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<keyword id="2534058" type="General" weightage="50" keywordseo="healthtech" source="Orion">Healthtech</keyword> unicorn <keyword id="2848710" type="General" weightage="100" keywordseo="innovaccer" source="Orion">Innovaccer</keyword> has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> and the US, the media reports said on Tuesday. Innovaccer cofounder and CEO <keyword id="3561958" type="General" weightage="50" keywordseo="abhinav-shashank" source="Orion">Abhinav Shashank</keyword> cited an "uncertain macroeconomic environment" as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42. "Innovaccer has always believed in empowering its customers to accelerate their transformations, leading to higher quality care for patients and populations, improved patient experiences, and better financial and operational performance," <keyword id="3452" type="General" weightage="50" keywordseo="shashank" source="Orion">Shashank</keyword> was quoted as saying in the email. The startup said it will provide severance packages to affected employees, as well as transitional health insurance benefits and job placement assistance. This is the second layoff at the company in around 4-5 months' time amid the deepening funding winter and recession fears. In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce, owing to "tough economic conditions", and most of the layoffs occurred within its tech teams. Innovaccer had said that its business fundamentals are still strong. However, "given the current economic conditions, we implemented a small workforce reduction to optimise our cost structure", said the company. The startup raised $150 mn in its <keyword id="45633" type="General" weightage="20" keywordseo="series" source="Orion">Series</keyword> E round at a valuation of $3.2 bn in February 2022. In December 2021, Innovaccer raised $150 million, driven by rapid customer adoption of the <keyword id="16233858" type="General" weightage="50" keywordseo="innovaccer-health-cloud" source="Orion">Innovaccer Health Cloud</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/egyptian-researchers-digitally-unwrap-2300-year-old-mummy-to-find-gold-and-other-amulets/articleshow/97297512.cms">Egyptian researchers digitally unwrap 2,300-year-old mummy to find gold and other amulets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/equity-markets-have-usually-been-nervous-ahead-of-budget-but-a-relief-rally-is-likely-post-budget/articleshow/97286146.cms">Equity markets have usually been ‘nervous’ ahead of budget but a relief rally is likely post budget, say analysts</a>

Healthtech unicorn Innovaccer lays off 245 workers, 2nd job cut in 5 months

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

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

<ul><li>95% of healthcare executives are focusing on the <keyword id="860946" type="General" weightage="20" keywordseo="digital-transformation" source="Orion">digital transformation</keyword> of the <keyword id="1007854" type="General" weightage="20" keywordseo="healthcare-systems" source="Orion">healthcare systems</keyword>, according to a recent study. </li><li>Cloud is becoming the de-facto choice of deployment for <keyword id="1865822" type="General" weightage="20" keywordseo="healthcare-companies" source="Orion">healthcare companies</keyword>. </li><li>Data and analytics drive better outcomes at a lower cost without compromising the patient experience.</li></ul> There is a significant shift in mindset amongst healthcare CXOs towards technology adoption and cloud, according to Sandeep (“Sandy”) Gupta, Co-founder and COO of <a href="https://innovaccer.com">Innovaccer</a>, an organization dedicated to accelerating innovation in healthcare. Sandy was speaking to Dan Sheeran, GM, Healthcare and Life Science, <keyword id="141088" type="General" weightage="20" keywordseo="amazon-web-services" source="Orion">Amazon Web Services</keyword> (AWS), as part of the SAAS Scions web series by Business Insider India, powered by AWS. A recent <a href="https://innovaccer.com/resources/industry-reports/healthcare-data-readiness-crisis?pdf=3">study </a>shows that 95% of healthcare executives (surveyed by Morning Consult) are focusing on the digital transformation of underlying legacy health systems, on account of limitations on scale, capacity, and reliability of these age-old engagement models. Healthcare leaders, according to Gupta, are cognizant of the gaps that exist in healthcare data and processes. <div type="image" title="SAAS" msid="96027540" hostid="261" sizebytes="45508"></div> “Healthcare was obviously one of the most affected industries during the pandemic, with patient interactions going virtual. The only silver lining for the sector was the pace at which technology advancements happened followed by rapid adoption. For example, many of the industry players, who preferred on-premises deployment models, are now considering cloud as the de-facto choice.” – Sandeep Gupta, Co-founder &amp; COO of Innovaccer [pull quote] Innovaccer, which started as a research collaboration between Harvard and Wharton in 2012, now has over 1,600 hospitals and clinics in the US, and 96,000 clinicians using its products. With its formal launch in 2014, the company chronicled impeccable growth in a short period by working with over 70 top organizations including the likes of NASA. However, the real pivot in the journey came with its decision in 2016 to focus solely on the healthcare sector. “This meant that we let go of 80% of the revenue we had been generating. In hindsight, it was one of the toughest but best decisions we made. We were also quite fortunate to have investors who supported our decisions and vision,” Gupta said. Helping healthcare providers through <keyword id="771372" type="General" weightage="20" keywordseo="data-analytics" source="Orion">data analytics</keyword> Innovaccer’s focus is to enable healthcare providers to deliver more efficient and effective care services through unified data and analytics. Its solutions integrate healthcare data from multiple sources, such as electronic health records and other IT systems, into a cloud-native unified data model. This “single source of truth” enables advanced analytics and integrated workflows that improve care and financial outcomes for its customers, helping them achieve their strategic goals. The company works with healthcare providers to generate ROI quickly and accelerate innovation of digital health solutions. “Our goal is to help customers drive better health outcomes at lower costs, while improving the patient experience. Another key aspect is around how can technology improve the care teams’ experience and well-being by lightening their workload through our SaaS offerings. We understand that automating and optimizing as much of the caregivers’ workflows as possible reduces their workload during peaks in demand,” Gupta said. Making healthcare affordable Another area where technology plays a crucial role is in reducing the cost in the overall healthcare ecosystem. According to Gupta, <a href="https://innovaccer.com/health-cloud">the company’s SaaS offerings</a> have helped its customers save approximately $1 billion. “Imagine this: 30% of healthcare spending may be considered waste, which means that we still have a lot of work to do in cutting the ‘wastage’ to bring down the cost of care. That’s an exciting opportunity where technology solutions can help,” he said. Gupta also believes that integrating technology with preventive care can significantly reduce hospitalization and bring down the overall cost. Data and analytics can enhance post-acute care and optimize the entire care cycle to enable cost savings for all stakeholders. For example, Innovaccer provides risk stratification through advanced analytics at the point-of-care, to enable providers to identify and deliver the right level of care and services for subgroups of patients. This improves care quality and lowers care costs. Innovaccer also works with dozens of <a href="https://innovaccer.com/partners">partners</a> who provide unique solutions on top of its cloud-native data platform, enabling healthcare providers to quickly add more capabilities, offer more services, and make healthcare more accessible and effective. One example: Its collaboration with <a href="https://www.findhelp.org/">Find Help</a>, the largest community resource search and referral network in the US, which enhances social determinants of health management for Innovaccer’s customers. Healthcare: The challenge to retain talent For tech start-ups that plan to focus on the healthcare sector, emphasizes Gupta, there is no shortage of opportunities: “One of the areas where we see a lot of potential for innovation is around optimizing the in-hospital experience for patients. There is also a lot of scope in building pricing transparency into the system. Improving care delivery is another potential area for SaaS companies that are looking at solving healthcare challenges. AI, ML, and NLP can drive a lot of use cases including remote monitoring, hospital-at-home, and so on.” And for this, one crucial aspect is for young start-ups to attract and retain top talent to be successful in this journey. Speaking on why talent retention is a bigger challenge than talent acquisition, Gupta explained that it depended on the culture of the company. “These are a few things that worked for us. Have a customer-first approach and focus on the fact that employees are your internal customers. Build a system that promotes taking risks and launching moon shots that push teams out of their comfort zone, while embracing failure and moving ahead. And as one scales up, it’s critical to cultivate an empathetic and binding culture within the organization,” Gupta said. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Why data analytics is the solution for healthcare providers in the post-Covid world

