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In yet another sensational story of another Indian founder taking his startup for a joyride, Broker Network (operated by 4B <keyword id="50752" type="General" weightage="80" keywordseo="networks" source="Orion">Networks</keyword>) founder <keyword id="536283" type="General" weightage="50" keywordseo="rahul-yadav" source="Orion">Rahul Yadav</keyword> reportedly maintained a luxurious lifestyle such as owning a Mercedes-Maybach and hired a boardroom at the Taj Land's End for Rs 80,000 per day, as employees were left unpaid for months. According to a report in leading startup news portal Inc42, Broker Network burnt over Rs 280 crore in less than 18 months, while over 150 employees have not been paid since November last year. "Yadav turned to his long-time employees to borrow personal loans to pay employee salaries. One such top-level employee lent close to Rs 50 lakh to Yadav. He has filed a criminal complaint against Yadav," the report noted, citing sources. Other employees were also asked to take "advance salary" loans and transfer the amount to Yadav. Employees alleged that all through this, Yadav maintained a luxurious lifestyle. "Yadav told us luxuries such as his Maybach came from his earnings at Anarock," and he was "also looking to buy a Bentley," one employee was quoted as saying. Yadav, who foundedAHousing.com has denied all allegations related to any wrongdoing at the company, according to the report. Allcheckdeals India Private Limited (AIPL), a wholly-owned subsidiary of <keyword id="80004" type="General" weightage="50" keywordseo="info-edge" source="Orion">Info Edge</keyword>, invested Rs 276 crore in Yadav's 4B Networks and provided debt financing of Rs 12 crore. Now, Info Edge has initiated a forensic audit into the prop-tech startup in which it holds a stake, as Yadav "repeatedly failed to provide the information". Founded in 2020 by Yadav, 4B Networks last raised Rs 90 crore in September 2022 at a valuation of $185 million. AIPL sought information, including details and particulars of financial transactions, transactions with related parties and such other aspects, from 4B Networks and its current management. "However, 4B Networks has repeatedly failed to provide AIPL with such information and has also not responded to the information requests by the company on several occasions," according to an exchange filing by <keyword id="3378431" type="General" weightage="50" keywordseo="indo-edge" source="Orion">Indo Edge</keyword>. "AIPL has exercised its contractual rights under the shareholders' agreement and articles of association of 4B Networks and pursuant to the same, is initiating a forensic audit into the affairs of the investee company," the filing further read. The startup ecosystem has been rocked by several such cases in the past, including BharatPe Co-founder Ashneer Grover, Singapore-based fashion startup <keyword id="3131383" type="General" weightage="50" keywordseo="zilingo" source="Orion">Zilingo</keyword> founder Ankiti Bose and financial discrepancies at GoMechanic. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-17-2023-review/articleshow/100695278.cms">Asus ROG Strix Scar 17 2023 review</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/entrepreneurship-dreams-here-is-a-door-to-knock-for-guidance/articleshow/100696303.cms">Entrepreneurship dreams? Here is a door to knock for guidance</a>

Employees unpaid but this startup rents a Taj Land's End boardroom for ₹80K a day

<ul><li><keyword id="80004" type="COMPANY" weightage="20" keywordseo="Info-Edge">Info Edge</keyword> runs recruitment services Naukri.com, real estate platform 99acres, education service Shiksha.com and matrimony portal Jeevansaathi.com.</li><li>The company saw its net revenue come down by 19% year-on-year for the second quarter of the current financial year. </li><li>For Info Edge, its businesses across verticals continue to suffer because of the pandemic.</li></ul>One of India’s oldest internet companies continues to bear the impact of the COVID pandemic. Info Edge, which runs recruitment services Naukri.com, real estate platform 99acres, education service Shiksha.com and matrimony portal Jeevansaathi.com, saw its net revenue come down by 19% year-on-year for the second quarter of the current financial year. Meanwhile, its operating EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at ₹51.6 crore, down by 48.1% over the corresponding quarter in FY 2019-20. Its dismal performance in the second quarter also saw its share price taking a hit marginally during morning trade on November 11 – <keyword id="6673581" type="UNKNOWN" weightage="20" keywordseo="Info-Edge-share-price">Info Edge share price</keyword> fell by 0.22%. <div type="image" title="info edge latest" msid="79163901" hostid="261"></div> This, despite, <a href="https://twitter.com/CNBCTV18Live/status/1326371238260977665?s=19">comments</a> from Hitesh Oberoi, CEO, Info Edge trying to highlight the upswing in some segments. Q2 was better than expected, he said. But he also admitted that the billings on Naukri.com was still just 80% of what it was a year ago. In fact, between September and October, the <a href="https://twitter.com/CNBCTV18Live/status/1326371238260977665?s=19">billings fell</a> for the recruitment portal. Naukri.com, which is one of India’s top jobs listings portal and also Info Edge’s cash cow, has seen a blow to its business as companies froze hirings during the pandemic as a cost saving measure. During the release of its JobSpeak index in September, the company had said that hiring activity was recovering slowly. “While the hiring is yet to touch last year levels and is down by 23% in Sept’20 versus Sept’19 but this is also a marked recovery from a 35%-60% decline that we have witnessed in the last few months,” Pawan Goyal, Chief Business Officer, Naukri.com had said then. However, in October 2020 the company reported that hirings remained flat as compared to September 2020. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Info Edge revenue from different verticals </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;">Quarter ended Sept 30, 2020 </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;">Quarter ended Sept 30, 2019 </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;">Naukri.com </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;">₹1874.13 mn </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;">₹2311.99 mn </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;">99acres </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;">₹363.42 mn </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;">₹570.12 mn </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;">Others </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;">₹371.57 </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;">₹413.20 mn </td></tr></tbody></table> 99acres – Enquiries rising Meanwhile, for its real estate platform 99acres, Info Edge believes that recovery is on the cards in the third quarter of the current financial year. In a recent announcement, the company had said that 99acres.com has witnessed a 70% uptick in daily traffic in the third quarter as compared to the second. The company also said that in September, 99acres app downloads saw over 2000 installs per day. “The Jul-Sep 2020 quarter set the pace for the recovery of Indian residential real estate market. Post an initial lull in sales and new launches in the previous quarter, the current quarter came as a breather as sales resurged by almost 2.5 times of the pre-COVID levels,” Maneesh Upadhyaya, Chief Business Officer, 99acres.com had said in an earlier statement. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zomato-and-swiggy-have-never-been-this-close-to-making-profit-say-goldman-sachs-analysts/articleshow/79163334.cms">Zomato and Swiggy have never been this close to making profit, say Goldman Sachs analysts</a>

Info Edge earnings are proof that not all Internet businesses are immune to the COVID crash

