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New Delhi, As global layoffs deepen, Indian startups are not far behind and have sacked thousands of employees in the past 3-4 months, with many more to be given pink slips in the coming months amid deepening funding winter. In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, <keyword id="2808667" type="General" weightage="50" keywordseo="oyo" source="Orion">OYO</keyword>, Meesho, Udaan and many more. The edtech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date. With the onset of January, more and more Indian companies are slashing jobs across the spectrum. The new year has already seen more than 16 homegrown startups sack employees in the country. Social media company <keyword id="3358959" type="General" weightage="80" keywordseo="sharechat" source="Orion">ShareChat</keyword> (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions. Backed by Twitter, Google, Snap and <keyword id="526777" type="General" weightage="80" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, ShareChat has about 2,300 employees, and the layoff impacted about 500 people at the company, Healthtech unicorn Innovaccer has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in India and the US. Innovaccer cofounder and CEO Abhinav Shashank cited an "uncertain macroeconomic environment" as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42. This was the second layoff at the company in around 4-5 months' time amid the deepening funding winter and recession fears. In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce. Online food delivery platform <keyword id="6358977" type="General" weightage="50" keywordseo="swiggy" source="Orion">Swiggy</keyword> confirmed that the company is laying off 380 employees as food delivery growth slows. MediBuddy, an end-to-end digital healthcare platform in India, has laid off 8 per cent of its workforce, around 200 people, across all departments as a restructuring exercise. Homegrown online vehicle repair platform GoMechanic, backed by <keyword id="563136" type="General" weightage="50" keywordseo="sequoia-india" source="Orion">Sequoia India</keyword>, has laid off 70 per cent of its workforce as the startup struggles to raise funds amid serious concerns of accounting troubles. The company has asked the remaining staff to work without pay for three months, according to reports. Software-as-a-service (SaaS) voice automation startup Skit.ai has asked more than 115 employees to go, mostly from its India team, as part of the "restructuring process" amid the deepening funding winter. Even IT giant <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> has laid off more than 400 fresher employees for poor performance in internal assessment tests. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a> <a href="https://www.businessinsider.in/business/news/an-app-that-wants-to-turn-fear-of-stock-markets-into-fun-raises-75-lakh-from-sharks/articleshow/97378121.cms">An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks</a> <a href="https://www.businessinsider.in/india/news/steps-taken-in-subsidence-hit-joshimath-inadequate-declare-himalayas-eco-sensitive-zone-say-experts/articleshow/97411665.cms">Steps taken in subsidence-hit Joshimath inadequate, declare Himalayas eco-sensitive zone, say experts</a>