Online travel tech platform <keyword id="5030468" type="General" weightage="20" keywordseo="EaseMyTrip" source="Orion">EaseMyTrip</keyword> on Tuesday said it has acquired a 55 per cent majority <keyword id="6375562" type="General" weightage="20" keywordseo="stake" source="Orion">stake</keyword> in <keyword id="16232316" type="General" weightage="20" keywordseo="cheqin" source="Orion">cheQin</keyword> for Rs 3 crore. cheQin is a real-time marketplace, which allows travellers to bargain with hoteliers without any effort. The deal will help in strengthening EaseMyTrip's hotel channel in terms of technology, adaptability, personalisation, and the acceptance of bulk booking and long stay requests, the company said in a statement. "EaseMyTrip is focusing on the growth of its non-air segments. This acquisition is a step towards revolutionising the hotel business altogether. Through cheQin, which is a unique app in the hotels industry, we will diversify our hotel booking experience through technology support," EaseMyTrip CEO and <keyword id="170488" type="General" weightage="20" keywordseo="co-founder" source="Orion">Co-Founder</keyword> <keyword id="6106039" type="General" weightage="80" keywordseo="nishant-pitti" source="Orion">Nishant Pitti</keyword> said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-hikes-the-price-of-its-base-plan-by-57-reduces-validity-to-24-days/articleshow/97299532.cms">Airtel price hike announced – customers will have to pay 57% more for the telco’s cheapest plan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/healthtech-unicorn-innovaccer-lays-off-245-workers-2nd-job-cut-in-5-months/articleshow/97297979.cms">Healthtech unicorn Innovaccer lays off 245 workers, 2nd job cut in 5 months</a>

