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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.

Edtech unicorn <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>'s courted further controversy on Tuesday with its employees in Thiruvananthapuram claiming around 170 of them are being forced to resign from the company. The matter, raised on social media by <keyword id="7035516" type="General" weightage="50" keywordseo="technopark-today" source="Orion">Technopark Today</keyword>, an IT professionals community portal, was escalated by IT welfare organisation '<keyword id="3399247" type="General" weightage="50" keywordseo="prathidhwani" source="Orion">Prathidhwani</keyword>' to Kerala Labour Minister C. Sivankutty. Employees and Prathidhwani representatives also met the minister on Tuesday. Apart from ensuring that BYJU's does not force employees to resign, they demanded a revision of the company's exit policy for its employees. Along with ensuring payment of their October 2022 salary on November 1, employees are demanding a one-time settlement of three months' salary, earned leave encashment, and full-settlement of variable pay. According to the employees in Thiruvananthapuram numbering around 170, Byju's, with its office located in the <keyword id="6400701" type="General" weightage="50" keywordseo="technopark" source="Orion">Technopark</keyword>, is planning to wind up its operations in the state headquarters. Sivankutty, in a Facebook post, said: "The employees of BYJU's app from <keyword id="3595624" type="General" weightage="50" keywordseo="technopark-thiruvananthapuram" source="Orion">Technopark Thiruvananthapuram</keyword> had come to see me. The employees have many grievances, including job loss. The Labour Department will conduct a serious investigation in this regard." With losses of Rs 4,500 crore reported in FY21, BYJU's has been facing tough times in recent times. The company had recently announced cost-cutting measures including paring down manpower. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/netflix-is-emailing-users-details-about-how-to-make-it-easier-to-kick-free-loaders-off-your-account-as-it-cracks-down-on-password-sharing/articleshow/95086931.cms">Netflix is emailing users details about how to make it easier to kick free-loaders off your account, as it cracks down on password sharing</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-down-users-across-the-world-are-reportedly-not-able-to-send-and-receive-messages/articleshow/95075347.cms">WhatsApp down – users across the world are reportedly not able to send and receive messages</a> <a href="https://www.businessinsider.in/tech/news/the-fate-of-the-world-economy-may-depend-on-what-happens-to-a-company-most-americans-have-never-heard-of/articleshow/95030860.cms">The fate of the world economy may depend on what happens to a company most Americans have never heard of</a>

Fearing firing, BYJU's employees in Kerala approach state labour minister

<ul><li>India's billionaire club added a new member, <keyword id="1702989" type="PERSON" weightage="20" keywordseo="Byju-Raveendran">Byju Raveendran</keyword>. </li><li><keyword id="299516" type="PERSON" weightage="20" keywordseo="Raveendran">Raveendran</keyword> holds more than 21% stake in the Bengaluru-based educational technology and online tutorial firm, which makes him a billionaire. </li><li>He started his journey as a teacher. </li></ul>Last week, India's billionaire club added a new member, <keyword id="2900267" type="PERSON" weightage="20" keywordseo="Byju">Byju</keyword> Raveendran, the 37-year-old tech-entrepreneur who is changing the way students are coached in India. The latest round of $150 million funding from <keyword id="6437412" type="COMPANY" weightage="20" keywordseo="Qatar-Investment-Authority">Qatar Investment Authority</keyword> (QIA) has hit $6 billion valuations, making its Founder and CEO Byju Raveendran the newest billionaire in the country. Raveendran holds more than 21% stake in the Bengaluru-based educational technology and online tutorial firm, which makes him a billionaire. 
	