70-plus Indian startups show exit door to 21K techies, more pink slips coming

<ul><li>Following the successful response to its recent brand films #AisiReachGaye and ‘Kalki Kal Dekhenge,’ OYO recently launched a new advertisement with Chitrangada Singh and Kunal Kapoor.</li><li>In the ad, Kapoor loses a bet to Chitrangada and plays golf while wearing a ghagra.</li><li>This unique set of ads from OYO has generated a lot of chatter on social media and has sparked a meme fest.</li><li>We speak to Mayur Hola - Head of Global Brand, OYO and Kavikrut, Chief Growth Officer, OYO about the latest campaign, its target audience and timing.</li></ul>At a time when hospitality brands are observing a silent period, OYO rolled out a multi-film 360-degree campaign with Gul Panag, Kalki Koechlin, Chitrangada Singh and Kunal Kapoor. It was during the peak of COVID that OYO aired its first advertisement during the India VS South Africa ODI match. While it was a risky bet for the brand, especially before its upcoming IPO, to talk about travel without really propagating travelling, OYO’s new campaign has still won many hearts and has also organically trended on Twitter thrice for all of its ads. Last year in December, OYO saw its <a href="https://twitter.com/riteshagar/status/1479737071719759875">busiest month</a> as over a million people booked rooms with the brand for the New Year’s long weekend. We asked OYO whether this campaign was planned for December and delayed due to the sudden surge in cases, Kavikrut, Chief Growth Officer, OYO said no, it felt like the right time now. Explaining why OYO chose January to roll their campaign out, he said, “December was one of the highest travel peaks for India and yet, that's not when you saw this campaign. You're seeing this campaign at a time when you're stuck at home, and you're thinking about being out there either for travel, leisure or for business. You're thinking about where else I could be? And it's at that point of time, we want there to be a recall and memory of OYO in their minds and for what could it be? That's when you zoom back into the features and say, it could be anywhere which is nearby, Assi Reach Gaye ad is about that; you don't need to reach anywhere, you could just stay here. We felt like this is a good time to just put them out there. People will love the films irrespective of the time we are in.” As the whole country relives 2020 and people are stuck at home yet again, they have the space and time to watch new content and absorb it. Mayur Hola - Head of Global Brand, OYO added that any consideration campaign needs to start a little bit ahead of when you want the customer to act, particularly when you decide that the consideration you seek is from a newer audience. “So our intent to do it now is to be a little ahead of the game and not just advertise when things open up and people have already made plans. And a lot of audiences today react spontaneously. Consideration takes a little more time, hence, the need for the campaign that we planned. I don't think anything else plays a role at all in our choice of timing. This is simply consideration and perception that we would focus on and are giving it the time it needs to bed in,” explained Hola. OYO’s first advertisement of 2022, ‘Assi reach gaye’ featured Gul Panag and an adorable kid who stole all the attention. The film showcases how a kid, who hasn’t had a chance to travel due to the pandemic, would react on a long road trip. It takes you through many stages of his journey, starting with the child enjoying the views of the scenic hills, turning to boredom and finally to restlessness after spending hours in the car. Hereon, the film captures the many quirks of a now impatient 4-year-old child, who incessantly nudges his mom from the backseat and asks, “Assi reach gaye?” With over 4000 tweets, this ad trended on number 2 on Twitter. <div type="Youtube" id="ZK7WgxuO6X8" title="Assi Reach Gaye | OYO Rooms Official" thumbUrl="https://i.ytimg.com/vi/ZK7WgxuO6X8/mqdefault.jpg"></div> It is for the first time that the relatively young hospitality brand OYO is targeting Indian families with a huge media splash. Hola mentioned that OYO has seen some very unique use cases, which inspired its latest campaign to some extent, and realised that while the brand has a young perception in the market, it is used by audiences across age groups. Sharing a few examples, he said, “We live in small homes across the country and people sometimes just don't have the space to fight. So on the surface, you have a couple checking into a room but really they're going in there to squabble because they can’t scream at each other at home. I know that feeling. We have unique use cases of people taking a pitstop, studying, spending the night after a party, which is a big one for us; people just found it safer to check into a room nearby wherever they've been partying and not take a long ride by cab back home. So, we're trying to talk about the various audiences who own us already, and reach out to even further audiences, in terms of families and so on. In one way, it is reflective of usage already and in another way, we want to add more to that pool.” Following the successful response to its brand films ‘Assi Reach Gaye’ and ‘<a href="https://youtu.be/ZWt_6msbML0">Kalki Kal Dekhenge,</a>’ OYO released a third ad film last week featuring Chitrangada Singh and Kunal Kapoor. With this film, OYO highlights its app’s ‘search the view’ feature which enables people to discover stays with a view they would like. In the ad, Kunal loses a bet to Chitrangada and plays golf while wearing a ghagra. Within a few hours, this film also trended on Twitter on number three with more than 5,500 tweets. The idea behind these ads, Hola said, is to put OYO’s app at the heart of everything. It promotes different features that the app offers. It will be seen in multiple channels across GEC, News, Infotainment and the Kids genre. It will also promote the first film across its owned PR channels.

OYO is now targeting families through its communications to ring in its next phase of growth

