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<ul class="summary-list"><li>BlackRock has written off its investment in once-hot Indian tech company Byju.</li><li>The Indian education tech giant is facing legal and financial troubles.</li></ul>In another blow to education tech giant Byju's, investor BlackRock says its stake in the once-hot company is worth nothing.In 2022, the education tech company said it raised $800 million at a $22 billion valuation.BlackRock was the first investor to publicly signal the company's troubles. In a first-quarter summary for some of its funds, the asset manager valued its stake in Byju's at $0, a number that has not been previously reported. In October, BlackRock slashed its valuation of the startup to less than $1 billion, <a target="_blank" href="https://techcrunch.com/2024/01/11/blackrock-cuts-byjus-valuation-by-95-to-1-billion/">TechCrunch reported.</a>BlackRock invested in Byju's parent Think &amp; Learn through <a target="_blank" href="https://www.blackrock.com/us/individual/literature/first-quarter-report/fqr-retail-blackrock-science-and-technology-trust.pdf">various</a> <a target="_blank" href="https://www.blackrock.com/us/individual/literature/investor-education/bcat-commentary.pdf">funds</a>, all of which appear to have written off the investment in recent filings.HSBC, which is not an investor in Byju's, said in a recent research note that Dutch tech investor Prosus' stake in Byju was worth nothing. Prosus owns nearly 10% of the company and invested about $500 million in Byju's."We assign zero value to Byju's stake amid multiple legal cases and funding crunch. Previously, we valued ~10% stake in Byju's by applying 80% discount to the latest publicly disclosed valuation," the HSBC analyst wrote.The Bengaluru-based company is facing significant turmoil.Earlier this week, a group of lenders asked a US court to initiate bankruptcy proceedings against Byju's subsidiaries <a target="_blank" href="https://www.business-standard.com/technology/tech-news/byju-s-now-worth-zero-hsbc-warns-prosus-amid-legal-financial-troubles-124060700146_1.html">over a $1.2 billion loan.</a> The company also <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">cut the salaries</a> of new sales hires by 90% in an attempt to cut costs, local outlet Inc42 <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">reported</a> on Thursday.Byju's investors, including Prosus, are <a target="_blank" href="https://www.business-standard.com/companies/news/byju-s-egm-shareholders-vote-to-remove-ceo-raveendran-and-his-family-124022300919_1.html">seeking the removal of its CEO</a>, Byju Raveendran, and his family members from the board. The company's India CEO left in April, and it missed filing its 2023 financial reports.The digital and physical tutoring company was seen as a star in the Indian startup scene and even sponsored the Indian cricket team until 2023. It is backed by the Chan-Zuckerberg Initiative, Sequoia Capital, and Tencent, among others.Byju's first gained popularity during the pandemic for its unique approach to learning. The company faced challenges in 2022 after students began returning to schools and expensive acquisitions affected its bottom line.The company planned to<a target="_blank" href="https://www.bloomberg.com/news/articles/2023-07-26/star-founder-broke-down-in-tears-as-crises-engulfed-byju-s"> go public through a SPAC deal</a> in 2022, which did not ultimately pan out.Byju's and BlackRock did not immediately respond to requests for comment.Correction: This story has been updated to reflect that HSBC wrote about an investor's interest in Byju's. HSBC did not invest in Byju's.

