksa family -- including SLPP founder and its National Organiser 69-year-old Basil Rajapaksa, who is the younger brother of Gotabaya Rajapaksa, 71, and Mahinda Rajapaksa -- has dominated Sri Lankan politics for two decades. President Gotabaya Rajapaksa had won the November presidential election on the SLPP ticket. In the parliamentary election, he was seeking 150 seats mandatory to execute constitutional changes, including to repeal the 19th Amendment to the Constitution which had curbed the presidential powers while strengthening the role of Parliament. Activists, already alarmed by the diminishing space for dissent and criticism in the island nation, fear such a move could lead to authoritarianism. The biggest casualty from the election outcome was the <keyword id="289630" type="COMPANY" weightage="20" keywordseo="United-National-Party">United National Party</keyword> (UNP) of former prime minister Ranil Wickremesinghe which managed to win only one seat. The country's grand old party failed to win a single seat from any of the 22 districts. UNP leader and four-time prime minister <keyword id="9725889" type="PERSON" weightage="20" keywordseo="wikremesinghe">Wikremesinghe</keyword> was unseated for the first time since he entered Parliament in 1977. Mahinda Rajapaksa earlier served as the country's president from 2005-2015, a period which was mired by allegations of human rights abuses, especially against the Tamils. He enjoys cult status among the 77 per cent Sinhala majority community for his action to end the brutal nearly three-decade-long civil war in the island nation with the defeat of the Liberation Tigers of Tamil Eelam (LTTE) in 2009. The LTTE led by its leader Velupillai Prabhakaran had waged a violent campaign in the nation to carve out a separate Tamil homeland in the north and east of the island. The military during Mahinda Rajapaksa's regime as president defeated the rebel group, a task all his predecessors since 1972 had failed to achieve. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-cfo-says-lateral-hiring-will-take-time-and-only-after-utilisation-improves-to-pre-covid-levels/articleshow/77440879.cms">Tech Mahindra CFO says lateral hiring will take time — and only after utilisation improves to pre-COVID levels</a> <a href="https://www.businessinsider.in/business/startups/news/how-karan-bajaj-sold-his-less-than-18-month-old-startup-white-hat-jr-to-byjus/articleshow/77415329.cms">A WhatsApp message, six weeks of talks and a $300 million deal – how Karan Bajaj sold his less than 18-month old startup White Hat Jr to Byju’s</a>

Mahinda Rajapaksa takes oath as the Prime Minister of Sri Lanka for the fourth time

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated by 8 paise to close at 81.22 (provisional) against the US dollar on Thursday on broad dollar weakness after <keyword id="9106308" type="General" weightage="20" keywordseo="Federal-Reserve-Chairman-Jerome-Powell" source="Orion">Federal Reserve Chairman Jerome Powell</keyword> said the pace of interest rate hikes may slow. Forex traders said <keyword id="441091" type="General" weightage="20" keywordseo="foreign-fund-inflows" source="Orion">foreign fund inflows</keyword> and a rally in domestic equities boosted investor sentiments. At the interbank foreign exchange market, the local unit opened at 81.08 and touched an intra-day high of 80.98 and a low of 81.32 against the greenback. The local unit finally settled at 81.22, registering a rise of 8 paise over its previous close. On Wednesday, the rupee closed at 81.30 against the US dollar, on month-end exporter dollar selling and MSCI rebalancing related inflows. "The Indian rupee started the new month on a front foot following stronger Asian currencies and risk-on sentiments. "It has gained in three out of the last four days as the dollar index slipped to a three-month low after Fed Chair Jerome Powell confirmed the pace of interest rates set to slow along with China easing the COVID restrictions," said Dilip Parmar, Research Analyst, HDFC Securities. Parmar further noted that in the near-term, spot USDINR has support at 80.72, the 100 days simple moving average and resistance at 81.91, the recent swing high formed on November 21. The bias remains bearish for the pair as long as it trades below 82.10. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.41 per cent to 105.51. Global oil benchmark Brent crude futures declined 0.10 per cent to USD 86.88 per barrel. On the domestic equity market front, the 30-share BSE Sensex advanced 184.54 points or 0.29 per cent to end at 63,284.19, while the broader NSE Nifty gained 54.15 points or 0.29 per cent to 18,812.50. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 9,010.41 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/byju-oyo-ola-serum-swiggy-among-top-10-valuable-unlisted-companies-in-india/slidelist/95910460.cms">Serum Institute of India, BYJU’S, Ola, OYO among top 10 valuable unlisted companies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/top-10-companies-based-on-highest-revenue-in-india-as-per-hurun-report/slidelist/95910204.cms">Top 10 companies in India with the highest revenue in 2022, according to Hurun</a>

