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<keyword id="20143333" type="General" weightage="20" keywordseo="social-media-platform" source="keywords">Social media platform</keyword> <keyword id="20639239" type="General" weightage="100" keywordseo="Koo" source="keywords">Koo</keyword>, which had pitched itself as a rival and viable alternative to <keyword id="19959118" type="General" weightage="20" keywordseo="Twitter" source="keywords">Twitter</keyword> (now X), is shutting down with co-founders on Wednesday penning a heartfelt note about tough decisions and little yellow bird bidding "final goodbye". In a post on <keyword id="19951562" type="General" weightage="20" keywordseo="LinkedIn" source="keywords" meta.keywordsubtype="org" meta.entityname="LinkedIn" meta.hostid="261" meta.entityid="LinkedIn">LinkedIn</keyword>, co-founders <keyword id="20760806" type="General" weightage="20" keywordseo="aprameya-radhakrishna" source="keywords">Aprameya Radhakrishna</keyword> and Mayank Bidawatka announced that the platform will be discontinuing its services to the public, as talks for a <keyword id="19900447" type="General" weightage="20" keywordseo="partnership" source="keywords">partnership</keyword> with multiple larger internet companies, conglomerates and media houses did not yield the desired outcomes. "We explored partnership with multiple larger internet companies, conglomerates and media houses but these talks didn't yield the outcome we wanted," the note said. The duo said that although they would have liked to keep the app running, "the cost of technology services to keep social media app running is high and we've had to take this tough decision". Koo at its peak grossed about 2.1 million daily active users, about 10 million monthly active users, and over 9,000 VIPs that included some of the most prominent personalities from various fields. "We were just months away from beating Twitter in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> in 2022, and could have doubled down on that short term goal with capital behind us," they said. A <keyword id="20041080" type="General" weightage="20" keywordseo="funding-winter" source="keywords">funding winter</keyword>, however hit the company at its peak, hurting plans and forcing the platform to "tone down" its growth trajectory. "Unfortunately for us, the mood of the market and the funding winter got better of us," the note mentioned as the founders signed off saying, "the little yellow bird says its final goodbye" in a reference to Koo's yellow bird logo. It may be recalled that Koo's popularity in India peaked around 2021 amid the Indian government's spat with Twitter (now X) and growing calls for expanding the ecosystem of homegrown digital platforms. At its peak, Koo had experienced heady growth in its user metrics as union ministers and government departments at that time heavily endorsed the homegrown microblogging platform.

Curtains down for Koo; founders say little yellow bird bids final goodbye

The Indian <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword>, which has seen contraction in <keyword id="6357342" type="General" weightage="20" keywordseo="hiring" source="Orion">hiring</keyword> amid <keyword id="61483" type="General" weightage="20" keywordseo="global-economic-slowdown" source="Orion">global economic slowdown</keyword> and <keyword id="6412154" type="General" weightage="20" keywordseo="funding-winter" source="Orion">funding winter</keyword>, is likely to witness a positive turnaround with 8-10 per cent increase in hiring in 2024, a new report showed on Wednesday. Overall, the hiring in the IT sector is expected to surge by 12-15 per cent in CY 2024, especially due to the surge in global capabilities centres (GCCs) and global economy settling down comparatively, according to talent solution company NLB Services. "From a quarter perspective, the initial quarter will notice an average 8-10 per cent growth in hiring, followed by Q2 and Q4 demand percentage rising up to 12-14 per cent," said Sachin Alug, CEO, NLB Services. The IT sector has been estimated to have witnessed a growth of 40-45 per cent of jobs in 2023 as compared to 2022. In 2024, hiring is further expected to surge by 15-20 per cent. Owing to global recession and shift in business synergies, the Indian IT sector witnessed a dip during the initial quarters of this year. In fact, in Q1 FY24, IT witnessed the sharpest contraction in headcount in the last three years as companies were experiencing the heat of the <keyword id="29405" type="General" weightage="20" keywordseo="slowdown" source="Orion">slowdown</keyword> in projects, according to the report. "However, the third quarter of this fiscal year is bringing a favourable outlook. Promising prospects are foreseen in green technology, electric vehicles, and an increased emphasis on AI and cybersecurity," Alug informed. In Q2 FY24, the key IT firms reported a 3-10 per cent average increase in their net profits. The positive growth trajectory was largely influenced by IT players securing strong new wins, expanding multi-year renewals with existing clients, and growing investment into technology, etc. "Despite the initial slowdown some of the skill sets which continued to shine in prominence in this segment included software development (with 28 per cent demand), SAP expertise (12 per cent demand), automotive design (14 per cent demand), and testing skills (12 per cent demand). "Some of the most in-demand IT skills next year are expected to include AI/ML experts, DevOps specialists, full-stack developers, cybersecurity experts, Blockchain developers, Cloud architects, UI/UX designers and so on. "Overall hiring in the IT sector is expected to surge by 12-15 per cent in CY 2024, especially due to the surge in global capabilities centres (GCCs) and global economy settling down comparatively," said Alug.