	
	
	
	
	
	<div type="Slideshow" msid="70550887" hostid="261" title="The remarkable journey of Byju Raveendran from a teacher to a billionaireThe remarkable journey of Byju Raveendran from a teacher to a billionaire" firstImageMsid="70551027" slideCount="6"></div>















 (with IANS)

The remarkable journey of Byju Raveendran from a teacher to a billionaire

<ul><li>An overall growth of 150% was recorded in the payments/salaries to gig workers between October 2021 and September 2022. </li><li>The potential of gig workers can grow further if online retail grows across the country. </li><li>The report predicts that the penetration of online retail was just 5% in 2019 and is expected to grow to 11% by 2024.</li></ul>As more e-commerce platforms enter the 10-minute delivery space, demand for gig workers has not only ballooned – but their monthly earnings have increased too. A report by StrideOne, a tech-enabled NBFC, titled ‘The Startup Economy Report 2022’ says that 25% of gig workers surveyed reported an over 50% rise in their monthly income as compared to their previous mode of livelihood – in the last one year. An overall growth of 150% was recorded in the payments/salaries to gig workers between October 2021 and September 2022, the report said. Majority of the gig workers are engaged in retail trade and sales which includes fast commerce like food and beverage, grocery, medicines delivery etc. Around 56% of the gig workers surveyed previously had full-time employment. “Startups are limiting their hiring of permanent employees. Gig workers have begun to replace these permanent employees,” the report said. The number of companies who shifted to a semi-gig workforce model has increased by 15% since October 2021. The potential of gig workers can grow if online retail expands across the country. The report predicts that the penetration of online retail was 5% in 2019, and is expected to grow to 11% by 2024. Non-farm sectors of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> have the potential to add over 90 million gig jobs in the longer term, the report predicts. As of now, the <keyword id="3080230" type="General" weightage="20" keywordseo="gig-economy" source="Orion">gig economy</keyword> constitutes 1.5% of the total workforce in India and is expected to expand to 23.5 million by 2024 constituting 4% of the workforce. <cmsannotation type="cmsannotation" annotationid="Startup ecosystem of India" comment="subhead" text="Startup ecosystem of India"><keyword id="15794501" type="General" weightage="20" keywordseo="startup-ecosystem-of-India" source="Orion">Startup ecosystem of India</keyword></cmsannotation> The number of jobs created by the startup ecosystem of India, which is said to be the third largest in the world, grew by 78% CAGR between 2017 and 2022. It is further projected to grow at a CAGR of 24% from 2022-27. The ecosystem altogether created over 2 lakh jobs this year, according to the report. However, several startups like Byju’s, Udaan laid off several employees from its workforce as a part of their retrenchment due to funding winter. “The rapid growth phase and maturity of the ecosystem have unlocked tremendous appetite for scalability, alternate funding options, expansion into the global market and the capacity to enable millions of jobs. This meteoric rise of startups has made India the third largest startup ecosystem in the world and has significantly impacted the Indian economy showcasing the ability to contribute approximately 4-5% to the gross domestic product (GDP) of India,” said Ishpreet Singh Gandhi, founder, StrideOne. Sectors like textile, apparel and logistics however retain the title of being the biggest job creators in the country. The textile industry is said to be the second largest employer in India, which has given direct employment to 5 crore people, and 10 crore people in allied industries. Whereas, logistics sector currently employs 22 million people and is estimated to contribute 11% to the overall GDP of the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-railways-backed-spacetech-startup-galaxeye-raises-3-5-million-in-seed-round/articleshow/96250010.cms">Indian Railways backed spacetech startup GalaxEye raises $3.5 million in seed round</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/will-be-lucky-if-we-grow-5-next-year-says-former-rbi-governor-raghuram-rajan/articleshow/96249572.cms">Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan</a>