EaseMyTrip acquires 55% stake in cheQin for ₹3 crore

<ul><li><keyword id="7716660" type="General" weightage="100" keywordseo="pristyn-care" source="Orion">Pristyn Care</keyword>, a Gurugram-based health-tech startup, has reportedly laid off 300 employees.</li><li>The company has recently fired 45 employees, citing underperformance.</li><li>Pristyn Care is backed by investors such as <keyword id="122716" type="General" weightage="50" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword> and <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>.</li></ul>Gurugram-based health-tech startup Pristyn Care is the latest to join the list of companies laying off its workforce. In its latest round of layoffs, the company has fired 45 employees. The layoff wave has been arriving in ripples across the Indian companies after affecting thousands in the global market, including big names like <a href="https://www.businessinsider.in/tech/news/elon-musks-twitter-laid-off-more-than-90-of-staff-in-india-now-only-about-12-employees-remain-report-says/articleshow/95383606.cms">Twitter</a>, <a href="https://www.businessinsider.in/tech/news/meta-says-it-will-lay-off-more-than-11000-employees/articleshow/95405068.cms">Meta</a>, among many others. According to a<a href="https://inc42.com/buzz/exclusive-healthtech-unicorn-pristyn-care-trims-workforce-gst-officials-seek-clarity-on-biz-model/"> report</a> by Inc42, the Sequoia Capital and Tiger Global-backed health-tech firm has fired around 300 employees across departments in the last two months. <cmsannotation type="cmsannotation" annotationid="What does Pristyn Care do?" comment="subhead" text="What does Pristyn Care do?">What does Pristyn Care do?</cmsannotation> Pristyn Care is a health-tech company founded in 2018 by Dr <keyword id="345234" type="General" weightage="50" keywordseo="vaibhav-kapoor" source="Orion">Vaibhav Kapoor</keyword>, Dr <keyword id="12305824" type="General" weightage="50" keywordseo="garima-sawhney" source="Orion">Garima Sawhney</keyword>, and <keyword id="11127890" type="General" weightage="50" keywordseo="harsimarbir-singh" source="Orion">Harsimarbir Singh</keyword> that offers advanced secondary care surgeries across 800 hospitals, 200 clinics, and over 400 super-specialty surgeons. The company has so far <a href="https://www.businessinsider.in/business/startups/news/surgical-care-startup-pristyn-care-is-the-42-startup-to-be-valued-over-1-billion/articleshow/88157965.cms">raised</a> $177 million from Sequoia Capital, Tiger Global, Winter Capital and others. <cmsannotation type="cmsannotation" annotationid="15% of employees laid off" comment="subhead" text="15% of employees laid off">15% of employees laid off</cmsannotation> The fired employees make up around 15% of the company’s total workforce. The fired employees were junior and mid-level employees working in sales, administration, city teams, and others. The company has claimed that it has fired only 45 employees, and they were let-go due to underperformance. "We have a comprehensive performance evaluation process that helps us understand the efficiency levels across the board. This is a regular process and we found around 45 employees across the organization who were performing consistently below expectations and we had to part ways," a Pristyn Care spokesperson told Inc42. The company has, however, denied claims about a mass layoff and has claimed that it has hired over 300 employees in the last four months. The layoffs come at a time when the company is<a href="https://yourstory.com/2023/03/sequoia-backed-pristyn-care-lays-off-300-employees-shuts-medical-tourism-vertical"> reportedly</a> scaling down its international expansion segment focused on medical tourism. The segment reportedly failed to generate sufficient revenue. Pristyn Care is not the only healthcare startup that has laid off employees. Companies like PharmEasy, MediBuddy, and Innovaccer have recently announced layoffs. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/you-are-not-safe-from-air-pollution-anywhere-in-the-world-finds-a-new-study/articleshow/98471370.cms">You are not safe from air pollution anywhere in the world, finds a new study</a> <a href="https://www.businessinsider.in/business/auto/news/wedding-bells-ring-in-16-rise-in-february-auto-sales-2-wheeler-sales-yet-to-hit-pre-pandemic-levels-fada/articleshow/98443213.cms">Wedding bells ring in 16% rise in February auto sales, 2 wheeler sales yet to hit pre-pandemic levels: FADA</a> <a href="https://www.businessinsider.in/tech/gadgets/news/noise-and-fire-boltt-entered-in-top-five-in-global-smartwatch-shipments/articleshow/98171390.cms">These two Indian brands have together sold more smartwatches than Samsung in 2022</a>

Health-tech startup Pristyn Care has reportedly fired 300 employees in the last two months

