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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

Indian startups are going through steep <keyword id="14673042" type="General" weightage="20" keywordseo="hiring-cuts" source="Orion">hiring cuts</keyword> and the hiring of permanent employees has dipped by a significant 61 per cent in the last 12 months, a new report showed on Monday. The hiring for chief experience officer (<keyword id="607308" type="General" weightage="80" keywordseo="cxo" source="Orion">CXO</keyword>) has decreased by a massive 1,300 per cent since October 2021, 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 <keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword>. The changing dynamics of the startup ecosystem have resulted in massive shifts in hiring patterns in the last 12 months. Despite lower hiring, the total salary spent on existing full-time employees increased by 64.7 per cent. However, these rising salaries are not distributed equitably across genders, especially in the top salary bracket, said the report. "The Indian startup ecosystem has been facing headwinds in the past few months but they have been nothing short of resilient and adaptive to such a dynamic environment. The data indicates that startups have been optimising their workforce by building leaner yet stronger teams, keeping in mind the macro-forces," said <keyword id="274057" type="General" weightage="80" keywordseo="shashank-mehta" source="Orion">Shashank Mehta</keyword>, Vice President and Head of RazorpayX. With many startups facing the chills of funding winter, most of them are cutting back on their hiring. "While hiring across departments has decreased, hiring in technology seems to have been least impacted. Technology-related jobs have managed to marginally increase their contribution to the overall workforce by 4 per cent while the hiring trend is slowing down in general," the findings showed. While hiring permanent employees has seen a fall, gig workers seem to be the preferred way to go for startups. Payments to gig workers have seen a growth of 153 per cent since Oct 2021. The total number of enterprises that have shifted to a semi-gig workforce model has increased by 15 per cent. Semi-skilled gig workers who are paid less than Rs 20,000 have the highest contribution to the entire pool of gig workers being hired by startups, followed by those who earn anywhere between Rs 20,000-Rs 40,000, said the report. "However, these workers are one of the slowest growing cohorts growing at 26 per cent and 52 per cent, respectively. However, skilled gig workers who earn between Rs 85,000 to more than Rs 150,000, although contributing the least to the overall pool, have seen the highest growth in the last year," mentioned the report. The report analysed data from Oct 2021 to September 2022 of more than 25,000 employees across over 1,000 Indian startups from 20 sectors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/hardika-shah-is-the-founder-and-ceo-of-fintech-company-kinara-capital/slidelist/95200480.cms">A mother’s struggles as a kirana-store owner drove her daughter to help small biz owners access loans</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/curated-menus-butler-services-expansive-lounges-at-mumbai-airports-renovated-private-jet-terminal/articleshow/95202285.cms">Curated menus, butler services, expansive lounges at Mumbai airport's renovated private jet terminal</a>

Indian startups make deep hiring cuts, permanent employee hiring down 61%: Razorpay