A quarter of Indian gig workers’ salaries grew by 50% in the last one year

<ul><li>Around 76,000 students applied for internships every day in 2020, reveals a survey conducted by recruitment and training platform, <a href="https://economictimes.indiatimes.com/jobs/76000-students-applied-to-internships-every-day-in-past-year-survey/articleshow/81967814.cms?from=mdr">Internshala</a>.</li><li>Internships have become an integral part of a college's student’s career trajectory in India, irrespective of their educational background.</li><li>These companies are hiring interns for different roles in different parts of the country.</li></ul>Students who want to enter the job industry, ideally, should get some hands-on experience with internships. Around 76,000 students applied for internships every day in 2020, reveals a survey conducted by recruitment and training platform, <a href="https://economictimes.indiatimes.com/jobs/76000-students-applied-to-internships-every-day-in-past-year-survey/articleshow/81967814.cms?from=mdr">Internshala</a>. Internships have become an integral part of a college's student’s career trajectory in India, irrespective of their educational background. There was a 35% rise in students seeking internships in 2020 as compared to 2019, revealed the report. Business development, content writing, human resources, digital marketing, social media marketing, marketing, and research are some of the good profiles for a fresher to pursue. These companies are hiring interns for different roles in different parts of the country — 1. <keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> — Research World’s biggest multinational software company is looking to hire <a href="https://careers.microsoft.com/us/en/job/931311/Research-Intern?utm_campaign=google_jobs_apply&amp;utm_source=google_jobs_apply&amp;utm_medium=organic">Research interns</a> where interns will learn and collaborate with experienced researchers. Eligibility: Candidates must be enrolled in a university as part of either doctoral, masters, or undergraduate programmes or be a recent graduate from such a programme. 2. <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> — Business Development The telecommunications company is seeking to hire <a href="https://internshala.com/internship/detail/business-development-sales-internship-in-multiple-locations-at-bharti-airtel-limited1621837165">Business Development</a> interns at various locations -- Ahmedabad, Jaipur, Gandhinagar and Rajasthan for three months with a comprehensive stipend of ₹10,000 per month. Job role: Interns will have to handle distributors, work on channel sales and drive prepaid business, reporting, process compliance and generating revenue. 3. BYJU’S — Marketing Ed-tech company is looking out for <a href="https://internshala.com/internship/detail/marketing-internship-in-multiple-locations-at-byjus-the-learning-app1620706014">Marketing interns</a> at various locations for four months with a stipend of ₹18,000 per month. Job role: The candidates will have to interact with school personnel and inform them about the ongoing projects, achieve weekly targets of interaction and closure, and meet the prospects for the business. 4.<keyword id="8681398" type="UNKNOWN" weightage="20" keywordseo="Urban-Company">Urban Company</keyword> — Operations Urban Company (earlier UrbanClap), a home-service marketplace is looking for interns in <a href="https://internshala.com/internship/detail/operations-internship-in-chennai-at-urban-company1622180187">Chennai</a> and <a href="https://internshala.com/internship/detail/operations-internship-in-bangalore-at-urban-company1622197584">Bangalore</a> for one month with a stipend of ₹10,000 per month. Job role: The selected intern would have to work on supply on-board, quality control of supply base and initiate the user friendly flow. Urban Company also has a vacancy for Human Resources interns who can <a href="https://internshala.com/internship/detail/human-resources-hr-work-from-home-job-internship-at-urban-company1622456109">work-from-home</a> for two months with a stipend of ₹10,000. Job role: The selected candidates will take interviews of prospective candidates,design the interview and reporting structure of the team. 5. Just Dial — Human Resources (HR) The local search services firm is hiring an <a href="https://internshala.com/internship/detail/human-resources-hr-internship-in-chandigarh-at-justdial-limited1621499461">HR intern</a> in Chandigarh for three months with a stipend of ₹5,000 per month. Job role: HR will have to make cold calls to preferred candidates, organise job fairs and events. 