Rupee gains 8 paise to close at 81.22 against US dollar

<ul><li>The tech industry has seen more than 200,000 <keyword id="6357067" type="General" weightage="100" keywordseo="layoffs" source="Orion">layoffs</keyword> since the start of 2022.</li><li>Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add a major value to the organization.</li><li>Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management.</li></ul>Bipin Singh, a business development manager at Byju’s with over 11 years experience in the EdTech industry was laid off last month after a stint of 1.5 years at the company. In his LinkedIn post he mentioned about the layoff and urged everyone to reach out to him with job offers or if not, like share and comment on his post to increase reach. Anil <keyword id="906861" type="General" weightage="50" keywordseo="sahani" source="Orion">Sahani</keyword>, a software engineer, lost his job in Accenture recently .“I was one of the first ones to let go as I was a contract employee and also did not have any notice period. The layoffs are still on.” Singh and Sahani are among the thousands of employees who have been affected by tech layoffs in India. Google trend data, which reflects what people search for, shows that between January 22-28 this year, the term ‘layoff’ was at its peak popularity of 100, while between January 23 to January 29 last year, it was just at five. This is not surprising because layoffs are being reported majorly in the media and almost every other post on Linkedin is talking about layoffs. It all started with the news that the big tech giants like Amazon and Google parent Alphabet were laying off in large numbers. While Alphabet laid off 12,000 people, the Amazon layoffs affected more than 18,000 people. Microsoft said it will lay off 10,000 people by the end of the third quarter of 2023 and even SAP and IBM have started laying off employees. It seems it is almost like a contagion that is spreading rapidly like wildfire. The Indian situation: Which brings us to the question: Is the situation as bad in India? Layoffs are now a reality in India too. Reports suggest that around 21,000 techies have lost their jobs in the last three to four months. In the third week of January, Wipro fired more than 400 freshers for failing performance tests. While Amazon has laid off 1,000 of its employees in India, IBM and SAP are also laying off employees, affecting their employees in India as well. Very recently, Byju’s laid off 1,000 people, in a second round of layoffs in February. Sivaprasad N, vice president &amp; business head, TeamLease Digital, a staffing solutions company, puts the number of layoffs in the tech industry at more than 2,00,000 since 2022. Over 21,000 employees <a href="https://www.businessinsider.in/business/news/70-plus-indian-startups-show-exit-door-to-21k-techies-more-pink-slips-coming/articleshow/97411761.cms?">have been laid off </a>by 70 startups in the past 3-4 months including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="50" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more. Anuj Gupta, who has over 10 years of experience in SEO, has lost his job in edtech company upGrad and is a part of the current tech and marketing layoff wave. The layoff situation in India is currently more of a spill-over effect of shake-ups in the West. Unlike the funding winter that hit the Indian funded tech startups cohort in 2022, the current layoffs by big labels are largely corrective talent adjustments. “Despite potential opportunities coming our way due to global shakeups, it is prudent for India Inc. to treat the current layoffs as a tip of the iceberg,” says <keyword id="138078" type="General" weightage="50" keywordseo="kamal-karanth" source="Orion">Kamal Karanth</keyword>, CoFounder, Xpheno, a specialist staffing company. He adds that enterprises, especially in tech, will benefit from remaining alert and conservative on costs for at least two quarters. Agrees Sivaprasad, “Companies are battling a slowdown in demand after a hiring frenzy. No company is certain to avoid significant cutbacks in such an economic environment. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. It looks like the trend will continue for some time.” Many IT majors have announced mass layoffs in the last couple of months, quoting factors like overhiring, an impending recession and geopolitical conflicts. “We expect businesses to exhibit caution in hiring and workforce management through a major part of 2023,” <keyword id="13896318" type="General" weightage="50" keywordseo="sachin-alug" source="Orion">Sachin Alug</keyword>, CEO, NLB Services - a global technology &amp; digital talent solutions company. Delhi-based Pankaj Kumar, laid off from a software company this month, says that one day he got a message saying that the company was restructuring and that it was his last day. “However, we were forced to resign and also we received very little in the name of assistance as promised.” Kumar feels that most startups today have no clue about manpower requirements and just hire to show their investors that they are doing well without having an idea of how they can sustain themselves in crucial times. Tech jobs have been the most affected: As discussed, tech companies, especially IT firms, are very vulnerable to an impending recession in the US. “The tech sector has always been highly sensitive to economic cycles, and the current economic downturn could have a significant impact on these companies. A recession could lead to decreased consumer spending, reduced corporate investment, and layoffs, which could all hit tech companies hard,” says <keyword id="328697" type="General" weightage="50" keywordseo="sandeep-budhiraja" source="Orion">Sandeep Budhiraja</keyword>, Co-founder, Executive Director and Chief People Officer - BYLD Group which provides HR and Business productivity solutions, Additionally, the US market is a major source of revenue for many tech companies, so a recession here could have a widespread impact on global operations. Finally, any disruption to the global supply chain could further disrupt tech companies, as many rely on components and materials sourced from around the world. “The sectors that may be most affected, other than the technology, are telecommunications, financial services and retail. The telecommunications sector could be hit by reduced investment in infrastructure and lower customer demand. The financial services sector could be adversely affected by a decrease in credit availability and tightened lending standards, while the retail sector could suffer from decreased consumer spending,” adds Budhiraja. Everyone is vulnerable: “Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add major value to the organization. Usually, mass layoffs affect employees invariably regardless of their performance but in organizations that choose to let go of a selected few, performers at a certain level tend to be the target,” says Alug. The primary causes of layoffs are the foreseeable recession and the geopolitical scenario which have led to inflation, impacting many industries. Prominent players in the IT and Technology domain are being cautious to ensure profitability and better predictability of business. Agrees Karanth, “The larger layoffs related to enterprise strategy and austerity are mostly across the ranks and ratings of performance. Such layoffs related to macroeconomic movements are typically steamrollers on entire divisions, geographies and business units. While each enterprise has their own pattern of priority on the layoffs, the high cost and high volume headcounts typically come under the lens faster.” Look out for red flags: “Layoffs in a situation like now are largely written on the wall. It is often the speed and style of a layoff that's a surprise to talent, and not the layoff by itself,” says Karanth. Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management. “Additionally, if a company is reducing or eliminating certain departments or projects, it may be a sign that layoffs are coming. If there are rumours of layoffs or if employees are being asked to take unpaid leave, this could also be a sign that layoffs are imminent. Finally, if the company is not meeting its financial goals or is experiencing a downturn in business, layoffs may be a possibility,” says Alug. Hiring remains slow: “Many of those who lost their jobs are still looking for work, as nearly every major corporation has put a freeze on new hiring due to global macroeconomic conditions and recession fears. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. Looks like the trend would continue for some time,” says Sivaprasad. However Karanth feels that while tech hiring has slowed down, there are opportunities for talent who are flexible and agile to look beyond their domain. The non-tech sector's talent demand has been compensating well for tech's hiring slowdown. <keyword id="2838370" type="General" weightage="50" keywordseo="shraddha-jain" source="Orion">Shraddha Jain</keyword>, who is also known as 'Aiyyo Shraddha' on social media, posted a hilarious video on Instagram, where she slammed companies for laying off employees despite making a profit. "At the company offsite, we celebrated the company tripling its profit in a year. What happened? A month later we are so poor. Who robbed us?" she asked. While these are questions that reflect the grim reality of large scale layoffs, employees should brace themselves for tough times ahead. 2023 will be a turbulent ride.