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

As international borders reopen with the Covid situation easing, studying abroad is set to grow in the coming years and according to new forecast, over 18 lakh <keyword id="43976" type="General" weightage="20" keywordseo="Indian-students" source="Orion">Indian students</keyword> are set to opt for <keyword id="12237833" type="General" weightage="20" keywordseo="foreign-colleges-and-universities" source="Orion">foreign colleges and universities</keyword> by 2024. While the demand for studying abroad is increasing and the outflow is also increasing, student expenditure is soaring and is likely to touch $75-85 billion by 2024, which will be an increase of more than 2 times from 2019. While the sector faced a stunted growth in 2020-21 as international borders were closed to combat Covid, it is now expected to regain momentum as things become normal, according to the report by Bengaluru-based market research firm <keyword id="3359665" type="General" weightage="20" keywordseo="RedSeer" source="Orion">RedSeer</keyword>. "We are bullish about this segment's growth in the coming years. Our research shows that the total number of Indian students studying abroad will stand at around 18 lakh by 2024," said Abhishek Gupta, engagement manager at RedSeer. Nearly 7,00,000 students applied to study abroad in 2019. "In 2019 alone, around 420k students headed out but the total number of applicants was around 1.7 times. This colossal increase is due to factors like rise in GDP in the past two decades leading to more consumption and awareness about education abroad," Gupta mentioned. The growth in the outflow rates had outpaced domestic student growth by 6 times in 2016-19 which shows the massive demand that this segment is witnessing. "Our research shows that currently, 770k Indian students are studying abroad from 440K in 2016 which is a 20 per cent growth. On the other hand, the growth in the domestic region has been merely 3 per cent when compared to the demand for education abroad," the analyst informed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-green-shares-jump-as-the-group-adds-5-gigawatts-of-renewable-energy-capacity-with-a-3-5-billion-deal-with-softbank-and-bharti-group/articleshow/86746182.cms">Adani Green shares jump as the group adds 5 gigawatts of renewable energy capacity with a $3.5 billion deal with Softbank and Bharti Group</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/the-earth-is-losing-its-shine-and-heres-why-we-should-be-worried/articleshow/86746118.cms">The earth is losing its shine and here’s why we should be worried</a>

Over 18 lakh Indian students to go for foreign education by 2024, says report

<ul><li>Average salary paid to freshers is the highest in Bangalore at ₹5.06 lakh per annum and is followed by Delhi NCR at ₹4.48 lakh and Mumbai at ₹4.25 lakh. </li><li>92% freshers are required to work out of office, as demand wanes for those looking to work from home. </li><li>The top 5 industries that account for the maximum <keyword id="-780" type="General" weightage="20" keywordseo="jobs-for-freshers" source="Orion">jobs for freshers</keyword> include IT-software, software services (19% share), BPO/ITES (10% share), education (5% share), and healthcare (4% share). </li></ul>Bengaluru is not just good for its temperate climate, but it is also the best city when it comes to fresher salaries. As demand for freshers continues to be strong across cities in 2023, data shows that the garden city is the best paying at ₹5.06 lakh, followed by Delhi NCR at ₹4.48 lakh and Mumbai at ₹4.25 lakh. Bengaluru is also the top location for fresher hiring with the highest salary packages. The city’s share is the highest at 12.4% in job postings for freshers, followed by Mumbai (12.1% share). Notably, fresher hiring was highest in metropolitan cities in India – Delhi/NCR (9% share), Pune (8% share), Chennai (7% share), and Hyderabad (7% share) were among the top locations hiring freshers. Across segments, the recruitment/staffing industry (22% share) held the highest demand share for entry-level professionals. The top 5 industries that account for the maximum jobs for freshers include IT-software, software services (19% share), BPO/ITES (10% share), education (5% share), and healthcare (4% share). Recruiters in Indian IT are particularly on the hunt for tech talent adept in skills related to cloud computing, data science, artificial intelligence, and cybersecurity. However, soft skills, communication, problem-solving abilities, and critical thinking abilities are also considered important. According to talent platform foundit, demand for freshers has increased by 4% over the last six months and the highest share of job postings for freshers came from recruitment/staffing industry. Interestingly, 92% of the fresher roles posted on the platform required them to be in office. <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;">City </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;">Entry-level salary </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;">Bangalore </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;">₹5.06 lakh </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;">Delhi/NCR </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;">₹4.48 lakh </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;">Mumbai </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;">₹4.25 lakh </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;">Kolkata </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;">₹3.98 lakh </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;">Chennai </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;">₹4.43 lakh </td></tr></tbody></table> Back to the pre-Covid normal Companies have been struggling to bring back employees to offices, after allowing their workforces to work from home in the last three years. Financial services behemoths revoked policies on WFH some time last year as the regulator cracked the whip. However, other companies have found it hard to convince employees to return to work all five days of the week. While some industries continue to embrace remote and hybrid work models, there is a growing trend of more companies getting back to the office, embracing a pre-Covid normal. The remaining job postings were for hybrid (4.2% share) and work-from-home (3.8%) job roles. Companies are looking at entry level employees now more so because several options of reskilling are available today that help graduates prepare for industry jobs. India Inc’s initiatives to upskill freshers have helped improve the market for this category of talent. Speaking on the need for skilling, Sekhar Garisa, CEO, foundit said, “Improved initiatives for skill development in the educational system can close the employability gap in the Indian market. The initiatives of India Inc have also been crucial in bridging the skill gap among freshers. To provide career development support and offer skill-based certifications to entry-level professionals in India, we at foundit are launching the second edition of Aspire — our virtual career fair for freshers and young professionals from 31 May to 2 June 2023. The career fair will connect job seekers with top employers in India and bring together credentialed candidates for these employers.”