<ul><li>Shares of <keyword id="80004" type="General" weightage="20" keywordseo="info-edge" source="Orion">Info Edge</keyword> (India) Limited reached ₹6,692 at 11:56 a.m. on September 8.</li><li>The development coincides with ICICI Securities issuing a buy call on Info Edge (India) with a target price of ₹8,040.</li><li>The analyst expects increase in hiring, real estate rentals and wedding trends to fill Info Edge’s pockets in the near term.</li></ul>Sanjeev Bikhchandani-led Info Edge’s shares reached ₹6,692 at 11:56 a.m. This represents an increase of ₹509 in value compared to the previous close of ₹6,183 on September 7. Over the last one month, Info Edge’s share price has increased by 23%. Each share was valued at ₹5,368 on August 9 compared to ₹6,692 at 11:56 a.m. The development comes as ICICI Securities has issued a buy call on Info Edge (India) with a target price of ₹8,040 today. The analyst expects the share to reach the target price in a span of one year. The analyst had issued a similar buy call in June with a target price of ₹6,300. ICICI Securities have now revised the target as <keyword id="6740899" type="General" weightage="20" keywordseo="info-edge-shares" source="Orion">Info Edge shares</keyword> have crossed the said target. In its latest report on Info Edge, ICICI Securities has elaborated on the strong points that would lead the company’s stock price to increase. The broking house has also revised the estimated valuations of Info Edge and its subsidiaries. “We value Naukri at 75x [times] financial year 2023 estimates earnings per share. We value 99 Acres and Jeevansathi [Info Edge’s subsidiaries] each at 20x FY 2023 estimated sales. As elaborated in our report, our 1-year forward valuation of Zomato [a portfolio company of Info Edge] stands at $22 billion.” <div type="image" title="Here is how Naukri parent Info Edge’s stock went up 23% in the last one month" msid="86032580" hostid="261"></div> Meanwhile, Info Edge’s portfolio companies — Zomato and Info Edge — are also moving away from the ‘startup’ tag to a maturity stage. Zomato has already hit the public market and bought over <a href="https://www.businessinsider.in/stock-market/news/info-edges-remaining-stake-in-zomato-is-worth-15000-crore/articleshow/84668883.cms">₹15,000 crore</a> in return for Info Edge, PolicyBazaar has filed <a href="https://www.businessinsider.in/business/news/policybazaar-ipo-all-you-need-to-know-the-details-of-sixth-largest-fintech-startup/articleshow/84967042.cms">preliminary papers</a> to go public soon. Further Info Edge invested in another <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms">initial public offering (IPO)</a>-bound company ixigo in July. Key points working in favour of Info Edge <div type="image" title="Here is how Naukri parent Info Edge’s stock went up 23% in the last one month" msid="86032598" hostid="261"></div> Strong hiring could benefit Naukri.com Trends in other markets like the US, which publish job market data periodically, hint towards a significant demand-supply mismatch when it comes to hiring. In India, entrepreneurship, preference to work in startups and flexibility of workplace are going to be biggest drivers of this demand-supply mismatch in hiring, as per ICICI Securities. This is likely to benefit job search platforms like Naukri.com for the next 12-18 months. Vibrant job market will push more people to move out ICICI Securities in its latest report noted that several new trends have emerged in the proptech segment — low interest rate, strong pipeline, print to online shift in advertising, recent direct-to-customer (D2C) approach taken by builders to drive traction in online real estate classifieds. The brokerage firm predicted the spike in paid listing going ahead, which will enable Info Edge-owned 99acre.com’s EBITDA [earnings before interest, taxes, depreciation, and amortisation] profitability to exceed the street estimates. ICICI Securities, however, also noted that competitive intensity is one of the key reasons for the suboptimal profitability in this segment for Info Edge. Besides this, the decline of funding in the real estate segment is also pushing Info Edge’s competition to reduce cash burn. “Nevertheless, the full stack aspirations of competitors like Square Yards is a key risk to watch out for,” the report added. Matchmaking is back on the table Easing of lockdown restrictions and best-in-a-decade job security will encourage more people to look for their partners on matchmaking platforms. ICICI Securities is anticipating a sharp increase in paid listings in the near term to also drive EBITDA profitability, in FY23. This will be a surprise to the current street expectation, the ICICI Securities added. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/zomato-policybazaar-investor-info-edge-invested-in-nearly-2-startups-every-month-in-2021/articleshow/86028438.cms">Zomato, PolicyBazaar investor Info Edge invested in nearly 2 startups every month in 2021</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-bags-another-150-million-to-fund-its-acquisition-spree/articleshow/86027937.cms">Byju’s bags another $150 million to fund its acquisition spree</a> <a href="https://www.businessinsider.in/business/startups/news/zoho-corp-invests-5-million-in-medical-devices-startup-voxelgrids/articleshow/86000656.cms">Zoho Corp invests $5 million in medical devices startup Voxelgrids</a>

Here is why Naukri parent Info Edge’s stock went up 23% in the last one month

<ul><li>The India’s oldest internet company plans to raise ₹1875 crore by selling shares to qualified institutional investors. </li><li>The stock has grown by 70% since the lockdown began in March.</li><li>Eventually, the 11% growth in annual consolidated revenue was much better than estimates. </li></ul>Info Edge stocks jumped over 5% in early trade on Tuesday (June 23) after a sharp fall in quarterly and a plan to raise more money through new shares issued to qualified institutional investors. The $5 billion company, which runs <keyword id="218117" type="COMPANY" weightage="20" keywordseo="Naukri-com">Naukri.com</keyword>, Jeevansaath.com, 99acres.com and Shiksha.com, continues to be one of India’s largest internet companies. Investors had feared the company to perform a lot worse. So much so that a 60% fall in profit was better than expectation. <div type="image" title="info edge share latest." msid="76525158" hostid="261"></div> Better than what analysts expected <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">InfoEdge </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;">FY20 </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;">JM Financial revenue estimate </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;">₹1272.7 crore </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;">Actual revenue </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;">₹1416.3 crore </td></tr></tbody></table> One of the better bets Internet businesses are being seen <a href="https://www.businessinsider.in/stock-market/markets/news/hcl-tech-infoedge-biocon-and-peers-safe-stocks-for-2020/articleshow/76523192.cms">as some of the safer bets</a> amidst the global recession triggered by the COVID-19 pandemic. And InfoEdge is one of the big ones in that space. “We believe the crisis will expedite the offline to online transition of several small/large businesses that could help Info Edge deliver exceptional performance over the medium to long term due to its strong fundamentals and superior market positioning,” said the JM Financial report. Naukri’s India business, which makes for one-third of InfoEdge’s annual consolidated revenue, saw a year-on-year decline of collection by ₹14 crore in the fourth quarter of FY20 and it worsened in April with a decline of ₹26 crore as compared to the same month the previous year. But that was due to the lockdown. Just before that, Naukri was growing at 13% (year-on-year) until mid March, according to the company. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Jan-March 2020 </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;">Revenue growth (YoY) </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;">Profit growth (YoY) </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;">Naukri.com </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;">13.6% </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;">10.2% </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;">99acres.com </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;">3.5% </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;">Loss shrinks to a third </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;">Others </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;">-17.6% </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;">Loss has doubled </td></tr></tbody></table> And the promoters are cashing in. The company is set to raise ₹1875 crore through Qualified institutional placement i.e. selling new equity shares to big institutions. The internet company’s bid to raise funds through the unique method if successful will make it the <a href="https://www.livemint.com/news/india/info-edge-board-approves-raising-up-to-rs1-875-crore-through-qip-11592883581371.html">third company </a>(after Kotak Mahindra Bank and JM Financial) to raise capital through QIP since March this year. SEE ALSO: <a href="https://www.businessinsider.in/business/news/donald-trumps-h-1b-visa-ban-incites-a-sharp-reaction-from-indian-tech-company-like-wipro-tcs-infosys-tech-mahindra/articleshow/76524525.cms">Donald Trump's H-1B visa ban incites a sharp reaction from India's tech lobby</a> <a href="https://www.businessinsider.in/stock-market/markets/news/hcl-tech-infoedge-biocon-and-peers-safe-stocks-for-2020/articleshow/76523192.cms">HCL Tech, InfoEdge, Biocon and their peers may be safe stocks to hide for the rest of 2020</a>