6. ByteDance (TikTok’s parent company) — Digital Marketing This global internet giant is actively looking for <a href="https://internshala.com/internship/detail/digital-marketing-work-from-home-job-internship-at-bytedance1621925865">Digital Marketing</a> interns who can work-from-home for three months with a competitive stipend of ₹18,000 per month. Job role: The selected candidates will have to handle the daily operations of teachers on Youtube platforms, complete Youtube data collection, and establish partnerships with influencers in different industries. 7. IIT Bombay — Content Creation Indian Institute of Technology, Bombay is looking for <a href="https://internshala.com/internship/detail/content-creation-work-from-home-job-internship-at-iit-bombay1621335538">content creators </a>who can work from home for six months with a stipend of ₹1,000 per month. Job role: The chosen candidates will have to come up with catchy stories to structure content, creating high quality power presentations. 8. IDBI Federal Life Insurance Company — Marketing The multinational insurance firm is looking for <a href="https://internshala.com/internship/detail/marketing-internship-in-kolkata-at-idbi-federal-life-insurance-company1620757275">Marketing interns</a> in Kolkata for the period of two months with a comprehensive stipend of ₹5,000 per month. Job role: The selected candidates will have to formulate new ideas to add value, set and achieve performance targets, develop and enter into alliances and affiliations with other organisations. It is also hiring <a href="https://internshala.com/internship/detail/human-resources-hr-work-from-home-job-internship-at-idbi-federal-life-insurance-company1620757033">Human Resources</a> interns who can work-from-home for three months with a stipend ranging between ₹4,000 - ₹7,000 per month. Job role: Candidates will have to plan, develop and implement a strategy for HR, establish and maintain appropriate systems for HR development. 9. Freecharge — Business Development The payment platform is hiring <a href="https://internshala.com/internship/detail/business-development-sales-internship-in-multiple-locations-at-freecharge-payments-technology-private-limited1622193927">Business Development interns</a> in Gurgaon, Noida and Delhi for three months with a stipend of ₹7,000 per month. Job role: Candidate will be responsible to contact new partners, work on merchant acquisition and operations. 10. Zoomcar — Graphic Designing The car rental startup is hiring graphic designing interns who can work-from-home for three months with a stipend of ₹5,000 per month. Job role: The selected candidates will assist the creative team and art director, work on multiple projects simultaneously, maintain high standards of graphic designs with quality control, according to the firm. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/these-are-the-hottest-jobs-in-the-cyber-security-industry-right-now-with-a-salary-package-of-up-to-23-lakh-per-annum/articleshow/82629876.cms">These are the hottest jobs in the cyber security industry right now, with a salary package of up to ₹23 lakh per annum</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/if-you-want-to-work-from-home-these-are-some-of-the-hottest-freelancing-jobs-in-high-demand/articleshow/81228585.cms">If you want to work from home, these are some of the hottest freelancing jobs in high demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/earn-money-online-here-are-some-exciting-part-time-work-from-home-jobs/articleshow/82449228.cms">These are some exciting part-time work-from-home jobs you can do to earn a few extra bucks</a>