Maximum City: Highest number of entry level jobs In Bengaluru & it pays freshers more than other metros

After corporate giant <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword> showed the exit door to hundreds of freshers who failed to pass the tests, it is the turn of <keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> to sack the probationers for failing to prove their credentials in the internal assessments. Infosys is allegedly letting go of hundreds of employees, who are at the fag end of their training and failed the internal assessment tests. The new recruits will have to undergo comprehensive training before they are added into various teams for full-fledged work. Senior employees in the IT Company stated on condition of anonymity that though there is economic slowdown and recession, the companies are focusing more on quality and productivity. Therefore, average talent is not preferred under the circumstances. "The corona pandemic in the last two years has affected the education, quality of students and their skillsets. There is a clear lack regarding teaching and the honing of skills. Many graduates, who passed out in the last two years, are not in a position to prove themselves and there is extreme pressure on the trainees," they explain. Sources explained that the freshers are provided with two chances to clear their assessment. If they fail, they will not be onboarded. However, the freshers who have been sacked from Infosys maintained that members of the teams which did not get projects are being asked to go and those with projects are not touched. Tech industry insiders are of the opinion that the phase is going to last for a while and pressure on industry will be there till 2024. The freshers won't enjoy the halcyon days, when the job market was hot during the pandemic. "It is evident that the global economic crisis is real as we can see big companies such as <keyword id="6355629" type="General" weightage="50" keywordseo="google" source="Orion">Google</keyword> and Amazon laying off people. It is going to last for a while. So, I believe that the crisis will remain in the entire 2023 and even probably the first quarter of 2024. It will eventually subside and we all will come back to normalcy. However, it is going to take some time," stated Sumanth Prabhu, Co-Founder and CEO, Ulipsu. "My suggestion for people looking for jobs or the ones who are employed is that getting a job now is precious or they should hold onto the job that they currently have. It's a good thing that the employees are getting retained and valued. If they are valued, they should work hard to ensure that the value is reciprocated," he said. "Also, it is the right time for businesses to cut down costs and be frugal. The global economic crisis is something that teaches all companies that we should not hire unnecessarily and should not commit to costs that are unnecessary or irrelevant. Companies have to lay off during these kinds of crises. So, it is better to hire wisely than to hire illogically and fire people," Sumanth Prabhu explained. IT giant Wipro has laid off more than 400 fresher employees for poor performance in internal assessment tests in January. The company had issued termination letters to all the employees and stated that despite the adequate training, the candidates have failed to perform. The termination letter maintained that the employees are liable to pay Rs 75,000 of training cost which company has spent on them. But, the amount is being waived off. Commenting on the development, Wipro had clarified that, Wipro takes pride in holding itself to the highest standards. As per the standards the aim is set of all. From every entry level employee it is expected to have a certain level of proficiency in their designated area of work. The evaluation process includes to align employees with the requirements of clients and the business objectives of the organisation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/now-find-ev-charging-stations-in-google-maps-near-you/articleshow/97759525.cms">Now find EV charging stations in Google Maps near you</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/now-find-ev-charging-stations-in-google-maps-near-you/articleshow/97759525.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-unleashes-ai-powered-updates-to-revamp-user-experience-on-maps-search-and-translate/articleshow/97761551.cms">Google unleashes AI-powered updates to revamp user experience on Maps, Search and Translate</a>

After Wipro, Infosys showing exit doors to freshers in Bengaluru say sources

In celebration of International <keyword id="624" type="ORGANIZATION" weightage="20" keywordseo="Women">Women</keyword>’s Day and to support a more gender inclusive world, <keyword id="28120" type="CITY" weightage="20" keywordseo="Linkedin">LinkedIn</keyword> published data on jobs where women are thriving, and barriers the global workforce still needs to overcome. 
 