<ul class="summary-list"><li>Economic uncertainty has led to a wave of layoffs in the tech industry.</li><li>After the <a href="https://www.businessinsider.com/2021-has-been-a-record-breaking-year-for-venture-capital-2021-12">2021 boom</a> in venture capital investing, startups are cutting costs and slashing jobs.</li></ul>Economists may still be debating whether or not the US is entering a recession, but for the tech industry, the <a href="https://www.businessinsider.com/tech-layoffs-thousands-of-workers-lose-jobs-economic-crash-2022-11">pullback is fully underway.</a> Layoffs have dominated headlines since the end of 2022, with big tech giants like <a href="https://www.businessinsider.com/google-layoffs-jobs-alphabet-work-employees-staff-sundar-pichai-2023-1">Google,</a> <a href="https://www.businessinsider.com/meta-layoffs-employees-facebook-mark-zuckerberg-metaverse-bet-2022-11">Meta</a>, and <a href="https://www.businessinsider.com/amazon-laying-off-17000-workers-largest-job-cut-tech-report-2023-1">Amazon</a> all announcing job cuts of thousands of employees. The startup world has taken a huge hit as well: According to data from Layoffs.fyi, US startups — categorized as companies that have raised at least seed funding and up to Series J funding — laid off over 3,000 employees in January. Layoff totals for some companies were not available. By contrast, in January 2022, only about 180 startup employees faced layoffs. That's about a 1,700% jump in job eliminations year-over-year — a stark illustration of how the <a href="https://www.businessinsider.com/great-hesitation-amazon-meta-alphabet-preparing-for-recession-2022-10">economic outlook in tech</a> has shifted over the course of the past 12 months.Many of these companies raised large sums of venture capital funding before the market pullback. While 2021 was a <a href="https://www.businessinsider.com/2021-has-been-a-record-breaking-year-for-venture-capital-2021-12">record-breaking year</a> for venture capital investing, 2022 saw a sharp decline in dealmaking towards the end of the year, and many startups have struggled to raise more funds.This has contributed to the wave of cost cutting throughout the industry. In the first month of 2023, 62 US startups laid off staff. And the job cuts have continued into February, with <a href="https://www.businessinsider.com/tech-layoffs-workato-clari-unicorn-startups-headcount-reduction-job-cuts-2023-2">unicorns Clari and Workato</a> among the companies trimming their staff.Here's the full list of the US startups that conducted layoffs in January, according to data from Layoffs.fyi.<table dir="ltr" border="1" cellspacing="0" cellpadding="0"></colgroup></colgroup><tbody><tr><td>Company</td><td>Industry</td></tr><tr><td>Impossible Foods</td><td>Consumer</td></tr><tr><td>Oyster</td><td>Human resources</td></tr><tr><td>Prime Trust</td><td>Crypto</td></tr><tr><td>CoinTracker</td><td>Crypto</td></tr><tr><td>Ruggable</td><td>Consumer</td></tr><tr><td>Decent</td><td>Health and wellness</td></tr><tr><td>Nate</td><td>Consumer</td></tr><tr><td>DriveWealth</td><td>Fintech</td></tr><tr><td>Plus One Robotics</td><td>Logistics</td></tr><tr><td>Quora</td><td>Consumer</td></tr><tr><td>SirionLabs</td><td>Enterprise</td></tr><tr><td>CareRev</td><td>Health and wellness</td></tr><tr><td>Noom</td><td>Health and wellness</td></tr><tr><td>Innovaccer</td><td>Health and wellness</td></tr><tr><td>Bolt</td><td>Fintech</td></tr><tr><td>Offor Health</td><td>Health and wellness</td></tr><tr><td>Corvus Insurance</td><td>Insurance</td></tr><tr><td>Icon</td><td>Construction</td></tr><tr><td>Ermetic</td><td>Enterprise</td></tr><tr><td>Vox Media</td><td>Media</td></tr><tr><td>Citrine Informatics</td><td>Artificial intelligence</td></tr><tr><td>Cyteir Therapeutics</td><td>Biotech</td></tr><tr><td>Morning Consult</td><td>Enterprise</td></tr><tr><td>Hubilo</td><td>Enterprise</td></tr><tr><td>Hydrow</td><td>Health and wellness</td></tr><tr><td>Fandom</td><td>Media</td></tr><tr><td>Prisma</td><td>Enterprise</td></tr><tr><td>Jumpcloud</td><td>Enterprise</td></tr><tr><td>Addepar</td><td>Fintech</td></tr><tr><td>Cypress.io</td><td>Enterprise</td></tr><tr><td>Luxury Presence</td><td>Real estate</td></tr><tr><td>Snappy</td><td>Enterprise</td></tr><tr><td>Vial</td><td>Healthtech</td></tr><tr><td>Arch Oncology</td><td>Biotech</td></tr><tr><td>Jellyfish</td><td>Enterprise</td></tr><tr><td>Greenlight</td><td>Fintech</td></tr><tr><td>Career Karma</td><td>Edtech</td></tr><tr><td>Lattice</td><td>Human resources</td></tr><tr><td>Rock Content</td><td>Marketing</td></tr><tr><td>Flexport</td><td>Logistics</td></tr><tr><td>Tipalti</td><td>Fintech</td></tr><tr><td>Embark</td><td>Healthtech</td></tr><tr><td>Citizen</td><td>Consumer</td></tr><tr><td>Carta</td><td>Human resources</td></tr><tr><td>Limeade</td><td>Human resources</td></tr><tr><td>ConsenSys</td><td>Crypto</td></tr><tr><td>Parler</td><td>Consumer</td></tr><tr><td>100 Thieves</td><td>Consumer</td></tr><tr><td>Esper</td><td>Enterprise</td></tr><tr><td>Whoop</td><td>Health and wellness</td></tr><tr><td>Scale AI</td><td>Artificial intelligence</td></tr><tr><td>Carbon Health</td><td>Healthtech</td></tr><tr><td>Aware</td><td>Enterprise</td></tr><tr><td>Lantern</td><td>Consumer</td></tr><tr><td>Mojo Vision</td><td>Hardware</td></tr><tr><td>SuperRare</td><td>Crypto</td></tr><tr><td>Socure</td><td>Fintech</td></tr><tr><td>Genesis</td><td>Crypto</td></tr><tr><td>Attentive</td><td>Marketing</td></tr><tr><td>Astronomer</td><td>Enterprise</td></tr><tr><td>Augury</td><td>Manufacturing</td></tr><tr><td>Uniphore</td><td>Artificial intelligence</td></tr></tbody></table>

US startups laid off more than 3,000 workers in January — a 1,700% jump from the same month last year