Microsoft, Airtel, BYJU’S, IIT-Bombay and more — here is a list of companies looking for interns

<ul><li>In an interview with Business Insider India, Luv Isrrani, an Indian celebrity wedding photographer, says people still don't respect the profession. </li><li>A wedding photo shoot can cost anywhere between ₹15,000 and ₹100,000 per day. </li><li>Compare that to the median salary for employees in the two highest paying industry in India — Power and IT — is ₹1,45,833 a month. While the per capita income for all Indians is ₹10,534 a month.</li></ul>Indian brides and grooms are wackier and experimenting with wedding looks, like floating in a pit and other ways in a bid to stay different. Others who are not as imaginative are opting to turn their special day picture perfect. It hence comes as no surprise that wedding photography is a thriving business in a $50 billion wedding market, <a href="https://www.voguebusiness.com/fashion/indian-wedding-fashion-millennials-lehenga">according</a> to Vogue India. Luv Isrrani, who shot the wedding of Indian cricketer Harbhajan Singh's wedding, says that the business has changed for the better. When he started working 15 years back, he charged ₹3500 to shoot an entire portfolio. Today, he charges ₹150,000 a day, and that is a whopping 4,200% increase. It also compared well to the median salary for employees in the<a href="https://www.randstad.in/about-us/press-releases/press-releases/fmcg-emerges-as-the-highest-paying-industry-in-india-randstad-salary-trends-study-2017/"> two highest paying industries in India </a>— energy and IT — is ₹1,45,833 a month. While the per capita income for all Indians <a href="https://www.livemint.com/politics/policy/india-s-per-capita-income-rises-10-to-rs-10-534-a-month-in-fy19-1559318636062.html">is </a>₹<a href="https://www.livemint.com/politics/policy/india-s-per-capita-income-rises-10-to-rs-10-534-a-month-in-fy19-1559318636062.html">10,534 a month.</a> The driving factor Most photographers in India do not earn anywhere close to Luv. The difference between Luv and other cameramen is his focus on weddings, which is big business in India, especially the ones involving celebrities. Every wedding is becoming more lavisher, and he has much to gain. A <a href="https://www.indiatvnews.com/lifestyle/relationships-big-fat-indian-wedding-survey-432568">recent survey revealed</a> that millennials are ready to spend a hundred thousand rupees for a typical wedding ceremony that lasts for three to four days in India. More than 20% of the female and 11% of the male agreed that they can spend ₹10,00,000 to ₹20,00,000 on their wedding. However, another survey said<a href="https://scroll.in/article/831857/the-big-fat-indian-wedding-still-survives-but-millenials-are-increasingly-opting-out">, women opt for low-cost weddings </a>as they get older. Half the people living in India are under the age of 30, <a href="https://www.voguebusiness.com/fashion/indian-wedding-fashion-millennials-lehenga">reported</a> Vogue India. While millennials are getting more thrifty, still a majority of Indian weddings cost way more than what the person can ideally afford. With people using more and more social media, brides and grooms want their wedding to be in a certain way within a certain budget, said <a href="https://www.sabyasachi.com/">Sabyasachi Mukherjee</a>, a famous fashion designer. The demonstration effect as a result of the grand celebrity wedding like Priyanka Chopra and Nick Jonas or Ranveer Singh And Deepika Padukone are adding to the desire. <div type="Article" hostid="261" msid="67150327" title="Meet the Ambanis, the richest family in Asia, who live in a $1 billion skyscraper and mingle with royals, politicians, and Bollywood stars" mstype="2" mssubtype="0"></div>
 Every business related to wedding is thriving. Anita Dongre, an Indian fashion designer, <a href="https://www.voguebusiness.com/fashion/indian-wedding-fashion-millennials-lehenga">registered an annual turnover</a> of over ₹700 crores (£82.2 million) in 2019, a 30% increase compared to last year. Indians have always been known to splurge at weddings. Even the poorest of the lot tend to save their entire life, or borrow in a huge way, to fund the weddings of their children. The stakes are much higher today. Luv is minting money as a celebrity wedding photographer. But that’s just a stepping stone. Israni is all set to be a director. He recently directed a music video with TSeries and is planning to do much more than photography. See also: <a href="https://www.businessinsider.in/the-remarkable-journey-of-byju-raveendran-from-a-teacher-to-a-billionaire/articleshow/70550817.cms">The remarkable journey of Byju Raveendran from a teacher to a billionaire</a> <a href="https://www.businessinsider.in/simba-beer-is-roaring-towards-success-with-focus-on-indias-smaller-markets-and-a-revenue-of-125-crores/articleshow/70270926.cms">A 27-year old has his own beer brand that is earning ₹125 crore just in its third year</a>

A 34-year-old Indian photographer’s income has grown over 42 times in 15 years — thanks to big, fat Indian weddings