The joint statement from the <keyword id="105472" type="General" weightage="90" keywordseo="us-treasury" source="Orion">US Treasury</keyword>, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) stating that depositors will have access to all of their money starting Monday, March 13 in connection with the <keyword id="630197" type="General" weightage="90" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> (<keyword id="675965" type="General" weightage="100" keywordseo="svb" source="Orion">SVB</keyword>) collapse has come as a relief to the startups who were exposed to the bank. Startups hope the crisis would now be resolved soon. "FDIC's communication yesterday saying all depositors will get access to their funds is a relief to the startup community," said Prabhu Ramachandran, CEO &amp; Co-founder at Facilio, a property operations software provider. Facilio has significant exposure, as a "major portion" of the company's funds is with SVB. "But we expect the crisis to be resolved this week and we should get access to our funds. We have money outside SVB to cover 4-5 months of our operations. This gives us more than sufficient time for the crisis to be resolved, and for us to access our funds at SVB," Ramachandran said He added "while most SaaS (Software as a <keyword id="6359391" type="General" weightage="50" keywordseo="service" source="Orion">Service</keyword>) startups had some kind of exposure, most of them had diversified their funds and operations did not get impacted as such. Also, we knew it was only a matter of days before this issue would get resolved." "We understood the way it snowballed and most of us didn't get carried away by the noise. We took stock of our financials outside SVB and believed this problem would get resolved in a few weeks. We kept our internal teams updated on the situation. SaaS is a close-knit community here and we are speaking to each other to ensure the confidence within the community is held up," Ramachandran added. However, the number of startups that are affected is "minuscule" say some. "In the Indian startup ecosystem, the number of companies that have US bank accounts is minuscule. It is a problem for US companies, for Indian companies, a very minuscule section of the Indian ecosystem has been affected by the Silicon Valley Bank collapse," said K Ganesh - Serial Entrepreneur, Promoter - Bigbasket, Portea Medical, Bluestone, HomeLane. "None of the startups mentioned in a section of the Indian media - BlueStone and <keyword id="192259" type="General" weightage="50" keywordseo="tutorvista" source="Orion">TutorVista</keyword> - have been impacted by the Silicon Valley Bank crisis. This is a pure case of wrong understanding and sensationalising," Ganesh said. He added SVB had invested in these companies and taken equity or shares from them. "The money came from SVB. Both BlueStone and TutorVista received money from SVB and gave them shares against that. Tutor Vista got the money 16 years back. BlueStone got the money 10 years back. That money has been consumed and utilised. Subsequently, the shares have been sold and SVB is no longer a shareholder in any of these companies. Therefore, what happens with SVB has no relevance to these companies. Whether it is <keyword id="13538736" type="DOMAIN" weightage="20" keywordseo="paytm" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="paytm" meta.entityname="One97 Communications Ltd." meta.entityid="2017785" meta.seoname="one97-communications-ltd">PayTM</keyword>, Bluestone or TutorVista," he said. Ganesh added, "if the same situation had happened 15 years ago, the news would not have spread so quickly. Now, the moment you get a whiff of a problem on social media or news reports, the internet and mobile banking help people move funds immediately. Something like 20 billion dollars was removed in a day. Mobile internet banking makes a 'run on the bank' possible. While not blaming SM or mobile internet banking, the lesson is that the banking regulators have to learn how to avoid similar situations repeating in the age of social media." Meanwhile, payment solutions and fintech companies are coming up with ways for affected startups to work around the issue. A Razorpay spokesperson said, "we have been working round the clock and have created a dedicated RazorpayX desk to help our fellow startups urgently move funds from their US banks to India. For all existing RazorpayX users, we are offering to move their money into their Indian current account as FDI through our partner banks. For anyone who is not a RazorpayX user, we are helping them move their money to a Nostro account through our partner banks." "We also understand that this event may cause a few companies to be unable to make payroll in the next 30 days. We are working on things internally to see how we can help resolve it. Our teams are working hard along with our banking partners to explore all possible solutions to reduce the panic amongst founders because we know if we don't come together and help them out now, these young disruptive startups may not see the light of day," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/billionaire-hedge-fund-manager-investor-bill-ackman-warns-more-banks-will-collapse/articleshow/98608905.cms">Billionaire hedge fund manager investor Bill Ackman warns more banks will collapse</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/very-seminal-issue-sc-refers-pleas-for-same-sex-marriage-to-a-constitutional-bench/articleshow/98609228.cms">'Very seminal issue', SC refers pleas for same-sex marriage to a constitutional bench</a>