As more and more companies across the spectrum sack employees amid the global meltdown, at least 853 tech companies worldwide have laid off about 137,492 employees to date, and the tally is only going north amid recession fears. According to data from layoffs.fyi, a crowdsourced database of tech layoffs, 1,388 tech companies have fired a total of 233,483 employees since the onset of Covid-19, but 2022 has been the worst for the tech sector. As of mid-November, more than 73,000 workers in the US tech sector have been laid off in mass-level job cuts led by companies like <keyword id="399907" type="General" weightage="80" keywordseo="meta" source="Orion">Meta</keyword>, Twitter, Salesforce, Netflix, Cisco, Roku, and others. Robinhood, Glossier, and Better are just a few of the tech companies that have notably trimmed their headcount in 2022, according to Crunchbase. Big Tech companies like Amazon and PC and printer major HP Inc have joined the global layoff season and were set to lay off more than 10,000 and up to 6,000 employees in days to come, respectively. Amazon CEO Andy Jassy has warned employees that there will be more layoffs at the company in early 2023 "as leaders continue to make adjustments". The massive job cuts have hit several divisions, especially the Alexa virtual assistant business reportedly set to lose $10 billion this year as the voice assistant never managed to create an ongoing revenue stream. Alphabet, <keyword id="6355629" type="General" weightage="80" keywordseo="google" source="Orion">Google</keyword>'s parent company, is reportedly gearing up to lay off about 10,000 "poor performing" employees, or 6 per cent of its workforce. According to a report in The Information, Google plans to ease out 10,000 employees through a new ranking and performance improvement plan. In India, nearly 16,000 employees have been asked to go by about 44 startups, led by edtech companies like BYJU'S, Unacademy, and <keyword id="2016957" type="General" weightage="80" keywordseo="vedantu" source="Orion">Vedantu</keyword>, as VC funding dried up. Other tech startups and unicorns that have laid off employees in India include Ola, Cars24, Meesho, LEAD, MPL, Innovaccer, Udaan and more. Meanwhile, thousands of contractual employees have also been let go, making 2022 the harshest year for workers in the technology sector. The startup ecosystem's funding winter could last another 12 to 18 months and the industry may face "a lot of turmoil and volatility", <keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> CEO Kalyan Krishnamurthy has warned. Indian startups are going through steep hiring cuts and the hiring of permanent employees has dipped by a significant 61 per cent in the last 12 months, according to the annual insights report by <keyword id="15395027" type="General" weightage="80" keywordseo="razorpayx-payroll" source="Orion">RazorpayX Payroll</keyword>, the business banking platform of Razorpay. Only two startups in India, Shiprocket and OneCard, attained unicorn status (valuation $1 billion and above) in the July-September period, according to the latest PwC India report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/netflix-working-on-brand-new-aaa-pc-game-project/articleshow/95740337.cms">Netflix working on 'brand-new AAA PC game' project</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/binance-looks-to-hire-8k-people-by-2023-end-ceo/articleshow/95716850.cms">Binance looks to hire 8K people by 2023 end: CEO</a>

853 tech firms lay off over 137,492 workers globally, more job cuts coming

Food delivery startup <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> is in a soup for several reasons – the primary one being the 70% fall in its stock price since it hit an all-time high back in November last year. The other reason is the “high conviction buy” recommendation by a research firm, putting focus on an already-battered stock. Zomato has been unable to keep any of the parties it serves happy – customer complaints are unending, its restaurant partners have <a href="https://indianexpress.com/article/business/companies/ban-after-complaints-amid-pushback-by-restaurants-zomato-defers-quality-policy-7872695/">raised concerns</a> several times, its delivery executives are <a href="https://www.thehindu.com/news/national/kerala/zomato-delivery-agents-go-on-strike/article65217978.ece">unhappy</a> over incentives being cut down, the government is <a href="https://www.businessinsider.in/stock-market/news/zomato-shares-dip-after-ccis-probe-order/articleshow/90656032.cms">wondering</a> if Zomato’s business practices are anti-competitive, and lastly, shareholders have seen their investment value fall faster than the escape velocity of Jupiter. And the one equity research firm which stood behind the company was also trolled. Brutal times, these. <div type="twitter" handle="nilishamantri_" handlename="CA Nilisha Mantri" image="http://pbs.twimg.com/profile_images/1552626634905485319/U5oOtwAR_normal.jpg" favoritecount="1327" retweetcount="94" status="Zomato delivery charges are higher than the share price 🥴#Zomato" createdat="1658846745000" id="1551941852496273408"></div> <div type="twitter" handle="sir_jeeee" handlename="Anup Gupta" image="http://pbs.twimg.com/profile_images/1547959528087375872/1Lj3EKv8_normal.jpg" favoritecount="60" retweetcount="8" status="#Zomato to share holders #ZomatoShares https://t.co/TDMc6qzoxV" createdat="1658825900000" id="1551854421654511616"></div> But memes on social media don’t always tell us the full story – retail investors have actually increased their stakes in the food delivery startup over the last three quarters. <div type="image" title="Zomato