Here are some insights from the survey: 
 
Women leaders are on the rise globally 
 
Since 2008, more women have been hired into leadership positions around the world. While there is still a gap, the outlook is increasingly optimistic, with women in leadership holding an average of just over 25% of all leadership positions globally. LinkedIn data shows that India, which has historically lagged in hiring women into leadership positions, has gained significant momentum with the largest percentage increase being hired into leadership roles (25%). 
 
<a href="http://www.businessinsider.in/this-y-combinator-backed-co-working-space-is-changing-the-workplace-set-up-in-bengaluru-now/articleshow/57495690.cms">ALSO READ: This Y-combinator backed co-working space is changing the workplace set-up in Bengaluru now</a> 
 
Education and nonprofit industries close leadership gap and <keyword id="6358815" type="COMPANY" weightage="20" keywordseo="tech">tech</keyword> Sector Gains Momentum 
 The education and nonprofit sector are leading the way in closing the gap between male and female leaders. In this sector, women are being hired for 47% of leadership positions. <keyword id="6354525" type="COMPANY" weightage="20" keywordseo="Healthcare">Healthcare</keyword> and pharmaceuticals also have a high number of women in leadership with nearly half of leadership positions being held by women (46%). 
 
<a href="http://www.businessinsider.in/bloomsbury-unviels-the-harry-potter-and-the-prisoner-of-azkaban-illustrated-edition/articleshow/57539590.cms">ALSO READ: Bloomsbury unveils the Harry Potter and the Prisoner of Azkaban Illustrated Edition</a> 
 
More women entering tech 
 
LinkedIn also evaluated the roles women were being hired into overall. It may come as a surprise that the technology industry saw the largest change with an 18% increase in female leaders hired. 
The top three job titles that have seen the strongest growth are all technology roles: User Experience Designer (67% increase), Chief Technology Officer (60% increase) and Web Developer (40% increase). 
 
Women CEOs make up only 18% of the workforce 
 In the C-suite, the single role that women hold more than or equivalent to men is Chief Human Resource Officer (56%, which is an increase of 82% since 2008). In contrast, women CEOs still make up only 18% of the workforce. At the director-level, hiring for women in the Director of <keyword id="6363148" type="TECHNOLOGY" weightage="20" keywordseo="information-Technology">Information Technology</keyword> role has increased by 57% since 2008. 
 
<a href="http://www.businessinsider.in/these-women-ola-auto-drivers-are-changing-Indian-roads/articleshow/57539709.cms">ALSO</a><a href="http://www.businessinsider.in/these-women-ola-auto-drivers-are-changing-Indian-roads/articleshow/57539709.cms"> READ: These Women Ola Auto drivers are changing Indian roads</a> 
 
Management and leadership top skills for women leaders 
 
LinkedIn looked at the most common skills based on the profiles. Management and leadership top the list of skills for women in leadership positions. Interestingly, customer service and public speaking also ranked highly. 
 
Gender equality at work is a growing priority 
LinkedIn data shows that diversity and inclusion are becoming a priority for companies worldwide. More than 37% of talent acquisition leaders believe that diversity will be the number one trend defining the future of hiring. 
One of the key aspects to closing the gender gap is to identify areas of progress, tackle obstacles, and provide resources to help create leadership paths for women.

These barriers in the global workforce need to be removed for women to thrive, according to Linkedin