Online learning platform <keyword id="6630114" type="UNKNOWN" weightage="20" keywordseo="unacademy">Unacademy</keyword> is now valued at $3.44 billion after the latest round of fundraising, where it got investments to the tune of $440 million. Over the last 18 months, the valuation of the <keyword id="9578177" type="UNKNOWN" weightage="20" keywordseo="unacademy-group">Unacademy Group</keyword> has risen almost 10 times, the company reportedly said in a statement. This was the Series H round of funding for Unacademy where Aroa Ventures, the family office of hotel chain <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>’s Founder Ritesh Agarwal, and Deepinder Goyal, Co-Founder and CEO at Zomato, participated. Some angel investors of Unacademy have exited in this round. Aside from these, existing investors like General Atlantic, Tiger Global and <keyword id="3749718" type="PERSON" weightage="20" keywordseo="softbank-vision-fund">Softbank Vision Fund</keyword> put in more money.This is the second investment by Tiger Global, and General Atlantic who increased their stake in Unacademy in January this year. The different shades of India’s booming edtech The six-year old startup founded by Gaurav Munjal, Hemesh Singh and Roman Saini, Unacademy has a growing network of more than 50,000 registered educators and over 62 million learners, in 14 Indian languages across 5,000 cities. Unacademy is known for its offerings that help students prepare for competitive exams and it has been one of the biggest beneficiaries of the shift to online learning. Unacademy differentiates itself from Byju’s, which relies on pre-recorded content, and Vedantu that is known for its live-tutoring. India’s edtech industry, which had an annual revenue pool of $700 million at the end of March 2020, saw its business double in the following year due to the pandemic, according to data from Goldman Sachs. The global investment bank expects the entire edtech space to be worth $30 billion dollars by March 2024 as Indians spend the most on education, as a proportion of household consumption, after China. Unacademy has been acquiring other startups amidst an edtech boom Late last month, Unacademy announced that it has acquired game streaming platform <keyword id="11725251" type="UNKNOWN" weightage="20" keywordseo="Rheo-TV">Rheo TV</keyword>. Rheo TV is a platform that helps professional game streamers livestream their gameplays and monetise those feeds. In February, Unacademy acquired TapChief, a professional networking and "future-of-work" platform, at a valuation of ₹100 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/news/byjus-last-two-acquisitions-and-a-deal-with-disney-reveal-its-american-dream/articleshow/84783749.cms">Byju's last two acquisitions and a deal with Disney reveal its American dream ⁠— one that is anchored in India</a> <a href="https://www.businessinsider.in/personal-finance/news/six-red-flags-for-investors-to-avoid-becoming-a-victim-of-misselling-by-agents-or-financial-advisors/slidelist/84782913.cms">Six red flags for investors to avoid becoming a victim of misselling by agents or financial advisors</a>

The founders of OYO and Zomato pump in money to make edtech startup Unacademy worth $3.4 billion ⁠— a ten fold jump in 18 months

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> A 13-year-old Ritesh Agarwal sold mobile SIM cards at his <a href="https://www.thegeniusworks.com/2020/05/the-rise-of-oyo-the-worlds-fastest-growing-hospitality-brand-from-india-offering-tasteful-spaces-whenever-you-need-them-at-unbeatable-prices/#:~:text=At%20the%20age%20of%2013,college%2C%20but%20soon%20dropped%20out.&amp;text=In%202018%2D19%20OYO%20raised,billion%20through%20Agarwal's%20own%20investments.">small town of Odisha</a>, Titilagarh. Six years later, in 2013, Ritesh Agarwal came up with a digital solution to integrate unbranded hotels, homes, and living spaces, which many called AirBnB with a twist. Today, the $10 billion startup, OYO, is a household name in India and one of the world’s largest hotel chains. And, the 27-year old Agarwal is one of the youngest billionaires in the world. Agarwal, the early bird, is reaping the benefits of embracing technology early, and wants to share his convictions about the power of technology at <a href="http://trendsfestival.in/" data-type="tilCustomLink">Business Insider Global Trends Festival 2020</a>. The pandemic is testing OYO’s mettle and Agarwal’s survival instincts In the last seven years, OYO has grown in leaps and bounds. It has over a million rooms in India, with their lease and franchise model. It has also expanded to China, US and Europe. The next phase was an aggressive growth strategy including takeovers and acquisitions including Leisure group, a rental company in Europe and Las Vegas Hooters property in the US. However, like anyone in the hospitality business will tell you, the COVID-19 pandemic has forced a reset. The backing from Softbank will be useful but recovering from the nearly-fatal blow of the pandemic will need more than just money. Does Agarwal have another secret key to success? Don’t miss the <a href="http://trendsfestival.in/" data-type="tilCustomLink">Global Trends Festival 2020</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/news/dont-miss-ajay-piramal-chairman-piramal-group-a-master-deal-maker-with-business-in-30-countries-at-the-global-trends-festival-2020/articleshow/78054719.cms" data-type="tilCustomLink">Don’t miss Ajay Piramal, a master deal maker with business in 30 countries, at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/deepak-parekh-chairman-hdfc-a-legend-from-indias-financial-capital-at-global-trends-festival-2020/articleshow/78012923.cms" data-type="tilCustomLink">Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/benefits-and-extra-attractions-for-the-attendees-of-the-business-insider-global-trends-festival/articleshow/78037583.cms" data-type="tilCustomLink">Benefits and extra attractions for the attendees of the Business Insider Global Trends Festival</a>

Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020

OYO Hotels &amp; Homes, the world's leading hospitality chain, today announced that it will continue to ramp up efforts to improve its information security framework as well as roll-out stronger ethical hacking and bug bounty programs to encourage continuous improvement and collaboration with ethical hacking experts. This development is in line with the company's commitment towards ensuring data privacy and building a robust cybersecurity network. According to Jagbir Singh, Engineering Manager - DevOps and InfoSec, OYO Hotels &amp; Homes, "One of our biggest assets is the trust our customers, partners and employees place in us. We understand that trust is hard to earn and easy to lose. One key responsibility in earning this trust is protecting the data our customers and other stakeholders have with us from any unauthorised use. Our team of 1100+ world-class security, network and software engineers and external partners across multiple geographies is at work 24x7 ensuring the protection of this data, so our customers and stakeholders can rest easy." The Bug Bounty program that the company aims to introduce is towards ensuring that there is a credible and continuous flow of positive feedback from independent security groups and individual researchers to mitigate against any bug or shortfall in the company's systems. This is in line with the established practice of recognition and reward for ethical hackers who help responsibly investigate shortfalls within the tech architecture of several tech companies including the likes of Silicon Valley giants like Facebook, Google etc. OYO has accordingly developed an improved responsible disclosure policy to encourage honest and responsible reporting of any potential risks. Additionally, OYO has partnered with a specialized cybersecurity startup, AppSecure/Hackerhive, that connects companies and ethical hackers to help the former discover and fix security vulnerabilities and is in the process of developing a full-fledged bug bounty program. Security a priority Security is an integral part of any process at OYO; beginning from the collection of data, during transfer and processing to storage at rest. We follow a comprehensive information security framework based on NIST (National Institute of Standards and Technology, USA), ISO 27001 and other stringent industry standards. Our commitment also extends to employee training and sensitization at every step. All new joiners at OYO go through information security training as part of the New Employee Orientation. The company's software developers and other Information Security personnel also attend a mandatory quarterly refresher since the technology in this space is dynamic and evolving very quickly. There is also an annual mandatory refresher training for all existing employees. Commenting on this announcement, Anil Goel, Group Chief Technology and Product Officer, said, "We have a robust and world-class security team comprising of in-house and external experts employing best in class security techniques including virtual private networks/cloud, firewalls, intrusion prevention and detection devices (IPS and IDS), security trainings for all engineers, static and dynamic code analysis, regular vulnerability assessments and network penetration tests. In today's digital world, a cyberattack is a real concern. Hence, in line with our efforts to continually improve, we are investing in ethical hacking programs as well." OYO also joined hands with other technology companies to address the issue of increasing online frauds and save guests from cybercrimes. Along with other companies, OYO met the Reserve Bank of India (RBI) representatives and made a joint representation on the issue that also addressed the plan on how to curb these online frauds followed by a meeting with other stakeholders in the telecom industry. The company has a long way to go and as it continues to amplify investments in this ever-evolving space, it aims to continually improve. About OYO Hotels and Homes Opening its doors in 2013, OYO Hotels &amp; Homes, a young hotel startup, today is the world's leading chain of hotels and homes. The portfolio combines fully operated real estate comprising more than 43,000 hotels with over 1 million rooms. Through its vacation homes business, the company offers travellers and city dwellers access to over 130,000 homes around the world under OYO Home, Belvilla, Danland, Dancenter and Germany-based Traum-Ferienwohnungen brands. OYO today operates in over 800 cities in 80 countries, including the U.S., Europe, U.K., India, Middle East, Southeast Asia, and Japan.

OYO to roll out comprehensive ethical hacking and bug bounty programs

From Paytm to OYO, these Indian unicorns and soonicorns made the most news in 2019