<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

<ul><li>Bengaluru-based startup <keyword id="467634" type="General" weightage="20" keywordseo="verse" source="Orion">Verse</keyword> Innovation has decided to lay off 5% of its workforce or 150 employees to cut costs and streamline operations. </li><li>It also announced pay cuts for 11% of its employees, who are earning ₹10 lakh per annum or more. </li><li>This has happened months after the startup raised $800 million as fresh funding in April this year.</li></ul>VerSe Innovation, the parent company of short video platform Josh and news aggregator Dailyhunt, has become the latest unicorn that has resorted to retrenchments this year, after Byju’s, Udaan and Zomato. The co-founders of the Bengaluru-based startup, Virendra Gupta and Umang Bedi, announced in a town hall meeting that it has decided to lay off 150 employees or 5% of its workforce, <a href="https://techcrunch.com/2022/11/28/verse-innovation-layoff-salary-cut/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAKe8ojKWqU0ImCcT4s4MwaVYq5ygyPzZhY3aM6nNl-DwFl9s2r0Wagyd6fNEoNL6uXnBiWRFKTSceuX2G_AUKLr7Ny6r8JprFJX9lg5l5mjMGX4l1bWEmEF2pOC0-ZtsbTCCFGWMds38OjymS1_XaoY2qGgAhJ73igSRtCLaYA4B">according to Techcrunch</a>. They also announced an 11% pay cut for the remaining employees who are earning ₹10 lakh per annum or more. “Given the current economic climate, like other businesses, we’ve evaluated our strategic priorities. Considering the long-term viability of the business and our people, we have taken steps to implement our regular bi-annual performance management cycle and made performance and business considerations to streamline our costs and our teams, <a href="https://techcrunch.com/2022/11/28/verse-innovation-layoff-salary-cut/">said</a> Umang Bedi, co-founder of VerSe Innovation, in a prepared statement. This move comes months after the startup raised $800 million as fresh funding in April this year, led by CPP Investments. Ontario Teachers’ Pension Plan Board, Sumeru Ventures and Luxor Capital, Sofina Group and Baillie Gifford also participated in the funding round. Bedi further said that the next year will be tough and the measures taken will help the company to sustain in the market. “We have exercised fiscal and employee prudence, and implemented an 11% salary cut for individuals with annual salaries of ₹10 lakh or more,” Bedi added. According to media <a href="https://www.moneycontrol.com/news/business/startup/dailyhunt-and-josh-parent-verse-lays-off-150-staff-announces-company-wide-pay-cuts-9615571.html">reports</a>, the startup’s losses widened to ₹2,563 crore in FY22, even as its operating revenue grew by 46% to ₹965 crore. Backed by <keyword id="6355629" type="General" weightage="20" keywordseo="google" source="Orion">Google</keyword> and <keyword id="10387" type="General" weightage="20" keywordseo="microsoft" source="Orion">Microsoft</keyword>, the company became a unicorn after it raised $227 million from Microsoft, Sequoia, Matrix Partners India, Qatar Investment Authority and others in November 2020. Tech majors like Amazon, Meta, Twitter and Salesforce have been cutting jobs leaving thousands of techies jobless, globally. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/icici-bank-launches-digital-lending-solution-ilens-powered-by-tcs/articleshow/95849140.cms" style="">ICICI Bank launches digital lending solution iLens, powered by TCS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-users-are-reportedly-unable-to-call-and-send-messages/articleshow/95846445.cms" style="">Reliance Jio users tweet about network issues, unable to call and send messages</a>

Google, Microsoft backed VerSe Innovation sacks 150 employees, cuts pay for employees earning ₹10 lakh or more

Which Zodiac signs do the biggest billionaires belong to?