Here’s why Info Edge stocks rallied over 5% despite 60% fall in quarterly profit

<ul><li>InfoEdge’s net revenue grew to ₹316.6 crore from ₹265 crore in the same quarter previous year. </li><li>The revenue push came in from its <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> aggregator platform <keyword id="1336736" type="PERSON" weightage="20" keywordseo="99acres">99acres</keyword>.com.</li></ul>One of India’s first internet companies InfoEdge reported a 19.5% jump in net revenues in the second quarter to ₹316.6 crore from ₹265 crore in the same quarter previous year, thanks to its real estate aggregator platform 99acres.com. “We continue to witness strong quarterly operational performance in terms of billing, revenue, total income and operating EBITDA growth, which are in high teens on year-on-year basis, supported by 99acres which grew over 20% in terms of billing and revenue during the quarter on a year-on-year basis,” said Chintan Thakkar, chief financial officer of InfoEdge. Thakkar spoke to Business Insider to share how the revenues on 99acres, in spite of an economic slowdown. “99acres has been consistently growing in the last six quarters. The last quarter we grew by 19%,” he said. The real estate aggregator business is divided into two parts – the first being the developers and businesses about new projects and the second one being resale retail. The second aspect has been the one to turn the story around for 99acres. “The growth could be because of the velocity of transactions – if there are more and more transactions in the market the business goes up. There are more green shoots around resale rental business and that is helping brokers with a good return on investment, which in turn helps our business,” said Thakkar. The company’s net profits also fell by 88% due to an exceptional item – impairment in a company called Meritnations due to gap in valuation. However, Thakkar informs us that there actually has been a 31.4% jump in profit margin. Along with 99acres.com, <keyword id="80004" type="COMPANY" weightage="20" keywordseo="Info-Edge">Info Edge</keyword> is the parent company for popular sites like <keyword id="218117" type="COMPANY" weightage="20" keywordseo="Naukri-com">Naukri.com</keyword>, JeevanSathi.com, and Shiksha.com. On the Naukri portal, they have over 60 million resumes, half a million recruiters and over 13-14 lakh applicants for jobs. The company also invests in startups and was also an early investor in the foodtech unicorn Zomato. Info Edge also recently invested ₹21 crore in edutech platform Adda247 and ₹5 crores in real estate startup Terralytics Analysis. See Also: <a href="https://www.businessinsider.in/naukri-jobs-is-using-artificial-intelligence-to-take-on-linkedin/articleshow/69751271.cms">An Indian internet company older than Google is using Artificial Intelligence to reinvent itself</a>

Info Edge’s revenues jump 19.5% on the back of increased transactions on 99acres

<ul class="summary-list"><li>Janika Cook spent eight years going to college off and on before dropping out with $25,000 in loans.</li><li>She started a paid apprenticeship program in tech, which provided practical skills and experience.</li></ul>This as-told-to essay is based on a conversation with Janika Cook, a 28-year-old data analyst in Cleveland. It has been edited for length and clarity.I graduated from high school in 2014 and felt like my only option was to go to college, so I enrolled at Ohio University as a political science major.I only attended classes for a year before my family <a target="_blank" href="https://www.businessinsider.com/reasons-parents-wont-pay-for-childs-college-tuition-2024-5">couldn't pay the outstanding tuition balance</a> — even with the $10,000 in loans I took out for living expenses — so I had to unenroll and move from Athens back to Cleveland, where I'm from.<h2 id="aef84e7a-2786-400e-865e-ad65d93829bc">I decided to try community college</h2>I started working 40 hours a week at <a target="_blank" href="https://www.businessinsider.com/chick-fil-a-three-day-work-week-employee-burnout-retention-2022-11">Chick-fil-A</a>, and a few months later, I enrolled in a <a target="_blank" href="https://www.businessinsider.com/community-college-becoming-popular-for-gen-z-to-avoid-debt-2023-5">community college</a> as a political science major again because I still wanted to make college work.I took out more loans, but I was also getting financial aid, and to continue to qualify, I had to complete a certain number of classes. I wasn't getting satisfactory grades because I was also working and overwhelmed with juggling both work and school. I stopped qualifying for aid.I went back and forth for eight years in that cycle and ultimately took out $25,000 in <a target="_blank" href="https://www.businessinsider.com/student-loan-forgiveness-borrowers-debt-cancellation-pslf-back-processing-applications-2024-7">student loans</a> but didn't graduate. Sometimes, I would have money to pay out of pocket for community college classes, but not always.I tried to get internships, but many were unpaid. It felt like a double-edged sword where I didn't have the experience or education to progress in my career, but it was also difficult to get that experience unpaid while needing to work.<h2 id="346ac628-c72d-4ac9-a96a-60d2947ed606">I then found an apprenticeship program</h2>In the summer of 2022, I saw an ad on TikTok for Multiverse, a company that provides paid <a target="_blank" href="https://www.businessinsider.com/why-i-didnt-go-college-university-apprenticeship-no-debt-2023-9">apprenticeships</a> to those looking for careers in tech.I kept scrolling, but a couple of days later, I saw the same video again and decided to look into it more because, at the time, I was underemployed <a target="_blank" href="https://www.businessinsider.com/how-delivery-driver-gets-big-tips-declines-orders-wealthy-areas-2023-4">doing DoorDash</a> and looking for a new opportunity.Initially, it sounded too good to be true because it was free, and you didn't need any experience to get started. I felt like there had to be a catch. I set up an info session, and it turned out to be exactly what I was looking for.After holding some data-focused positions at nonprofits, my interest in data grew and I wanted to gain experience with more technical data roles. I signed up for the advanced analytics apprenticeship program.<h2 id="58fe7b0e-d31f-40e4-a3c2-d90727a288a4">I landed a position making $55,000 a year</h2>Within a few weeks, I interviewed with Intermountain for a data analyst position. I got an offer for a $55,000 base salary and started my 12-month apprenticeship with a cohort of about 30 people.Many of the people in my cohort are people of color, and I liked that Multiverse focuses on helping people of color gain skills needed for tech jobs.During the program, we met with a data coach for a couple of hours every month, and the rest of the time, we learned on the job. It worked well that we could learn something from our data coach one day and start implementing it at work the very next day.<h2 id="a15ae67c-40dc-4f60-9acb-d6625e9269ec">After graduation, I moved up to $67,000</h2>I graduated from the program last summer and received a full-time offer for a $67,000 base salary with the company I apprenticed with. I'm still working there now, but I'm on a different team at Castell, a company owned by Intermountain.My colleagues and I try to lower medical costs and improve patient outcomes. Helping people motivates me, and I use data to do it, which is really cool. I see myself staying at this company for a long time. I also enjoy that I'm still learning every day, and the company fosters professional development.I'm making more than I've ever made. It's been life-changing to be able to pay my bills and start <a target="_blank" href="https://www.businessinsider.com/personal-finance/paid-off-student-loans-life-after-2023-9">paying off my student loans</a>, which I've already gotten down to under $22,000. I'm paying a few hundred dollars a month, and I'm hoping to be able to pay them off in the next few years.My company also gives us money toward additional education, so I'm considering getting my data analytics degree. My local community college has a new program I'd like to start in the fall.<h2 id="2dcc1ee2-3e41-4a58-aca9-db374ebe39ad">College is not the only option</h2>I wish I had known when I graduated from high school that apprenticeships were an option. I think they're great for people who don't learn as well in the classroom and instead learn better on the job and with hands-on projects.I've realized there's <a target="_blank" href="https://www.businessinsider.com/got-older-dad-job-at-same-workplace-and-loves-it-2024-5">no age limit to change your career</a>. Through this program, I've met people who are 50 or 60 years old completely turning their careers around. You can always start over and try something new — even if you've spent five or 10 years going toward a certain path, you can pivot and do something else if it's not working.While I do think I gained things from going to college — mostly interpersonal skills like how to work with others, resolve conflict, and work on a team — I think I could've also gained those skills in my career. I don't think I retained much of the classroom knowledge I learned in college, and I wish I had pursued an apprenticeship earlier.