Hiring in Indian IT sector likely to see turnaround with 8-10% growth in 2024

<ul><li>2023 is on track to be the most successful year for <keyword id="19743009" type="General" weightage="20" keywordseo="indian-private-credit" source="Orion">Indian private credit</keyword> <keyword id="6362476" type="General" weightage="20" keywordseo="investments" source="Orion">investments</keyword>. In the first half of the year, approximately $ 5.1 billion was invested across 63 deals.</li><li>With India's projected growth to a $ 7.5 trillion economy over the next decade, the opportunity for private credit managers is $100 billion.</li><li>With increasing investor interest and supportive regulations, Private Credit is expected to play a major role in driving the next phase of India's growth story. </li></ul> Risk capital has evaporated during 2023 as interest rates spiked in the developed world. While it became very hard to raise equity capital, private credit became available to those who could not raise money from existing lenders. A detailed report by Praxis Global Alliance and IVCA reveals that 2023 is on track to be the most successful year for Indian private credit investments to date. In the first half of the year, approximately $5.1 billion was invested across 63 deals, marking a significant milestone in the trajectory of Indian private credit. This highlights the crucial role that private credit plays in meeting the <keyword id="9374706" type="General" weightage="20" keywordseo="credit-demands" source="Orion">credit demands</keyword> of the nation. The report also draws compelling parallels between private credit trends in India and globally. Despite worsening global macro conditions, India has shown resilience and emerged as one of the most promising markets for investors. Private credit investments in India have experienced rapid growth, with $5.1 billion deployed in the first half of 2023, and an average deal size of $ 80 million. This growth can be attributed to several factors. Interest in India's Private Credit is rising among both domestic and foreign limited partners. This is driven by the reduced attractiveness of debt mutual funds after the removal of tax advantages, the emerging market growth story, the ability to generate attractive returns, and the introduction of creditor-friendly regulations. Venkat Ramaswamy, Vice Chairman of Edelweiss Financial Services, sees private credit in India as a large structural opportunity. With India's projected growth to a $7.5 trillion economy over the next decade, Ramaswamy believes there is a $100 billion opportunity for private credit managers. He emphasizes the importance of a local presence and understanding of the Indian market dynamics, legal framework, and regulatory landscape for success in this space. Overall, the report highlights the significant growth and potential of India's Private Credit market. With increasing investor interest and supportive regulations, Private Credit is expected to play a major role in driving the next phase of India's growth story. There are several reasons why private credit will continue to be in demand in India. For starters, regulatory restrictions on bank lending have created a need for alternative financing options. Banks are limited in their ability to lend for certain activities, creating an opportunity for Private Credit investors to step in. Additionally, while banks and non-banking finance companies require assets as collateral for lending, Private Credit investors can offer revenue-based financing. This provides companies with the option to raise patient capital without diluting equity for the promoters. Private Credit lenders also provide flexible and customized solutions, such as delayed amortization and bullet repayments, catering to the specific needs of mid-cap companies struggling to access credit lines with banks or bond markets due to low credit ratings. The report, titled "Unlocking Opportunities: India's Private Credit Landscape," further highlights the robust growth of India's Private Credit investment ecosystem, which accounted for 16% of total alternative investments in the first half of 2023. Private Credit is crucial for companies in various situations, including regulatory restrictions on bank lending, the need for <keyword id="6964365" type="General" weightage="50" keywordseo="flexible-financing" source="Orion">flexible financing</keyword> solutions, project financing, revenue-based financing, promoters' reluctance to dilute equity, and companies with low credit ratings. To fully unlock the potential of Private Credit in India, the report suggests the involvement of regulators, general partners, limited partners, borrowers, and service providers. Regulators can support the industry by establishing secondary markets and expediting the approval process for Private Credit funds. General partners can educate limited partners about the Private Credit ecosystem, provide strategic inputs to portfolio companies, and enhance commercial due diligence approaches. Limited partners can co-invest to enhance returns, while knowledge providers can build capabilities for Private Credit deal support. Madhur Singhal, Managing Partner and CEO of Praxis Global Alliance, predicts that Private Credit assets under management in India will reach $60-70 billion by 2028, four times the $15 billion recorded in 2022. Singhal also highlights the government's support for the Private Credit industry through investor-friendly regulations, indicating a positive outlook for the future. Srini Sriniwasan, Managing Director of Kotak Alternates Asset Managers Limited, emphasizes the opportunity for Private Credit strategies in India, given the country's capital shortage in both equity and debt. He notes that domestic regulations are restrictive on banks and non-banking finance companies, creating an opportunity for Private Credit funds. However, the absence of leverage at the fund level for Private Credit funds adds an interesting interplay of risk and reward for investors. Rajat Tandon, President of IVCA, acknowledges the pivotal moment for India's Private Credit landscape in 2023, attracting approximately $5.1 billion in 63 deals during the first half of the year. Tandon invites stakeholders to join the dialogue shaping India's thriving Private Credit ecosystem.

You Searched For "funding winter" and got 3 results

Curtains down for Koo; founders say little yellow bird bids final goodbye

PTI

Hiring in Indian IT sector likely to see turnaround with 8-10% growth in 2024

IANS

Demand for private credit booms in 2023 as funding winter deepens

BI India Bureau

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