Satya Nadella-run <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> is in advanced talks to invest in Airbnb-backed Indian budget hotel chain <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> at a valuation of $9 billion, the media reported on Friday. According to a TechCrunch report citing sources, a deal may close soon but the "proposed size of the investment is unclear". Both Microsoft and OYO declined to comment on the reports. The Ritesh Agarwal-run hospitality chain has Airbnb, Chinese ride-hailing giant Didi Chuxing and ride-hailing firm Grab as strategic investors. The news comes after OYO announced earlier this month that it has raised $660 million from global institutional investors as <keyword id="4462417" type="PERSON" weightage="20" keywordseo="tlb">TLB</keyword> (Term Loan B). A company statement had said that the offer was oversubscribed by 1.7 times and the company received commitments of close to $1 billion from leading institutional investors. "We are delighted by the response to OYO's maiden TLB capital raise that was oversubscribed by leading global institutional investors. We are thankful for the trust that they have placed in OYO's mission of creating value for owners and operators of hotels and homes across the globe," said Abhishek Gupta, Group Chief Financial Officer, OYO. The company said it will utilise these funds to retire its past debts, strengthen the balance sheet and other business purposes including investment in product technology, it said. OYO is the first Indian startup to be publicly rated by Moody's and <keyword id="82981" type="CITY" weightage="20" keywordseo="Fitch">Fitch</keyword>, two of the leading international rating agencies. The Microsoft deal "may also involve OYO shifting to use its cloud services," the report mentioned. OYO has aggressively been expanding its operations to several markets including Southeast Asia, Europe and the US in recent years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tech-mahindra-shares-price-jump-because-management-sees-a-10-plus-growth/articleshow/84882133.cms">Tech Mahindra shares surge as for the first time in over five years the management sees a 10% plus growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/cleartax-major-acquisitions-and-hiring-2021-funding-on-the-way/articleshow/84880048.cms">Clear(Tax) has planned major acquisitions and hiring for this year, in talks with investors to raise funds</a>

Microsoft is in advanced talks to invest in OYO at a valuation of $9 billion, say media reports

News Corp-backed real estate classifieds portal <keyword id="1960231" type="COMPANY" weightage="20" keywordseo="Housing-com">Housing.com</keyword> on Monday announced its entry in co-living segment, and has tied up with <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> and <keyword id="2366577" type="PERSON" weightage="20" keywordseo="zolo">Zolo</keyword> as well as unorganised players for listing around 5 lakh beds on its platform. Housing.com, part of Singapore-based Elara Technologies that also owns PropTiger.com and Makaan, also released a report on co-living which highlighted that the market size of this segment is estimated to double at Rs 2 lakh crore by 2023. "We are entering into co-living segment which is a big growth area. We have launched an exclusive section for co-living on our Housing.com. As of now, it will work as search and discovery platform, but direct bookings on our platform will be enabled later," Housing.com CEO Dhruv Agarwala told reporters here. 
 Housing.com, which is also backed by Softbank, Accel and SAIF Partners, has tied up with OYO Life and Zolo to promote their co-living spaces on its platform. 
 At present, the classifieds platform has around 5 lakh beds across major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Pune, Hyderabad, Ahmedabad and Chandigarh, Agarwala said . 
 Out of the 5 lakh beds, around 50,000 beds are from OYO and Zolo. 
 "We plan to scale up this listing to a million beds by the end of 2020," he said. 
 Asked about revenue model, Agarwala said it could be through advertising and the co-living segment would become a significant revenue generator for Housing.com in coming years. 
 "The way in which the concept of co-working is changing how traditional commercial work spaces operate in India, co-living is transforming traditional renting. The change is driven by a highly mobile millennial workforce and a growing student population with a new mindset," Agarwala said. 
 Recently, US-based News Corp and its Australian group firm REA made fresh investment of around USD 70 million (Rs 500 crore) in Elara Technologies, sources had said. 
 With this fresh funding, Elara has raised USD 175 million (about Rs 1,250 crore) so far from investors.
 Elara Technologies first set up PropTiger.com in 2011 and then acquired Makaan.com in May 2015.
 In a major consolidation in the Indian online real estate business, Elara acquired Housing.com in January 2017, a start-up founded in 2012 by around a dozen IIT graduates.
 While PropTiger helps developers in selling flats available in the primary market, Makaan.com largely deals in buy-sell of re-sale properties.
 Housing.com is a classified platform for developers, brokers and homeowners with over one million listings. 
 Elara has 23 offices across India and 1,800 employees. MJH RVK

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70-plus Indian startups show exit door to 21K techies, more pink slips coming

IANS

OYO is now targeting families through its communications to ring in its next phase of growth

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The founders of OYO and Zomato pump in money to make edtech startup Unacademy worth $3.4 billion ⁠— a ten fold jump in 18 months

BI India Bureau

Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020

BI India Bureau

OYO to roll out comprehensive ethical hacking and bug bounty programs

PTI

From Paytm to OYO, these Indian unicorns and soonicorns made the most news in 2019

Microsoft is in advanced talks to invest in OYO at a valuation of $9 billion, say media reports

IANS

NewsCorp owned Housing.com partners with Oyo and Zolo

PTI

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