Tech layoffs to continue for sometime thanks to a slowdown in demand and an uncertain economic environment

<ul><li><keyword id="2645087" type="General" weightage="20" keywordseo="rategain" source="Orion">RateGain</keyword> intends to raise ₹1,335 crore through this IPO.</li><li>The company is seeking a valuation of ₹4,537 crore.</li><li>The company has over 1,434 customers spread across 110 countries.</li></ul>The initial public offering (IPO) of RateGain Travel Technologies will open for subscription today, December 7, at 10:00 a.m. RateGain has set the price brand at ₹405-₹425 and the lot size has been fixed at 35 shares. A retail investor will have to shell out ₹14,175 to buy a lot at a lower end price of ₹405. The software-as-a-service (SaaS) platform, which solely focuses on the travel and hospitality segment, intends to raise ₹1,335 crore at a valuation of ₹4,537 crore (about $600 million) with this public issue. RateGain’s grey market premium (GMP) — premium at which investors are comfortable buying the shares before it gets listed on a stock exchange — was at ₹85 on December 6. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Event </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Opening Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 7 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Closing Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 9 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹405 to ₹425 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market Lot </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35 shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Basis of Allotment Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 14 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Initiation of Refunds </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 15 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit of Shares to Demat Account </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 16 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Listing Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 17 </td></tr></tbody><tbody></tbody></table>Source: BSE Founded in 2004 by Bhanu Chopra, RateGain offers travel and hospitality software solutions. It’s softwares covers an entire set of data points including pricing, rating, ranking, availability, room description, cancellation policy, discounting and packages, among other things. The company has over 1,434 customers — across the hotel, hospitality and online travel agency (OTA) segment — spread across 110 countries. It’s clientele includes Lemon Tree, InterContinental Hotels Group, Kessler Collection, GroupOn and Sabre GLBL. It has set up its subsidiaries in the United Kingdom, United States and Spain to serve its customers better. SEE ALSO <a href="https://www.businessinsider.in/business/news/saas-firm-rategains-ipo-opens-tomorrow-should-you-invest/articleshow/88125982.cms" data-type="tilCustomLink">SaaS firm RateGain’s IPO opens tomorrow — should you invest?</a> <a href="https://www.businessinsider.in/business/news/byjus-swiggy-and-dream11-the-top-10-startup-deals-of-2021-that-raised-7-7-billion-overall/slidelist/88121451.cms" data-type="tilCustomLink">Byju’s, Swiggy and Dream11 — the top 10 startup deals of 2021 that raised $7.7 billion overall</a> <a href="https://www.businessinsider.in/business/news/route-mobile-is-eyeing-the-latin-america-market-to-bump-up-its-global-presence/articleshow/88089608.cms">Route Mobile CEO explains how he is picking the next market for acquisitions</a>