I spent 8 years trying to earn my degree but dropped out with $25,000 in loans. Now I'm a data analyst and wish I left sooner.

<ul><li>At 7:40 am, the SGX Nifty was trading 0.23% lower, indicating a muted start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a negative note amidst cautious cues from global peers. At 7:40 am, the SGX Nifty was trading 0.23% lower, indicating a muted start for Nifty50. On Thursday, the US stocks finished sharply lower as tech shares lost momentum. The Dow Jones Industrial Average ended 1.45% lower. While the S&amp;P 500 lost 1.76% towards the end of trading. Here’s a list of stocks to watch for in trade on September 11: Reliance Industries and Future Retail Mukesh Ambani led RIL has clarified on the circulating news report about the company selling Amazon $20 billion stakes in its retail arm. RIL said, “we do not comment on media speculation and rumours, and we cannot confirm or deny any transaction which may or may not be in the works.” This may also move the shares of Mukesh Ambani’s recently acquired Future Retail. The shares of RIL closed 7.29% higher yesterday, whereas Future Retail was locked in a 5% upper circuit. Bank of Baroda and Union Bank The Bank of Baroda reduced Marginal cost of funds-based lending rate (MCLR) between 5-30 basis points across various tenors with effect from September 12. The Union Bank of India also decided to reduce the MCLR by up to 5 basis points across tenors. One hundred basis points make 1%. The shares of Bank of Baroda closed 3% higher yesterday, whereas Union Bank gained 2%. Info Edge Info Edge said its investee company Zomato had raised $160 million (₹1,173 crore) in funding from Tiger Global and Temasek Holdings subsidiary MacRitchie Investments, valuing the online food ordering platform at $3.3 billion. The shares of Info Edge closed 3.30% higher on September 10. HAL The state-owned Hindustan Aeronautics Limited (HAL) reported a 74% drop in its net profit to ₹148.7 for the first quarter ended June 30. The company’s overall revenue was down 47% compared to the same period last year. The shares of HAL closed 3.24% higher on Thursday. Maruti Suzuki The promoter of India’s largest car manufacturer Maruti Suzuki— Suzuki Motor Corporation acquired 2.84 lakh shares from September 8-9. The shares of Maruti Suzuki closed almost flat on Thursday. Hindustan Copper Hindustan Copper reported a 40% jump in its consolidated net profit to ₹29.8 crore for the first quarter ended June 30. The company’s revenue increased 41.9% to ₹431.4 crore. The shares of Hindustan Copper closed 3% higher on September 10. Yes Bank Yes Bank said it has fully repaid the ₹50,000 crore provided by RBI as a special liquidity facility (SLF) amid the crisis faced by the lender earlier this year. The shares of Yes Bank closed 2.20% higher on September 10. BHEL, IRCTC, Rail Vikas Nigam and Adani Green Energy These companies are slated to report their first quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/indias-largest-company-reliance-industries-has-reportedly-offered-amazon-a-40-stake-in-its-retail-arm-for-20-billion/articleshow/78041109.cms" data-type="tilCustomLink">India's largest company, Reliance Industries, has reportedly offered Amazon a 40% stake in its retail arm for $20 billion</a> <a href="https://www.businessinsider.in/finance/news/citigroup-ceo-michael-corbat-announces-plans-to-retire-hell-be-replaced-by-the-banks-consumer-chief-jane-fraser-/articleshow/78040520.cms" data-type="tilCustomLink">Wall Street shatters a glass ceiling as Jane Fraser is announced as Citigroup's new CEO, becoming the first woman to lead a major US bank</a>

Top stocks to watch— RIL, Future Retail, Bank of Baroda, Yes Bank, HAL, Info Edge, Maruti Suzuki, IRCTC, BHEL, HAL, Rail Vikas Nigam and more