<ul><li>Four <keyword id="6354780" type="ENTERTAINMENT" weightage="20" keywordseo="Karnataka">Karnataka</keyword> districts bordering Kerala -- Kodagu, Mangluru, Chamarajanagar and Mysuru -- have been put on high alert in the wake of positive <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> cases in Kerala.</li><li>Acting on state government orders, <keyword id="1051" type="PERSON" weightage="20" keywordseo="Mohan">Mohan</keyword> said the district health department is undertaking information and education activities in the district about the virus. </li><li>Mohan said Kodagu did not receive any migrant from China or a person who stayed in China thus far.</li></ul>Four Karnataka districts bordering Kerala -- Kodagu, Mangluru, Chamarajanagar and Mysuru -- have been put on high alert in the wake of positive coronavirus cases in Kerala. "Kodagu, Mangluru, Chamarajanagar and Mysuru districts have been put on high alert for coronavirus monitoring," Kodagu district health officer K. Mohan told IANS. Acting on state government orders, Mohan said the district health department is undertaking information and education activities in the district about the virus. "We are explaining how coronavirus spreads and how to take precautionary measures. We have established a six bedded room for coronavirus in the district hospital and two beds each at Virajpet and Somvarpet," said Mohan. The Kodagu district authorities also displayed coronavirus awareness posters and messages at bus stops, government hospitals and offices, including the bustling Raja Street. Kodagu is located 250 km southwest of <keyword id="6354321" type="LOCATION" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword>. Aiming at restricting the movement of people between Karnataka and Kerala, Mohan said the district health department has requested the planters' associations to not move manpower. "We have requested our planters' associations not to move manpower from Karnataka to Kerala and Kerala to Karnataka till February 15," said Mohan. Additionally, the district health department has also kept a rapid response team on standby. Mohan said Kodagu did not receive any migrant from China or a person who stayed in China thus far. Meanwhile, the Karnataka government has ordered that anybody arriving from the 23 coronavirus affected countries must stay in isolation at home for 28 days in a state surveillance bulletin of the Karnataka health and family welfare department on Monday. The home isolation requirement is irrespective of the virus symptoms. As many as 426 coronavirus deaths have been reported in China so far. See also: <a class="in-cell-link" href="https://www.businessinsider.in/science/health/news/fighting-wuhan-coronavirus-pictures-show-how-china-built-a-1000-bed-hospital-in-10-days/articleshow/73769620.cms" target="_blank">Fighting Wuhan Coronavirus: Pictures show how China built a 1000-bed hospital in 10 days</a>

Now, Kerala's border districts in Karnataka are on Coronavirus alert too

The last month of 2021 saw good hiring growth in India in sectors like travel and hospitality, retail and education, owing to the festive quarter and a rebound, a new report showed on Friday. The rebound was, however, likely to be hampered once again with the <keyword id="1609796" type="General" weightage="20" keywordseo="omicron" source="Orion">Omicron</keyword> variant spread in the country this month. According to the Naukri JobSpeak Index, the festive year-end marked an upswing in hiring activity over last year across all major metros. "While IT has continued to drive growth in hiring, it is heartening to see a comeback from sectors of hospitality and travel, retail, and real estate," said Pawan Goyal, Chief Business Officer, <keyword id="218117" type="General" weightage="20" keywordseo="naukri-com" source="Orion">Naukri.com</keyword>. Top metro cities saw growth in hiring when compared with December last year. Hyderabad led at +12 per cent (on-year), growth followed by Bengaluru (+11 per cent), Mumbai (+8 per cent), Pune (+4 per cent), and Chennai (+6 per cent). Delhi was flat and Kolkata de-grew by 3 per cent. "We see a lot of talent shifting back to their cities of work with most companies drafting their return to work policies. As companies continue to press the pedal on their digital transformation journeys, the demand for certain functional areas and sectors will keep growing," Goyal added. Among the emerging cities, Ahmedabad (+21 per cent) recorded the highest growth. Hiring for new jobbers and young professionals was steady in December as demand for freshers and professionals with 4-7 years of experience remained flat. Demand was slightly affected for professionals in the 8-12 years (-4 per cent) and 13-16 years (-9 per cent) experience segments, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/best-tax-saving-investment-options-in-2022/articleshow/88751934.cms">Best tax saving investment options in 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-hinduja-global-solutions-tanks-20-as-street-expected-two-times-the-dividend-announced/articleshow/88751657.cms">IT firm Hinduja Global Solutions tanks as street expected two times the dividend announced</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rupifi-bags-25-million-from-tiger-global-others-to-boost-buy-now-pay-later-offering/articleshow/88750509.cms">Rupifi bags $25 million from Tiger Global, others to boost buy now pay later offering</a>

Retail, travel and hospitality sectors hired the most number of employees in December: Report