<ul><li>According to an ET report, as many as 200,000 job openings have been advertised across job platforms like LinkedIn over the last one month.</li><li>Ecommerce and edtech platforms like Amazon, Flipkart, Byju’s and Grofers are <keyword id="6357342" type="UNKNOWN" weightage="20" keywordseo="Hiring">hiring</keyword> across verticals including backend development roles and digital operations.</li><li>As per data by staffing firm Xpheno, nine in ten <keyword id="11018" type="COMPANY" weightage="20" keywordseo="Jobs">jobs</keyword> are offering full time roles while the rest are part time and contractual. </li><li>As much as 79% of the total job openings are in the IT and ITeS domain and most of the roles are those of software engineers, programmers, full-stack developers and sales and marketing.</li></ul>The <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> crisis has hit appraisals, salaries and jobs. But the market is still hiring. <a href="https://economictimes.indiatimes.com/jobs/200000-reasons-for-job-market-cheer/articleshow/75239113.cms?from=mdr">According to</a> an ET report, as many as 200,000 job openings have been advertised across job platforms like LinkedIn over the last one month. In fact, one in four job vacancies was posted last week. Looks like companies in India are still looking for candidates despite the downturn, so as to rebound stronger. Ecommerce and edtech platforms like Amazon, Flipkart, Byju’s and Grofers are hiring across verticals including backend development roles and digital operations. As per the data by staffing firm Xpheno, nine in ten jobs are offering full time roles while the rest are part time and contractual. This is across levels but most of them are for entry-level positions. That accounts for at least <a href="https://economictimes.indiatimes.com/jobs/200000-reasons-for-job-market-cheer/articleshow/75239113.cms?from=mdr">80,000 fresher jobs</a>. The IT sector is also set to gain as most of India today is <keyword id="889044" type="PERSON" weightage="20" keywordseo="working-from-home">working from home</keyword>, given the pandemic. As much as 79% of the total job openings are in the IT and ITeS domain and most of the roles are those of software engineers, programmers, full-stack developers and sales and marketing. This may be because productivity is not being negatively impacted despite shutdown. “More companies are asking their employees to work from home, believing that productivity won’t get affected — which means that this is the future of work and interaction where the companies no longer need to assemble people in places,” entrepreneur Ronnie Screwvala said. On the other hand, e-commerce and BFSI account for 15% of the jobs. <a href="https://www.ibtimes.co.in/bigbasket-grofers-hire-over-15k-employees-list-companies-who-are-hiring-now-despite-covid-19-817606">BigBasket and Grofers</a> are also hiring over 15,000 employees to address the surge in demand.This is as the sectors that are focussed on delivery of essential goods and services are witnessing a positive hiring trend. “Consumers will become further warmed up to the concept of online buying. Consumer demand has increased by an average of 50%. On our platform, we are witnessing a 50% spike in daily average orders. In fact, our business has also grown by 60%,” Sourjyendu Medda, CBO and Founder of DealShare, which is providing essential services to Tier II and Tier III cities, <a href="https://www.businessinsider.in/careers/news/here-are-the-sectors-that-can-gain-in-the-times-of-coronavirus/articleshow/75019841.cms">told Business Insider. </a> See also: <a href="https://www.businessinsider.in/careers/news/here-are-the-sectors-that-can-gain-in-the-times-of-coronavirus/articleshow/75019841.cms">These three sectors can grow and even hire people despite Covid-19 crisis</a> <a href="https://www.businessinsider.in/careers/news/byjus-unacademy-upgrad-and-other-edtech-companies-hiring-now/articleshow/75243374.cms">Byju's, Unacademy, upGrad and other edtech companies hiring now</a>

200,000 job openings posted in the last four weeks — and 80,000 of them are entry level positions