When you buy through our links, we may earn money from our affiliate partners. <a href="https://www.insider-inc.com/commerce-on-insider-inc/">Learn more.</a><a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored nofollow sponsored"></a><ul class="summary-list"><li>After testing all five of Casper's new mattresses, I wouldn't recommend the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Casper Wave Hybrid</a>.</li><li>It was ultimately a little too firm for my preferred side-sleeping position, didn't dissipate heat well, and lacks the edge support and motion isolation properties ideal for couples sharing a bed.</li><li>The Casper Wave Hybrid <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F%3Fsize%3Dtwin%26material%3Dhybrid" target="_blank" rel="nofollow noopener sponsored">starts at $1,495 for a Twin</a> and comes with a 100-night risk-free trial and a 10-year limited warranty.</li></ul>Table of Contents: Masthead StickyCasper is a startup darling for comfortable and reasonably-priced mattresses and bedding accessories. We've tested and reviewed all of its mattresses, named them as some of the best picks in <a href="https://www.businessinsider.com/best-mattress" target="_blank" rel="noopener">our various buying guides</a>, and more.I tested all five of its new mattresses this spring and summer (you can see some of the <keyword id="52147" type="PERSON" weightage="100" keywordseo="reviews">reviews</keyword> <a href="https://www.businessinsider.com/casper-mattress-review" target="_blank" rel="noopener">here</a> and <a href="https://www.businessinsider.com/casper-hybrid-mattress-review" target="_blank" rel="noopener">here</a>), and despite my <a href="https://www.businessinsider.com/best-mattress" target="_blank" rel="noopener">previous positive experiences with the brand</a>, I can't recommend its latest version of the high-end <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid Mattress</a>. I tested a Queen-sized <keyword id="6503675" type="UNKNOWN" weightage="60" keywordseo="mattress">mattress</keyword>, and the lack of motion isolation and edge support combined with poor heat dissipation left me unimpressed. For something as expensive as this, I expected a much more well-rounded mattress.<h2>Specs</h2><a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored"><div type="image" title="Casper Wave Hybrid Mattress Specs" height="900" width="1200" msid="77424000" hostid="261"></div></a>As a hybrid, the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid</a> features individually-wrapped spring coils meant to aid in airflow for a night of cooler <keyword id="6372996" type="UNKNOWN" weightage="60" keywordseo="sleep">sleep</keyword>, provide support, and to give a little lift.Additionally, there are five layers of foam. The topmost layer is made with a cooling gel and the second layer has tiny holes to help release body heat and hot air, and prevent overheating. The ergonomic zoned support of the third layer helps aligns your spine with added firmness around the lower back, waist, and hips and a softer feel by the shoulders. The fourth layer works with the third layer to offer zoned support by using gel pods. Finally, the base layer surrounds the springs to provide additional edge support.All of the foams Casper uses are CertiPUR-US certified, which means no ozone-depleting materials or other hazardous chemicals are used in the making of the foam. And environmentally-friendly materials are used to make the cover, including recycled bottles. Though many retail locations are closed or have different operating hours due to the <a href="https://www.businessinsider.com/china-virus-everything-we-know-deadly-2019-ncov-wuhan-spread-2020-1" target="_blank" rel="noopener">novel coronavirus pandemic</a>, Casper has <a href="https://stores.casper.com/index.html">stores in every major city</a> in the United States. Under normal circumstances, you can schedule a 30-minute sleep trial, so we suggest calling your local store for availability and additional info. You can also find Casper mattresses in more than 1,000 Target stores across the US, but we'd advise calling ahead first.<h2>Set-up process</h2>In non-pandemic times, you could pay a flat fee for Casper to hire a local delivery company to set up your mattress in the room of your choice and remove any packaging, along with your old bed, with them. Unfortunately, the in-home setup is not currently available. The manual way isn't actually that difficult and you should be able to set the mattress up with the help of a family member or partner. The box with the mattress inside weighs 120 pounds so help is a must. The unboxing process is straightforward and took me about five minutes. Casper provides instructions to guide you through the process, but you probably won't need them. Like all beds-in-a-box, the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid</a> had a "new bed smell" that I don't particularly enjoy so I gave it time to air out and expand before I put sheets on it. By bedtime about 10 hours later, the bed was fully expanded and the odor had dissipated. You can use the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid</a> with any bed frame. Casper recommends choosing <a href="https://www.businessinsider.com/casper-bed-frames-review" target="_blank" rel="noopener">one of its own</a>, but my cheap <a href="https://www.amazon.com/gp/product/B07D7HBR76/ref=as_li_tl?imprToken=RMZaIRaYvevUEzvwcBHo2A&amp;slotNum=0&amp;ie=UTF8&amp;tag=biipf_062520_casper-nova-hybrid-mattress-review-20&amp;camp=1789&amp;creative=9325&amp;linkCode=w61&amp;creativeASIN=B07D7HBR76&amp;linkId=e46da97859d9449f07d5168429bcd080e46da97859d9449f07d5168429bcd080">Zinus bed frame</a> worked just fine.<h2>My review of the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Casper Wave Hybrid</a> </h2><a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored"><div type="image" title="Casper Wave Hybrid Mattress Touch" height="900" width="1200" msid="77424006" hostid="261"></div></a>The only way to truly know if a mattress is right for you is to sleep on it for at least 14 nights to break it in — after you've read the reviews and done your research, of course. Fortunately, Casper provides a 100-night risk-free trial with all of its mattresses. If you find the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid</a> doesn't suit your needs, Casper will arrange for a charity or recycling center to come to pick it up. You will then receive a full refund within two weeks.<a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">The Wave Hybrid</a> is a little firmer than your average firm mattress. I generally prefer to sleep on my side, but I felt more comfortable sleeping on my stomach because of the firmness level. In this position, I felt pressure relief and I didn't wake up with stiffness at any time during the testing period. Though I don't personally sleep on my back, firmer mattresses tend to be a better option for back sleepers, so I think the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid</a> would appeal to back sleepers as well.Speaking of the back, I suffer from chronic lower back pain that rears its ugly head every few months or so. I've found it tends to flare up when I exercise excessively and sleep on an unsupportive mattress. While testing the Wave Hybrid, I did exercise excessively — running and lifting weights every morning to cope with the pandemic — yet, my back did not act up at all and I'd like to think that the mattress served me well. Check with your doctor or chiropractor if you're in a similar situation for expert advice. <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">The Wave Hybrid</a> and all Casper beds are backed by a 10-year limited warranty. If you handle your mattress properly, use it normally, and sleep on it with a supportive foundation, you are eligible for free repairs or a replacement in the event your bed has major indentations, deterioration, manufacturing defects, or physical flaws.<h2>Cons to consider</h2>I am a hot sleeper, and the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid</a> did not help. Usually, when I go to the bathroom in the middle of the night, my body heat dissipates from the mattress before I get back, which helps me fall asleep again. <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">The Wave Hybrid</a> trapped the heat and was still warm by the time I got back in bed, causing me to toss and turn as I tried to find a cool, comfortable position. If you like being hot while sleeping, then this might be a positive for you but I didn't enjoy it.The edge support of the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid</a> is also poor. Whenever I was close to the edge, I felt like I was going to fall off. This makes it a bad option if you share a bed with someone who crowds you and can also make it harder to physically get out of bed in the morning. The side also sagged significantly when I sat on the mattress to put on socks.The motion isolation was good in some spots but not so good in others. I test motion transfer by dropping a 15-pound bowling ball from about four feet above the mattress so that it lands a foot away from a 12-ounce can of soda. If the can stays upright, it's a good indicator that the bed has good motion isolation. If the can falls over, the motion isolation is poor. The results varied depending on where the can and impact point were on the mattress, which tells me the motion dampening is so-so. And in my subjective experience, I could easily feel when my wife moved around in the bed and when my rat terrier hopped on.The mattress is quite heavy and unwieldy because of its foam construction. A Queen tips the scales at 111 pounds and it bends easily so it's hard to pick up and move around. It might be feasible if you have a partner to help, but when it comes time to rotate the mattress (once every three to six months) or if you are relocating, it's a pain to move.<h2>The bottom line</h2><a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored"><div type="image" title="Casper Wave Hybrid Corner" height="900" width="1200" msid="77424015" hostid="261"></div></a>Overall, these cons outweigh the benefits of the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored nofollow sponsored">Wave Hybrid</a>. I found myself looking forward to finishing testing and moving onto something else. Still, it might appeal to some consumers. <h3>Should you buy it?</h3>At more than $2,300, the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid</a> is one of the most expensive mattresses I've tested, and for my personal needs, wouldn't be able to justify spending that kind of money on it. As someone who's tested more than 25 mattresses for various reviews and buying guides, I'd usually make the case that expensive mattresses are often higher-quality and durable — you get what you pay for. But that wasn't necessarily the case here. However, there may be some specific use cases where the Wave Hybrid might be a good fit. Since the edge support and motion isolation leave a lot to be desired for couples, the mattress might be better for people who sleep alone and don't have to worry about an antsy sleeping partner. The heat dissipation is also inadequate, so consider this mattress if you tend to get cold at night and want something that will hold onto your body heat. And if you're a back and stomach sleeper, you might actually prefer the above-average firmness level here for added support.If you fit into all of these categories and can afford a luxury mattress, the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid</a> might be right for you. <h3>What model should you get?</h3><a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F%3Fsize%3Dtwin%26material%3Dhybrid" target="_blank" rel="nofollow noopener sponsored">Twin</a>, Twin XL, and Full mattresses are generally for people sleeping alone. Twin is best for smaller individuals. If you're tall, Twin XL is better. And Full is ideal for larger folks. If you plan on sharing a bed with someone, go with a Queen, King, or Cal King. Queen is for your average couple. If you and your bed buddy are bigger, try a King. Tall couples will benefit from a Cal King.I always test <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Queen mattresses</a> since that is the most popular size, but I usually prefer a King when sleeping with my wife, dog, and full-body pillow. My wife and I are both slightly bigger than average.<h3>What are your alternatives?</h3>Casper has five mattresses available and I'd recommend all of them except the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Wave Hybrid</a>. If you are looking to save money, the <a href="https://casper.5ad6.net/c/196318/396851/7235?u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-element%2Fv1%2F" target="_blank" rel="nofollow noopener sponsored">Element</a> is a great solution for couples. On the luxury end of the spectrum, <a href="https://www.businessinsider.com/casper-nova-hybrid-mattress-review" target="_blank" rel="noopener">the Nova Hybrid</a> was my favorite with its plush softness and cool touch. <a href="https://www.businessinsider.com/casper-mattress-review" target="_blank" rel="noopener">The Original</a> has a budget-friendly price, great heat dissipation, and impressive pressure relief, and <a href="https://www.businessinsider.com/casper-hybrid-mattress-review" target="_blank" rel="noopener">the Original Hybrid</a> offers firm support and outstanding edge support with a combo of foam and innersprings.<a href="https://www.businessinsider.com/best-mattress" target="_blank" rel="noopener">Our guide to the best mattresses</a> also features our top picks based on rigorous firsthand testing.Pros: 100-night risk-free trial, 13 inches thick with five foam layers and supportive coils, made with eco-friendly materials, 10-year limited warrantyCons: Poor edge support, traps heat, not ideal for side sleepers, heavy, inconsistent motion isolation