<ul class="summary-list"><li>Indian techies were tripling salaries during the pandemic due to bloated demand for talent. </li><li>But the tech sector — especially edutainment — has already begun feeling the pinch amid a global downsizing. </li></ul>As the world strapped in for the pandemic, closing schools and sending workers home last year, India's techies were having a field day. Firms in Bengaluru, a tech hub in Southern India with 1.5 million IT employees and once dubbed the <a href="https://www.ft.com/content/7b774116-2964-11e5-acfb-cbd2e1c81cca">"world's back-office</a>," hired willy-nilly, as they struggled to cope with a surge in global demand for digital products."Salaries hit the roof," Yeshab Giri, the chief commercial officer at Randstad India, told Insider. He recalled one applicant who left his job with an annual salary of 1.2 million rupees, or $14,700. The tech worker received five offers from five different companies, and over several months negotiated his yearly pay up to 3.3 million rupees, or $40,400, Giri said. That's almost triple his last paycheck. To put that into perspective, rent for a one-bedroom apartment in the heart of Indian tech hub Bengaluru costs $1,840 a year, according to data from real estate company <a href="https://www.nobroker.in/blog/cost-of-living-in-bangalore/">NoBroker.</a>"These weren't one-off cases," said Uddhav Kumar, the co-founder and CEO of Lynkit, a firm that offers inventory and supply chain tracking services to logistics companies. "Everyone who was working would almost be guaranteed to have an offer that was double or triple what he earned."The skyrocketing demand though, didn't outlive the pandemic. Like with the US, as COVID-19 measures receded in India, so did the tech boom. Silicon Valley has seen round after round of layoffs in recent months, and India's been feeling the pinch too.Salary offers are declining, and at least 3,800 employees in Bengaluru were laid off in the last three months, according to data aggregated by <a href="https://layoffs.fyi/?">Layoffs.fyi.</a>But India's tech winter has been muted so far, four Bengaluru-based hiring experts told Insider. They see the decline more as the market returning to the brink of normalcy, and said there's still hope for laid-off tech workers — as long as they've been active in their jobs.<h2>'The glory days of last year are over'</h2>Recruiters believe the industry reached its turning point near the end of the third quarter."The glory days of last year are over, where everybody and anybody could get a job if they were half-decent," said Anup Menon, the vice president of CIEL HR Services. "In that sense, the average to below-average talent will have things to worry about. It won't be so easy to get a job.""Companies are now very clear about the budget they have, and will only hire within that range," he added.By CIEL's estimates, India's IT sector saw a 41% decline in hiring in September, compared to monthly averages in 2022, Menon said. However, he added that companies traditionally also slow down their hiring toward the end of the year."If you look at 2018, 2019, these are numbers comparable to those years," he said. Tech workers, especially those just laid off from well-known companies like Twitter or Stripe, are still looking at a "fairly decent quality pool" of employers, said Menon.But they'll have to expect fewer perks and lower salaries, he added.CIEL found that 77% of all tech companies are ending remote work or switching to hybrid work arrangements, compared to 25% of companies who enforced similar policies last year, he said. Subhashree Ghoshal, a senior consultant at JAC Recruitment India, told Insider that most tech companies engaging in layoffs are mostly looking to trim off excess workers as fewer projects come in — not necessarily their core workforce."The major backlash has been faced by employees who have been bench employees," said Ghoshal, referring to employees who aren't actively working on IT projects but are still on the company payroll.Firms are also looking to hire fresh graduates who are cheaper, while laying off employees who lead small teams like program managers and supervisors, said Ghoshal. Most in the latter category typically have five to 15 years of experience, he said.