shareholding pattern Q1 FY23" msid="93198743" hostid="261" sizebytes="20884" caption="&amp;lt;p&amp;gt;Zomato shareholding pattern Q1 FY23&amp;lt;/p&amp;gt;"></div> In the same period, foreign investors and mutual funds have pulled out their money – the foreign investor pullout can be attributed to the <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">overall FII selloff</a> that emerging markets like India have seen over the past few months, but the mutual fund pullout suggests institutions are paring their stakes. Retail investors, on the other hand, have increased their stake by more than two times. Here’s what a Stocktwits India poll suggests about the stock. <div type="image" title="Are you buying Zomato at current levels" msid="93196272" hostid="261" caption="&amp;lt;p&amp;gt;Are you buying Zomato at current levels&amp;lt;/p&amp;gt;"></div> Delivery issues aside, Zomato charges and price hikes are a pain, too To be clear, the kind of business that Zomato is in, customer complaints are but a given. From wrong food items being delivered to quality, hygiene, delays – this is just a sample of what companies like Zomato and Swiggy face on a daily basis. Keeping those issues aside, Zomato has also been called out by its customers over prices – food prices on Zomato are often higher than the actual prices in those food outlets. It’s a problem which no one seems to be keen on solving – not Zomato and not the restaurants either. The reason for the sometimes-massive difference in prices is easy to understand – Zomato charges 24-28% of the order value as a commission from restaurants, who understandably pass on the cost to customers. Essentially, you are paying a much higher price for dining in than dining out. In some cases, the prices could be as much as 35% higher. And it’s not a problem restricted only to Zomato – even Swiggy users have similar complaints. Sample this – I wanted to order everyone’s favorite, fried rice, the other day. I went over to Zomato since I have a membership, but the service did not have any delivery partners to assign to that eatery. Naturally, I switched to Swiggy and tried to place the order, but backed out because the final price was 75% higher than what I would have to pay at the eatery myself. I thought to myself that I would much rather pay the additional cost to the eatery instead of having Swiggy take it away. And it’s not just a few instances of Zomato (and Swiggy) charging much higher prices – social media is full of these experiences. <div type="twitter" handle="akshita71499181" handlename="akshita" image="http://pbs.twimg.com/profile_images/1252850560299962381/paCThm0v_normal.jpg" favoritecount="56" retweetcount="7" status="What type of customer service is this @zomato ?? For a dish worth ₹88 I have to pay ₹213. This is sick 😤😤😤… https://t.co/6AASECkT9R" createdat="1658836351000" id="1551898253620232194"></div> Zomato’s boilerplate response to this is that the prices being charged by restaurants on its service are not under the company’s control. However, things like <keyword id="3947714" type="General" weightage="20" keywordseo="Delivery-Charges" source="Orion">delivery charges</keyword> and surge pricing are under the company’s control. And the reason restaurants charge higher on Zomato is because of its commissions, nothing else. This is a cash burning business – and analysts think Zomato has no other option Zomato’s ballooning losses could continue to be its Achilles' heel for the foreseeable future. This is a cash burning business, and analysts think Zomato has no other option but to continue doing this. Zomato’s ₹4,400 crore acquisition of Blinkit has drawn flak for different reasons – from it being an expensive purchase to being a cash sink, the overall outlook has been negative. However, analysts at HSBC Global Research suggest this is a necessary evil for the company if it wants to remain competitive with Swiggy. To jog your memory, Blinkit is a grocery delivery service, rivaling the likes of Big Basket, JioMart, Swiggy Instamart among others. Analysts at HSBC believe Zomato needs to now integrate Blinkit into the Zomato app if it wants to realize the synergy gains from this acquisition. Not only would this help Zomato users, it would also help the company increase user stickiness and reduce customer acquisition costs for both Zomato and Blinkit. On the outset, this logic looks sound – after all, acquisitions are made for synergy gains. But the analysts at Jefferies believe this could likely be a cash guzzler – something that Zomato investors might not like, yet. Zomato’s task is cut out, and for the sake of its investors and everyone else who loves food and wants it delivered, let’s hope the company manages to weather this storm. <div type="image" title="“Zomato’s delivery charges are more than its stock price”" msid="93196242" hostid="261" caption="&amp;lt;p&amp;gt;&amp;#8220;Zomato&amp;#8217;s delivery charges are more than its stock price&amp;#8221;&amp;lt;/p&amp;gt;"></div> Before we let you go, here's something we would like you to know- Startup to Unicorn to Scion... Innovaccer stands tall as the healthcare tech giant who is accelerating healthcare innovation and transformation. Catch Sandeep Gupta, COO &amp; Co-Founder, Innovaccer, and Dan Sheeran, GM, Healthcare and Life Science, AWS in conversation in the upcoming episode of Business Insider India’s SaaS Scions, powered by AWS. <div type="image" title="Business Insider India&amp;#39;s SaaS Scions, powered by AWS." msid="93196317" hostid="261" caption="&amp;lt;p&amp;gt;Business Insider India&amp;#39;s SaaS Scions, powered by AWS.&amp;lt;/p&amp;gt;"></div>