I've tested all of Casper's new mattresses and I wouldn't recommend the Wave Hybrid because of its poor motion isolation, breathability, and edge support

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Spencer Platt/Getty Images</div></div></div><ul class="summary-list"><li>Hedge funds and asset managers scraping the web for investment purposes represented 5% of all Internet traffic in 2018, and is expected to increase rapidly. </li><li>As investors look for new ways to beat the market, total spending on web scraping for investment purposes is expected to exceed $1.8 billion by 2020.</li></ul>Despite information pouring in from billions of websites, <a href="https://www.businessinsider.com/surge-shutdown-bad-performance-slashed-fees-2018-brutal-hedge-fund-2018-12">poor performance plagued</a> the hedge fund industry in 2018 - pushing investment managers to increase their already-massive web scraping programs. One out every 20 web page visits last year was done by a hedge fund or sell-side research institution scraping websites for information, according to a new report by Opimas Analysis. This comes out to roughly 10.2 billion page visits a day, equal to the daily users of Google's search function, and expected to "grow rapidly."By 2020, managers' web page visits for the purpose of scraping, or extracting information from a website using an automated software program, will eclipse 17 billion and cost more than $1.8 billion - nearly double what it currently costs - as managers invest in software, talent and outside vendors to clean and store the loads of data. While the <a href="https://www.businessinsider.com/hedge-fund-managers-are-eyeing-regulatory-scrutiny-in-alternative-data-2019-2">alternative data scene is exploding</a> with new providers offering obscure info, research firm Opimas calls the web "the ultimate dataset."<a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">Sign up here</a> for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals."In the coming few years, we will see increasing efforts on the part of investment firms to harness and leverage web data in their decision-making processes," the report says.Hedge fund managers are pressed to find new sources of alpha-generating data wherever they can as <a href="https://www.businessinsider.com/bridgewater-2018-returns-2019-1">poor performance</a> and <a href="https://www.businessinsider.com/hedge-funds-moving-to-0-management-fees-2019-2">high fees have frustrated investors</a>. Spending by asset managers on <a href="https://www.businessinsider.com/alternative-data-provider-1010data-launches-new-database-2019-1">alternative datasets</a> on subjects like weather trends, oil output and flight patterns is around $3 billion and growing, according to JPMorgan. See more:<a href="https://www.businessinsider.com/alternative-data-company-cia-interrogation-to-determine-which-ceos-are-lying-2019-1"> A growing alternative data company helps hedge funds determine if CEOs are lying using CIA interrogation techniques</a>The most prolific scrapers in the investment management space individually record hundreds of millions of web page visits a day, gathering actionable data on agriculture trends, earnings reports, transportation intel, real estate prices and more. Less than half of all web traffic in 2018 was from humans, as web-scraping bots made up 51% of the more than 200 billion web page visits per day. "Opimas also expects to see more firms trying to monetize their web data by reselling the information that they have gathered through web scraping by making these datasets available to other firms that might not have the necessary scale to engage in large-scale web data harvesting exercises themselves," the report reads.

Hedge funds will spend $2 billion on web-scraping software to gain an edge, and it's part of an investing gold rush