<h2>'The worst, however, may come next spring'</h2>The worst may come next spring, said Ghoshal, who predicts a surge in layoffs at the start of the first fiscal quarter and at the end of the second as Western demand for outsourced tech workers dwindles.At Randstad, Giri estimates a 25% drop in hiring in 2023. "We read a lot about the West, experts talking about financial slowdown in the US. We'll have to wait and watch," he said.For now, most of India's tech firms have shown resilience to market headwinds, faring better than their Silicon Valley peers.Tata Consultancy Services, an India-based mega firm with 600,000 employees, announced a net income of $1.3 billion in the second quarter of 2022, per <a href="https://www.bloomberg.com/news/articles/2022-10-10/tcs-profit-tops-estimates-after-outsourcing-giant-wins-new-deals">Bloomberg</a>. In the same quarter, Infosys, which hires a 345,000-strong workforce, <a href="https://www.infosys.com/investors/reports-filings/quarterly-results/2022-2023/q1/documents/q1-fy23-financial-results-auditorsreport.pdf">reported</a> a $65.6 million net profit. In contrast, Twitter <a href="https://investor.twitterinc.com/financial-information/quarterly-results/default.aspx">reported</a> a net loss of $270 million in the second quarter of this year, while Amazon <a href="https://affiliate.insider.com?postID=6386b687722a6819e779d5f6&amp;site=bi&amp;u=https%3A%2F%2Fir.aboutamazon.com%2Fnews-release%2Fnews-release-details%2F2022%2FAmazon.com-Announces-Second-Quarter-Results-fe1df2b70%2F">reported</a> a net loss of $2 billion in the same time frame. Meta <a href="https://investor.fb.com/investor-news/press-release-details/2022/Meta-Reports-Second-Quarter-2022-Results/default.aspx">reported</a> a 36% net income drop to $6.69 billion in Q2 2022, compared to the same quarter in the previous year.Menon of CIEL believes demand for tech workers will pick up again in the second quarter of next year, after a "much-needed correction" in the industry. "It was a little too unpredictable with the job hops and the kinds of salaries that were floating around," he said.Lynkit CEO Kumar concurred. "There was a lot of false hype around things that didn't add value but kept expanding," he said. "I think we are going to see that slowly being weeded out of the ecosystem."<h2>Sectors like edutainment for kids are badly hit</h2>One example of the post-pandemic decline involved digital services for kids, said Lynkit CEO Kumar. With schools shut during the pandemic, parents began buying educational and entertainment, or edutainment, subscriptions to keep their children busy."When schools started again, suddenly these kids had no reason to have these subscriptions," he told Insider.Education startup Byju's, touted as the <a href="https://asia.nikkei.com/Business/Education/Indian-edtech-Byju-s-raises-250m-from-existing-investors#:~:text=BENGALURU%20%2D%2D%20India's%20largest%20online,was%20cutting%20about%202%2C500%20jobs.">largest education tech startup</a> in India, spent <a href="https://economictimes.indiatimes.com/tech/startups/byjus-buys-great-learning-toppr-as-2-billion-acquisition-spree-continues/articleshow/84752307.cms?from=mdr">$2 billion during the pandemic</a> buying up other education firms to boost growth. It suffered a $575 million net loss in the year ending March 2021, <a href="https://www.bloomberg.com/news/articles/2022-09-14/byju-s-reports-widening-losses-after-prolonged-audit-delay">per Bloomberg</a>. The company blamed poor macroeconomic conditions, and said it adopted a new revenue recognition model that led it to defer 40% of its revenue to the next few years, <a href="https://www.reuters.com/technology/indias-byjus-posts-gross-revenue-100-bln-rupees-fy22-2022-09-14/#:~:text=Gross%20revenue%20for%20fiscal%202022,listing%20plans%20to%20next%20year.">Reuters reported</a>. In October, Byju's laid off 2,500 employees, or around 5% of its total workforce. Byju's did not immediately respond to Insider's request for comment for this story.Lynkit has been feeling the ripple effects of the third quarter fallout, said Kumar. Its HR department recently received around 1,200 resumes for an open product manager position, a role that normally sees 500 to 600 applications, the CEO said.Yet compared to the high-profile dismissals in San Francisco, the furloughs in Bengaluru represent smaller proportions of staff let go.And 2,500 jobs are a mere drop in the total pool of tech workers in India; Giri estimated that a total 350,000 people will join the local IT industry by the end of 2022."The layoffs that we're seeing are not really mass layoffs. Large companies laid off about 2,500 people, but we have to understand that they have a base of 50,000 people," Giri said.

Bengaluru, home to 1.5 million IT workers and called 'the world's back-office,' has dodged the tech winter ripping through Silicon Valley &mdash; but experts warn it may not last

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