SIMPLY PUT: “Zomato’s delivery charges are more than its stock price”

<ul><li>Some of these companies include Hippo Video founded by ex <keyword id="265415" type="General" weightage="20" keywordseo="zoho" source="Orion">Zoho</keyword> employees and Niki founded by former Innovaccer employees.</li><li><keyword id="4621694" type="General" weightage="20" keywordseo="freshworks" source="Orion">Freshworks</keyword> and <keyword id="2760306" type="General" weightage="20" keywordseo="chargebee" source="Orion">Chargebee</keyword> are also founded by former employees of Sridhar Vembu-led Zoho Corporation.</li><li><keyword id="4360787" type="General" weightage="20" keywordseo="indian-saas-companies" source="Orion">Indian SaaS companies</keyword> — both old and new — have created over 62,000 jobs in India in 2021 so far.</li></ul>Over 500 former employees of India’s top fifteen software-as-service (SaaS) companies — like Zoho, Freshworks and others — have founded their own companies, a recent report by Bain &amp; Company revealed. The report noted that these 500 employees have created more than 5,000 employment opportunities. Some of these companies include Hippo Video, SurveySparrow, Facilio founded by ex Zoho employees, Slintel founded by former Eightfold employees and Niki founded by former Innovaccer employees. Freshworks and Chargebee are also founded by former employees of Sridhar Vembu-led Zoho Corporation. Collectively, Zoho has contributed nearly 133 entrepreneurs to the Indian startup ecosystem. <div type="image" title="Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian Startup ecosystem" msid="88145268" hostid="261"></div> The report further suggests, “50% of founders, new companies, and resulting job opportunities are coming from emerging <keyword id="9700532" type="General" weightage="20" keywordseo="indian-saas" source="Orion">Indian SaaS</keyword> companies.” The Indian SaaS report of 2021 further highlighted that the Indian SaaS companies — both old and new — have so far created over 62,000 jobs in India this year alone. These job opportunities are spread across professionals skilled in cloud, artificial intelligence and machine learning, product management and advanced analytics like data engineers, data scientists and more. <div type="image" title="Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian Startup ecosystem" msid="88145301" hostid="261"></div> Indian SaaS companies are poised to reach $30 billion in revenue, capturing 8% to 9% share of the global SaaS market by 2025, the report by Bain &amp; Company added. Meanwhile, a report by investment firm Chiratae Ventures and consulting firm Zinnov released in June noted that the Indian SaaS segment has the potential to clock a <a href="https://www.businessinsider.in/tech/enterprise/news/amazon-twitter-hyundai-and-dominos-are-buying-indian-software-fuelling-a-75-billion-dream-chased-by-top-vcs-like-sequoia-and-tiger-global/articleshow/85646116.cms">total turnover of $75 billion by 2025</a>. The Bain &amp; Company report also noted that the investment in this space is expected to reach $4.5 billion in 2021. “While the overall growth in funding has been driven by an increase in deal volume across stages, there has been notable growth in the volume of deals larger than $50 million, as investors give a clear vote of confidence in the potential of Indian SaaS companies to achieve substantial future growth,” Arpan Sheth, who is a partner and leader at Bain &amp; Company’s Global Vector Solution Group, said. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/indigo-stock-gains-as-a-plea-to-shut-down-spicejet-has-been-admitted/articleshow/88138734.cms" style="">Indigo stock gains as a plea to shut down SpiceJet has been admitted</a> <a href="https://www.businessinsider.in/business/news/zoho-is-selling-its-video-calling-app-in-as-many-ways-as-possible/articleshow/88137006.cms" style="">Zoho is selling its video calling app in as many ways as possible</a> <a href="https://www.businessinsider.in/india/news/these-are-the-states-with-confirmed-cases-of-omicron-covid-19-strain-in-india/slidelist/88138240.cms" style="">Omicron in India — Maharashtra and Rajasthan have recorded 19 positive cases so far</a>

Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian startup ecosystem

Prologue: The history of the <keyword id="81273" type="General" weightage="20" keywordseo="British-Raj" source="Orion">British Raj</keyword> in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is so vast and so full of life that no movie – be it the action-heavy RRR, a gamified Lagaan or even the many passionate Bhagat Singh movies – could scratch the surface of it. But an American and a Frenchman paired up to achieve this in their book ‘<keyword id="400044" type="General" weightage="20" keywordseo="Freedom-at-Midnight" source="Orion">Freedom at Midnight</keyword>’. It’s the story of India that many Indians know little about. For years, I have regaled many with the unbelievable anecdotes from the book, which is soon to be made into a web series. As we complete <keyword id="2177193" type="General" weightage="20" keywordseo="75-years-of-independence" source="Orion">75 years of independence</keyword>, I believe a brief summary of this epic is in order for we all need to know the history of how we got here today, breathing free in a country we can call our own. <div type="image" title="India at 75" msid="93508033" hostid="261" caption="&amp;lt;p&amp;gt;India at 75&amp;lt;/p&amp;gt;"></div> A century and a half after Vasco da Gama discovered India, most of Europe had given up bland meals, and now pepper mills are on every dinner table. But India remained a free country only until the 1600s. That’s when Dutch traders decided to raise the rates of a pound of pepper by five shillings — a move that made a cartel of Englishmen receive an official sanction from Queen Elizabeth I to exclusively trade in all countries beyond the Cape of Good Hope. The company, called East India Company (EIC), also the world’s first company to issue equity shares – kickstarted a reign of evil, by a race which believed was ‘destined to govern and subdue’, according to Larry Collins and Dominique Lapierre’s classic Freedom at Midnight. <div type="image" title="Freedom At Midnight by Larry Collins and Dominique Lapierre" msid="93508039" hostid="261" caption="&amp;lt;p&amp;gt;Freedom At Midnight by Larry Collins and Dominique Lapierre&amp;lt;/p&amp;gt;"></div> The wolf of this yet to be formed Wall Street was Captain William Hawkins, a seaman who was more of a pirate than an explorer. He soon found himself in the court of Jahangir, in an empire so vast and wealthy that his own Queen would have appeared to be the ruler of a provincial hamlet in contrast. Queen, Kipling and memsahibs EIC’s coffers filled but India, with its numerous territories and squabbles, would not let him hold on to their policy of ‘trade not territory’. But white supremacy is to prevail amongst ‘lesser breeds without law’ as Jungle Book writer Rudyard Kipling puts it. Even the British born writer believed that the right to rule Indians was placed on British soldiers by “the inscrutable decree of the providence”. The British shouldered it and region after region was lured by treasures if not treachery, weak and powerful kings won with weak enemies. The great Maratha Shivaji himself was known to have admired the British who fought for their honour, as he laid siege on Surat. Droves of young English men arrived in this strange land – with men in sagging dhotis and bare-armed women in sarees, and travelled the length and breadth of the country into villages with rations and letters that proclaimed their rights. And, they were all taught one principle - The English ran the country but they dwell apart. Memsahibs in India started running a very large version of Downton Abbey – with dinner parties that boasted of a servant per guest. They also set the tone for the Victorian era social seclusion – probably to keep their men away from the exotic temptations of the state. But it also made the British much different from many rulers that made India their home. Also, they were sending away taxes they collected from them back to the crown, as Indians starved. The British in India lived it up, served by coolies, and none were ‘better than Gunga Din’, a poetic character that saves an Englishman. They hunted tigers and killed ‘almost all’ cheetahs, the smallest of the big cats - which are now extinct in India, thanks to the Raj. They were having champagne in silver buckets and golfing, in style – golf arrived in India 30 years before New York. They also built the world’s highest golf course at 11,000 feet on the Himalayas. Almost a century after India became a British colony directly under the Queen’s rule, after the devastating Second World War, the country’s parliament voted to ‘leave the country’. George VI was sad that he had let go of a country he always wanted to visit but couldn’t. To ensure there was a smooth transfer of power that didn't lead to anarchy, he chose his handsome cousin, who was known as much for his charm as his military prowess. The former trait would serve Louis Mountbatten more than the latter, as he became the lord and the last viceroy of India, as he took over what his predecessor called, ‘Operation Madhouse’. <div type="image" title="Louis Mountbatten" msid="93508078" hostid="261" caption="&amp;lt;p&amp;gt;Louis Mountbatten&amp;lt;/p&amp;gt;"></div> The new-age Buddha and Christ Elsewhere in another continent and another British colony, a young lawyer who was an utter failure in Bombay, landed in South Africa and to his own surprise found success. He profusely read Henry Thoreau and Leo Tolstoy and the Gujarati brain of Mohandas Karamchand Gandhi was working in wonderful ways. <div type="image" title="Mohandas Karamchand Gandhi" msid="93508085" hostid="261" caption="&amp;lt;p&amp;gt;Mohandas Karamchand Gandhi&amp;lt;/p&amp;gt;"></div> When the British government irked him by closing Transvaal borders to India, he led a movement of Thoreau’s civil disobedience with over 2,000 people that included women and children. He added his own twist – non-violence and he brought it back to India. Now called Gandhigiri, his principles continue to inspire generations across continents. The man who took a vow of poverty, had held on to his Ingersoll watch for years until it was stolen when he was travelling in a train. He was moved to tears as he told this story with child-like pain to Lord Mountbatten, but his loss was short-lived. The man who stole it, returned it and begged his forgiveness – which was given with a hug and a chuckle. Gandhigiri had taken over India at the time of Mountbatten’s arrival. Mountbatten knew that this man who Winston Churchill sneered at, ‘as a half-naked fakir’ was not to be taken lightly. After all, Gandhi had already sent back Sir Richard Cripps without a deal, refusing UK’s offer during the war to rule India as a British dominion. Goat curd and surgical precision Mountbatten called it Operation Seduction and while he forged a great friendship with Jawaharlal Nehru, Gandhi was another soul altogether. He insisted on eating his own goat curd at the Viceroy House, took prayer breaks and insisted that India should remain one – keep the baby alive instead of cutting it into two. Jinnah, however, was all vanity, which was deeply hurt when he received fewer seats during the 1937 provincial elections. He demanded a Muslim state. India would be divided with surgical precision, he promised Mountbatten. The King’s cousin, the book says, dealt with him like a sailor rather than a statesman but Mountbatten knew that he could not move the unmoved, and most of Congress were in favour of two nations. Rooms full of rubies and a pen pistol But it took India’s iron man, Vallabhai Patel, to keep the rest of India intact and convince over 500 rajas, princes, nawabs and nizams as they called themselves to shift their allegiance from the crown to the nation. Stronger than the unity statue built in his honour, Patel continued summing up a case for the jury even after he was handed a note saying that his wife passed away. <div type="image" title="The Statue Of Unity" msid="93508178" hostid="261" sizebytes="162276" caption="&amp;lt;p&amp;gt;The Statue Of Unity&amp;lt;/p&amp;gt;"></div> Patel and the career bureaucrat, V.P. Menon, executed their operation seduction to gain control over men who were already seduced by sex, sport and the worst of all maladies - boredom. Most of them amused themselves with Lancaster pistols made of solid gold, rubies the size of pigeon eggs and working train sets on silver rails. The Jeff Bezos of that time, known to be the world’s richest, was the Nizam of Hyderabad, who had rooms full of precious stones eaten away by rats as the miser spent nothing and resorted to smoking the leftover cigarette butts of his departed guests! Most of the eccentric rajas sided with India – even Hari Singh of Kashmir, who wanted to be independent, was worn down by logic that a landlocked state would forever remain in a state of war. But the young Maharaja of Jodhpur, certain that his lavish life wouldn’t be approved by the Congress socialists, tried to go over to Jinnah’s side. But Menon’s watchful spies got wind of it, cornered him, and the Maharaja held a pen-pistol to the bureaucrat's forehead until Mountbatten confiscated it – and used it later to liven parties back home. Cursed by the stars Mountbatten was warned by the most popular astrologist of the time that August 15, 1947 was a ‘day cursed by stars’. He, however, chose sentiment over astrology – the date was the anniversary of the day Burma won against Japan, a war he was part of. It wasn’t just the viceroy, even Nehru and Jinnah did not see the bloodbath that followed. What stopped them from seeing what was to come was their own tolerance and atheism. Communal passions ran so high and so deep that right after the Union Jack came off the Viceroy house, Punjab and Bengal fell into a riotous rage – something a wily Gandhi always knew. That’s why the 78-year-old spent the midnight far away from the celebrations, spinning and lamenting the night India became independent, 75 years back. Before we let you go, here's what we like you to know-Innovaccer's solutions have been transforming the healthcare industry their unique approach to data analytics. Sandeep Gupta Co-Founder and COO, Innovaccer details this scion's growth as they continue to make healthcare data accessible, useful and transformative. Register Now: <a href="https://saasscions.com/" target="_blank">https://saasscions.com/</a> <div type="image" title="Business Insider India brings you SaaS Scions" msid="93508208" hostid="261" caption="&amp;lt;p&amp;gt;Business Insider India brings you SaaS Scions&amp;lt;/p&amp;gt;"></div>

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