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back. The US is still coming to grips with the assassination attempt on former President Donald Trump.In today's big story, we examine <a target="_blank" href="https://www.businessinsider.com/secret-service-scrutiny-shooting-donald-trump-pennsylvania-rally-2024-7">the scrutiny the Secret Service is facing</a> and what <a target="_blank" href="https://www.businessinsider.com/ex-secret-service-agents-how-trump-assassin-could-fire-shots-2024-7">former special agents are saying about the tragedy</a>.What's on deck:<ul><li>Markets: The S&amp;P 500 <a target="_blank" href="https://www.businessinsider.com/where-to-invest-now-sp500-outlook-market-rally-goldman-sachs-2024-7">will flatten out the rest of the year</a>, according to one asset manager.</li><li>Tech: Startup founders share what it's like <a target="_blank" href="https://www.businessinsider.com/nvidia-startup-empire-nventures-founders-2024-7">to work with Nvidia's Jensen Huang</a>.</li><li>Business: Disney has a big problem: <a target="_blank" href="https://www.businessinsider.com/disney-kid-problem-cable-tv-decline-disney-channel-watching-youtube-2024-7">It's running out of kids</a>.</li></ul>But first, what happened?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Examining a tragedy</h2><div type="image" title="trump with his fist in the air, bleeding from his ear" height="766" width="1170" msid="111760692" hostid="261" sizebytes="40476"></div>As the shock subsides from the assassination attempt on former President Donald Trump, many Americans are wondering the same thing: How did this happen?On Sunday, President Joe Biden said he <a target="_blank" href="https://www.businessinsider.com/biden-orders-investigation-trump-security-assassination-attempt-2024-7">ordered an independent investigation into Trump's security detail</a> at the rally, writes Business Insider's Brent D. Griffiths.That'll mean more attention toward an agency that prides itself on operating behind the scenes. The Secret Service has faced questions about what it did (or didn't) do <a target="_blank" href="https://www.businessinsider.com/secret-service-scrutiny-shooting-donald-trump-pennsylvania-rally-2024-7">that led to such a close call</a>, write BI's Katherine Tangalakis-Lippert and Lauren Edmonds.Saturday was the closest assassination attempt of a US president or presidential candidate since President Ronald Reagan was shot in 1981.But that's not to say the Secret Service has avoided controversy over the last 40-plus years since the Reagan shooting. From hiring prostitutes in Colombia during a presidential visit to a knife-wielding intruder making it into the White House, <a target="_blank" href="https://www.businessinsider.com/trump-shooting-assassination-attempt-secret-service-past-scandals-2024-7">the agency has faced numerous scandals</a>, writes Brent.<div type="image" title="Secret Service agents converge on Trump on the stage of his Pennsylvania campaign rally, while a uniformed agent stands nearby holding a rifle." height="1329" width="2000" msid="111760695" hostid="261" sizebytes="193998"></div>Saturday's assassination attempt, however, will be the agency's biggest black eye in recent memory.The gunman, identified by the FBI as 20-year-old <a target="_blank" href="https://www.businessinsider.com/who-was-thomas-matthew-crooks-the-trump-rally-shooter-2024-7">Thomas Matthew Crooks</a>, was only about 450 feet from Trump when he opened fire <a target="_blank" href="https://www.businessinsider.com/gunman-450-feet-away-from-trump-when-he-fired-shots">from the roof of a nearby building</a>, writes BI's Rebecca Rommen.He used an <a target="_blank" href="https://www.businessinsider.com/trump-rally-shooter-ar-style-gun-fbi-investigation-2024-7">"AR-style" rifle that was legally purchased</a>, according to the FBI, and police <a target="_blank" href="https://www.businessinsider.com/police-find-explosives-car-suspect-trump-rally-shooter-2024-7">found explosives inside his car</a>.At least one local officer reportedly encountered Crooks on the roof prior to the shooting, <a target="_blank" href="https://www.businessinsider.com/local-officer-retreated-when-he-encountered-trump-rally-shooter-2024-7">but retreated</a>. Crooks was able to fire off three rounds before a counter-sniper returned fire, killing him.The post-shooting response by Trump's security detail was "textbook," but things like the heat and staffing <a target="_blank" href="https://www.businessinsider.com/ex-secret-service-agents-how-trump-assassin-could-fire-shots-2024-7">cost the team crucial seconds</a>, a former special agent told BI's Laura Italiano and Kenneth Niemeyer.Ultimately, another former Secret Service agent said the entire event <a target="_blank" href="https://www.businessinsider.com/reagan-secret-service-agent-says-trump-shooting-failure-for-agency-2024-7">represents a failure for Trump's security detail</a>, BI's Matthew Loh and Cameron Manley report.And while Trump was able to escape relatively unharmed, at least one rallygoer was killed while two others were critically injured. Corey Comperatore, 50, <a target="_blank" href="https://www.businessinsider.com/victim-trump-rally-shooting-corey-comperatore-shielded-family-from-gunfire-2024-7">was shielding his wife and daughters</a> when he was killed, his family said.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/biden-oval-office-address-trump-shooting-political-differences-ballot-box-2024-7">Biden in Oval Office address calls for calm, says political change happens 'at the ballot box, not with bullets.'</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/google-close-to-23-billion-deal-wiz-cybersecurity-startup-2024-7">Alphabet is reportedly closing in on a $23 billion deal to buy cybersecurity startup Wiz.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/shannen-doherty-dead-90210-star">Shannen Doherty, 'Beverly Hills, 90210' and 'Charmed' star, dead at 53.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7">The most immediate threat to China's economy isn't external. It's internal.</a></li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Vladimir Putin" height="1334" width="2000" msid="111760699" hostid="261" sizebytes="45022"></div><ol><li>Russia may be staring down a recession. As the country's energy revenues wane and it loses access to the dollar, <a target="_blank" href="https://www.businessinsider.com/russia-economy-collapse-recession-moscow-ukraine-war-us-dollar-energy-2024-7">it risks entering into a damaging recession</a>. According to UC Berkeley economist Yuriy Gorodnichenko, it could happen within a year.</li><li>The S&amp;P might cool, but your investing opportunities don't have to go with it. Goldman Sachs Asset Management's investment outlook for the rest of the year is "a flattish market." But even as the market comes back to Earth, the firm <a target="_blank" href="https://www.businessinsider.com/where-to-invest-now-sp500-outlook-market-rally-goldman-sachs-2024-7">recommends allocations to things like fixed income and small-cap stocks</a>.</li><li>Earnings season could usher in the most painful correction in two years. The research firm NDR warned of a shift from accelerating to decelerating growth heading into 2025. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/earnings-season-preview-risk-stock-market-correction-ndr-tech-growth-2024-7">Here's what investors should look out for</a> during the second-quarter earnings season.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Jensen Huang photo collage" height="1500" width="2000" msid="111760698" hostid="261" sizebytes="204104"></div><ol><li>Inside Nvidia's AI startup empire. Nvidia CEO Jensen Huang is investing heavily in the AI startups revolutionizing Silicon Valley. Here's what <a target="_blank" href="https://www.businessinsider.com/nvidia-startup-empire-nventures-founders-2024-7">founders had to say about working with him</a> as an investor.</li><li>Europe's crackdown on Elon Musk is getting out of hand. The European Commission doesn't like the way Musk changed the X's "blue check" program for "verified users." <a target="_blank" href="https://www.businessinsider.com/elon-musk-twitter-blue-checks-fine-europe-very-dumb-2024-7">But he shouldn't necessarily be fined for it</a>.</li><li>Everyone is swooning over Sam Altman's new ride. In April, a car enthusiast posted a video of Altman in <a target="_blank" href="https://www.businessinsider.com/sam-altman-koenigsegg-regera-expensive-sports-car-video-openai-musk-2024-7">a super rare Koenigsegg Regera</a>. The Swedish supercars are some of the fastest street-legal cars — and can cost as much as $4.6 million.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Kids running out of a pen in the shape of Mickey Mouse" height="1500" width="2000" msid="111760696" hostid="261" sizebytes="71940"></div><ol><li>If a show airs on Disney Channel but no kids watch it, did it really air at all? Kids used to grow up watching Mickey Mouse (or Hannah Montana, depending on your age group), but now they're all on YouTube. <a target="_blank" href="https://www.businessinsider.com/disney-kid-problem-cable-tv-decline-disney-channel-watching-youtube-2024-7">That's a big problem for Disney</a>, which is losing its grip on the kids-entertainment market.</li><li>A premature race to the finance finish line. Recruiting for finance jobs already happens extraordinarily early, and timelines for the most prestigious ones <a target="_blank" href="https://www.businessinsider.com/private-equity-firms-start-recruiting-early-investment-bank-apollo-kkr-2024-6">creep up every year</a>. Now, to get an edge in applications for internships and first jobs, some college students are <a target="_blank" rel="noopener" href="https://www.businessinsider.com/cfa-exam-age-dropping-more-college-students-finance-internships-resume-2024-7">taking the industry's most grueling exam before they even graduate</a>.</li><li>This chipmaker could be the David to Nvidia's Goliath. The CEO of Cerebras is certain the AI chip market is <a target="_blank" href="https://www.businessinsider.com/cerebras-nvidia-challenger-ai-chip-battle-2024-7">bound to tilt in his company's favor</a>, despite Nvidia owning 90% of the market share. The startup could go public soon, and the match-up might be imminent.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/how-to-get-google-dark-web-report-personal-data-2024-7">How to get Google's free dark web report to see if your personal info is floating around the corners of the internet</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/gen-z-fashion-hack-uses-iphone-notes-to-plan-outfits-2024-7">Gen Z's latest fashion hack is using iPhone Notes to plan outfits. Here's how to do it yourself</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/bad-boss-tricked-interviewed-behind-her-back-2024-7">My boss tried to trick me into staying at a job I hated. I interviewed behind her back and landed my dream role</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/how-to-get-a-job-at-apple-interview-recruiter-2024-7">How to get a job at Apple, according to tech career experts</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/rashida-jones-nepo-baby-family-connections-advice-workplace-career-expert-2024-7">Career coaches say it's sometimes okay to use your nepo-baby advantages</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Goldman Sachs and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> report earnings.</li><li>GOP National Convention begins.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Lisa Ryan, executive editor, in New York. Jack Sommers, deputy editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