<ul><li>129 million or 10.9% people in India speak English as their first language.</li><li>Here is a list of a few <keyword id="6604939" type="UNKNOWN" weightage="20" keywordseo="foreign-languages">foreign languages</keyword> you can learn to enhance your career.</li><li>With globalisation at its peak, companies across the globe are always looking out for professionals who can speak at least one foreign language.</li></ul>According to the census 2011 data, 129 million or 10.9% people in India speak English as their first language, while 83 million reported it as their second language, making English the second-most spoken language in the country. However, English is not so popular in countries like China or Japan where people mostly speak their local languages. Thus, there is a rising demand in the job market for people who are fluent in multiple foreign languages. These are some foreign languages with which you can enhance your career or make a career switch — <ol><li>French</li></ol>It is one of the most popular and widely spoken languages in the world. French will help you overcome the language barrier as the language is spoken in many European countries which is a hub for many businesses. There are six levels in French for you to master to be called a ‘proficient user’. <a href="https://www.udemy.com/topic/french-language/">Udemy</a>, <a href="https://www.duolingo.com/register">Duolingo</a> are some of the online platforms where you can easily learn the language. 2. German Germany is an economic powerhouse which offers plenty of job opportunities across industries. Learning the language can definitely boost your career prospects. There are six levels in German and one needs to clear all the levels in order to become an expert. <a href="https://www.duolingo.com/register">Duolingo</a>, <a href="https://alison.com/courses/german">Alison</a>, <a href="https://www.udemy.com/topic/german-language/free/">Udemy</a> are some online platforms that offer German language courses with a certification. 3. Spanish There are around 20 Spanish-speaking countries in the world, making it another popular language in terms of a career boost. With growing business relations between Spain and India, it can offer immense opportunities to grow your career. Mastering six levels in Spanish can make you fluent in the language. <a href="https://www.coursera.org/courses?query=spanish">Coursera</a>, <a href="https://www.udemy.com/topic/spanish-language/free/">Udemy</a>, <a href="https://www.duolingo.com/register">Duolingo</a>, <a href="https://www.edx.org/learn/spanish">edX</a>, and<a href="https://alison.com/courses/spanish"> Alison</a> can be good starting points. 4. Japanese The scope of learning Japanese is comparatively high and there is less competition in the job market as fewer people choose to learn this language. There are five levels in Japanese, N1(first level) is considered as the most difficult level whereas N5 (last level) is considered as the easiest level. 5. Mandarin Chinese Companies are often looking out for Chinese speaking professionals who can help them operate in China’s cultural context. Very few people in India can speak Chinese, thus it can definitely give your career an edge. There are six HSK levels in Chinese which you need to clear in order to become an expert. With globalisation at its peak, companies across the globe are always looking out for professionals who can speak at least one foreign language depending on the job requirements. These are some well paying foreign language jobs you can go for — <ol><li>Translator</li></ol>As a translator, you will be responsible for converting thoughts, intent and words into another language. It can be done at the comfort of your home or work from the office, depending on the organisation. According to job site Indeed, a language translator can earn an average of ₹20,000 per month. 2. Interpreter Interpreters are different from translators, they act as a bridge between two people who speak different languages. Interpreters are primarily found in public and official events like international conferences, company meetings, media houses, sports events, tourist centers etc. Scope of being an interpreter is vast and growing at a fast pace. An interpreter can expect to earn around ₹6,00,000 per annum as per job site Indeed. 3. Jobs in embassies Embassies of different countries offer jobs to those who speak their language as front desk, call attendant, support officer, administrative specialist, information technology (IT) professional, customer executive and many more. Embassies pay well to the professionals who are fluent in their languages. Embassies can offer a comprehensive package upto ₹10,00,000 per annum depending on the role and experience. 4. Jobs in international organisations The United Nations (UN) is the largest international organisation with several agencies operating in different countries. The UN is always hunting for people who not only can speak a foreign language, but also can work across various fields. UNESCO, UNICEF, ILO,WHO, WTO and many more are paying a good amount of money to the employees. Salary of an employee working in the UN depends on several factors. 5. Language corporate trainer/teacher Teachers may or may not require prior experience depending on the organisation but one should be fluent. Several companies are always looking out for trainers who could help their employees with the language. An average salary of a language teacher is ₹40,000 per month in India, according to Glassdoor. 6. Recruiter/Human Resources Organisations based in different countries from Europe to Asia to Africa need recruiters to interact with the employees and at the same time recruit the most suitable qualified candidates for the job from different countries and cultures. A recruiter can expect, in the beginning, to earn around ₹5,00,000 per annum, according to Glassdoor. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/microsoft-airtel-tiktok-just-dial-byjus-and-other-companies-are-calling-out-interns-for-different-roles/articleshow/83168022.cms">Microsoft, Airtel, BYJU’S, IIT-Bombay and more — here is a list of companies looking for interns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/these-are-the-hottest-jobs-in-the-cyber-security-industry-right-now-with-a-salary-package-of-up-to-23-lakh-per-annum/articleshow/82629876.cms">These are the hottest jobs in the cyber security industry right now, with a salary package of up to ₹23 lakh per annum</a>

You Searched For "byju salary" and got 11 results

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