RateGain’s IPO opens today, grey market premium at ₹85

Legendary actor <keyword id="1687" type="PERSON" weightage="20" keywordseo="Dilip-Kumar">Dilip Kumar</keyword> died on Wednesday morning after prolonged illness, his family and doctors treating him said. He was 98. <keyword id="6358442" type="PERSON" weightage="20" keywordseo="kumar">Kumar</keyword>, known to generations of film-goers as 'tragedy king', had been admitted to the intensive care unit (ICU) of the <keyword id="104165" type="ORGANIZATION" weightage="20" keywordseo="Hinduja-Hospital">Hinduja Hospital</keyword>, a non-COVID-19 facility, since Tuesday. "He passed away due to prolonged illness at 7.30 am," Dr <keyword id="1155501" type="PERSON" weightage="20" keywordseo="Jalil-Parkar">Jalil Parkar</keyword>, who had been treating Kumar, told . "With a heavy heart and profound grief, I announce the passing away of our beloved Dilip Saab, few minutes ago. We are from God and to Him we return," family friend Faisal Farooqui posted from the actor's <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword> handle. The "Mughal-e-Azam" actor had been in and out of hospitals in the last one month and the family was hoping he would get better. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-businesses-have-raised-about-4-1-billion-of-capital-in-the-month-of-june-2021-across-121-deals/slidelist/84174428.cms">Fogg, Byju’s and PharmEasy grabbed the biggest investments of June 2021— here’s more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-motors-shares-drop-as-company-forecasts-poor-sales-of-jaguar-land-rover/articleshow/84171588.cms">Tata Motors shares drop almost 13% as company forecasts poor sales of Jaguar Land Rover in September quarter</a>

Legendary actor Dilip Kumar dies at 98 due to prolonged illness

Chennai, Two- and three-wheeler maker <keyword id="201434" type="DOMAIN" weightage="20" keywordseo="TVS-Motor-Company-Ltd">TVS Motor Company Ltd</keyword> on Saturday said it had logged 17.5% growth in sales last month. In a statement the <keyword id="24975" type="COMPANY" weightage="20" keywordseo="company">company</keyword> said it had closed last month selling 272,084 units (two <keyword id="968668" type="PERSON" weightage="20" keywordseo="wheelers">wheelers</keyword> 258,239, three wheelers 13,845 units) up from 231,571 units (two wheelers 215,619 units, three wheelers 15,952 units) sold in the month of December 2019. According to <keyword id="46156" type="DOMAIN" weightage="20" keywordseo="TVS-Motor">TVS Motor</keyword>, exports grew by 28% last month with shipments totalled 94,269 units up from 73,512 units registered in December 2019. During the <keyword id="4021103" type="PERSON" weightage="20" keywordseo="Third-Quarter">third quarter</keyword> of the current financial year, two-wheelers posted sales of 9.52 lakh units as against sales of 7.73 lakh units in the third quarter FY20. Three-wheeler of the Company registered sales of 0.38 lakh units in the third quarter of the current year as against 0.48 lakh units in the third quarter of FY20. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">NTERVIEW: Kia Motors’ 2021 plan includes 11 electric vehicle launches ⁠— but India may have to wait longer</a> <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a> <a href="https://www.businessinsider.in/business/startups/news/india-edtech-in-charts-how-the-shi[%E2%80%A6]es-of-byjus-unacademy-and-others/articleshow/80040270.cms">India’s edtech in charts – How the shift to online learning meant money, valuation and users for the likes of BYJU’S, Unacademy, and others</a>

You Searched For "Byjus units" and got 9 results

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

PTI

BYJU’s latest advertisement for Gandhi Jayanti aims to spread positivity and celebrate Indians who embody Gandhiji’s values

Karuna Sharma

Byju's, Unacademy, upGrad and other edtech companies hiring now

Prerna Sindwani

Mahinda Rajapaksa takes oath as the Prime Minister of Sri Lanka for the fourth time

PTI

Rupee gains 8 paise to close at 81.22 against US dollar

PTI

Tech layoffs to continue for sometime thanks to a slowdown in demand and an uncertain economic environment

Anagh Pal

RateGain’s IPO opens today, grey market premium at ₹85

Kritti Bhalla

Legendary actor Dilip Kumar dies at 98 due to prolonged illness

PTI

TVS Motor logs 17.5% sales growth in December

IANS

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