The shock from the Trump assassination attempt has turned to scrutiny of the Secret Service 

<ul><li><keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s top IT sector companies have reduced their headcount by 75,000 in the last one year.</li><li>New GCCs setting-up operations in India might have hired a similar number of <keyword id="19913553" type="General" weightage="20" keywordseo="tech" source="keywords">tech</keyword> talent, say experts.</li><li>Even with renewed hiring, IT sector hiring as a whole suffered even as software product company hiring went down in the last 12 months.</li><li>In 2024, hiring intent in the IT sector increased only 3%, even as overall hiring intent is at 19%, says Taggd. </li></ul>Headcount in the top IT services firms in India is down by 75,000 in the last one year. However, experts say that there is no large-scale furore over joblessness in the system due to the extensive hiring undertaken by global capability centers (GCCs). Many new GCCs are setting-up shop in India, which is giving a much-needed push to sluggish tech talent intake by IT services companies. Six out of eight IT bellwethers like TCS, Infosys, Wipro, LTI Mindtree, Cognizant and Tech Mahindra saw their headcount go down in the last 12 months, as per Xpheno, a staffing services company. HCL and LTTS however moderately added 2,400 and 1,600 people to their rolls. (See Table below). Top 8 IT cos headcount &amp; net additions as of Q3 FY24 <table style="border-width: initial; border-style: none;"></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;">Company </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;">Headcount </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;">12-month net additions </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;">Wipro </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;">2,40,234 </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;">-21,875 </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;">Infosys </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;">3,22,663 </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;">-24,182 </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;">TCS </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;">6,03,305 </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;">-10,669 </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;">HCL </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;">2,24,756 </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;">2,486 </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;">LTI Mindtree </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;">82,471 </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;">-3,991 </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;">LTTS </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;">1,46,250 </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;">-10,812 </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;">Cognizant </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;">3,47,700 </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;">-7,600 </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;">Total </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;">19,90,677 </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;">-75,000 </td></tr></tbody></table> Source: Xpheno With this degrowth, collective headcount of the cohort has dropped to nearly the levels seen in early 2022. “The calendar year of 2024 too has begun with a rollback of headcounts to a pre-two year level, in what is clearly a cycle of sustained adversities the IT services cohort is dealing with,” said Kamal <keyword id="20519296" type="General" weightage="20" keywordseo="karanth" source="keywords">Karanth</keyword>, co-founder of Xpheno. GCCs: The bright spot It’s not just IT services companies are cutting down hiring, job demand in software companies saw massive drop along with startups. But there is one bright spot in the tech market which is GCCs. “GCCs had recruited similar numbers (around 60,000) in the last one year, and that’s why we do not see a bloodbath on the streets. Around 100-110 GCCs set-up shop in India in the last two years, and 60 of them came in the last one year itself,” Karanth tells Business Insider India. GCCs are international companies which set-up shop in India, which takes care of activities like business support functions, back-office tasks, IT infrastructure and more. Since they kick-off operations, most of them hire anywhere between 500-2,000 people. GCCs have now become one of the six top sectors which hire tech talent that includes IT services companies, software product companies, startups, consulting firms and non-tech sectors which hire tech talent. GCCs, IT services and software product companies are the three sectors which hire techies in large numbers “Among the three, only GCCs will continue to hire in 2024, while IT services and software product companies will see at least two muted quarters ahead,” says Karanth. Going by their enthusiastic uptake of office spaces, they seem to be intent on hiring in large numbers. As per a Colliers report, office space uptake of around 30 mn square feet with large deals (of over 100,000 sq ft) have shown an impressive 24% annual growth in 2023. Almost 40% of the large deals in the top six cities have come from GCCs, particularly from technology and BFSI sectors. “More than half of the large GCC deals achieved closure in the last quarter of 2023, indicating renewed momentum in GCC activity in the country. Large pool of talent, cost-effective rentals, adequate Grade A developments and favorable office market ecosystem will continue to uphold India’s vantage positioning from a capability centre perspective,” said <keyword id="20454099" type="General" weightage="20" keywordseo="vimal-nadar" source="keywords">Vimal Nadar</keyword>, senior director and head of research, Colliers India. Tech hiring to remain sluggish With only one of its sub-sectors keen on hiring, the IT sector’s recruitment outlook as a whole has come down. As per a report by Taggd, the IT sector’s hiring intent for 2024 increased by 3%. The overall hiring intent across all the sectors however increased 19% for the current calendar year. Job demand in the last 2 years <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Sector </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;">Jan 2022 </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;">Jan 2023 </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;">Jan 2024 </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;">2-year change </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;">IT services </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;">1,29,000 </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;">65,000 </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;">50,000 </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% </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;">Software Product </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;">1,00,000 </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;">32,000 </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;">22,000 </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;">-61% </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;">Startups </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;">44,000 </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;">15,000 </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;">12,000 </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;">-73% </td></tr></tbody></table>Source: Xpheno The slowdown in IT hiring is pronounced in the earnings reports of recruitment firms as well. Info Edge which houses many internet-related businesses like <keyword id="20577913" type="General" weightage="20" keywordseo="naukri" source="keywords">Naukri</keyword>, 99acres.com etc saw its revenues from the recruitment grow only by 3.1% year-on-year in Q3 FY24 due to sluggishness in IT sector hiring. “While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukri's growth,” Hitesh Oberoi, managing director and CEO of Info Edge said in the press release. Most large IT sector companies are only expected to do replacement hiring for the next few quarters, with a dull outlook for most. The sector’s sluggish hiring will impact engineering graduates the most as fresher hiring will be impacted. “As many as 9 lakh engineering graduates pass out every year. They will see a major impact and see the biggest hit,” Karanth adds.

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