Startups hoping for quick resolution of SVB crisis post FDIC intervention

<ul><li>The share of Indian tech companies who hired <keyword id="7771650" type="General" weightage="20" keywordseo="gig-workers" source="Orion">gig workers</keyword> has risen – to 65% in 2022, from 57% in 2020 </li><li>Companies now want to hire gig workers for a longer period of time – a fourth of the organisations surveyed want to hire gig workers for over 12 months. </li><li>In fact, 53% of them decided to absorb their gig workers as full-time employees.</li></ul>The gig economy in India has ballooned in the last two years, all thanks to the Covid-19 pandemic, and this trend has been witnessed even in the technology sector. The share of Indian tech companies who hired gig workers has risen – to 65% in 2022 from 57% in 2020, reveals a new survey by <keyword id="6372077" type="General" weightage="100" keywordseo="nasscom" source="Orion">Nasscom</keyword>, Indeed and AON. However, the proportion of gig workers in the workforce remains less than 5% in tech companies with more than 2,000 full-time employees. On the contrary, for smaller tech organisations with a strength of less than 2,000 full-time employees, the share of gig workers is more than 5%, according to the report titled ‘<keyword id="15423686" type="General" weightage="20" keywordseo="future-of-workforce" source="Orion">Future of Workforce:</keyword> Decoding Gig Workforce 2.0’. “The future workforce will indeed be a blended model wherein the gig economy is expected to play an important role – not only as a talent management strategy but also accelerate job creation and boost the country’s economic growth,” said Debjani Ghosh, president at Nasscom. <cmsannotation type="cmsannotation" annotationid="Gig durations grow" comment="subhead" text="Gig durations grow">Gig durations grow</cmsannotation> Before the pandemic, gig workers were mostly hired for projects with a duration of up to 9 months or less. However, the duration of projects being offered to gig workers has increased significantly after the pandemic, as per the Nasscom report. About 25% of the surveyed tech organisations are now more keen to hire gig workers for projects with a duration of more than 12 months. In fact, 53% of them decided to absorb their gig workers as full-time employees, said the report. “Companies investing in gig work platforms and processes speak volumes about how critical talent is for enabling their next level of growth, especially now, given the global uncertainties. Businesses that place gig workers at the core of their business strategies will continue to thrive in 2023 and beyond,” said Sashi Kumar, head of sales, Indeed India. This spike in demand for gig workers is accompanied by salary jumps too, according to a report by RazorpayX Payroll earlier this week. The salaries of gig professionals <a href="https://www.businessinsider.in/careers/news/number-of-gig-workers-earning-over-85000/month-rose-over-60-since-last-october-report/articleshow/95208221.cms">has seen a massive 153%</a> surge in the last one year, the RazorpayX Payroll report said. Hiring gig workers has also aided the tech organisations to reduce the time taken to hire new employees for new roles. It has also helped in engaging with a more diverse workforce which includes retired professionals and women returning to workforce, according to the Nasscom report. “However, ensuring the quality of gig workers, hurdles in security checks and verification, lack of structured policies, and clarity on regulations or guidelines for gig workers are some of the key concern areas amongst organisations,” the Nasscom report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/with-over-half-a-billion-gamers-indias-gaming-market-reports-2-6-billion-in-revenue/articleshow/95278448.cms">With over half a billion gamers, India's gaming market reports $2.6 billion in revenue</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/parents-of-school-going-children-worried-as-quality-of-delhi-air-deteriorates/articleshow/95276609.cms">Parents of school going children worried as quality of Delhi air deteriorates</a>

Tech cos are offering longer projects, full-time jobs to gig workers: Nasscom

<ul><li>The number of <keyword id="7771650" type="General" weightage="20" keywordseo="gig-workers" source="Orion">gig workers</keyword> earning more than ₹1,50,000 grew by 69%, while gig workers earning between ₹85,000 to ₹1,50,000 saw a spurt by 62%. </li><li><keyword id="982553" type="General" weightage="20" keywordseo="Indian-startups" source="Orion">Indian startups</keyword> are preferring to hire more gig workers than permanent employees. </li><li>While overall hiring has decreased, salary spends have increased by 64% since October 2021.</li></ul>Demand for gig professionals has been constantly rising in the country and this is reflected in the 153% growth in their salaries in the last one year, according to a report by Razorpay’s business banking platform RazorpayX Payroll. However, gig workers earning less than ₹20,000 saw the slowest salary growth at 26% in the last one year, while workers with salary between ₹20,000 to ₹40,000 witnessed a salary growth of 52%. The number of gig workers earning more than ₹1.5 lakh grew by 69%, while gig workers earning between ₹85,000 to ₹1.5 lakh saw a spurt by 62%. “This shows that gig-workers are gaining more popularity among startups than hiring full-time employees,” said the report. However, gig workers who are paid less than ₹20,000 form the largest chunk of the gig workers being hired by startups, followed by those who earn anywhere between ₹20,000 to ₹40,000. Indian startups’ preference for hiring more gig workers is seen in the 61% decline in hiring of new permanent employees since October 2021, while <keyword id="15395705" type="General" weightage="20" keywordseo="hiring-of-gig-workers" source="Orion">hiring of gig workers</keyword> rose 15% in the same period. This dip in hiring is seen across seniority with the <keyword id="7604725" type="General" weightage="20" keywordseo="CXO-hiring" source="Orion">CXO hiring</keyword> noticing a massive normalization, dropping by 93% since Oct 2021, the report added. “The Indian startup ecosystem has been facing headwinds in the past few months but they have been nothing short of resilient and adaptive to such a dynamic environment. Startups have been optimizing their workforce by building leaner yet stronger teams, keeping in mind the macro-forces,” said <keyword id="274057" type="General" weightage="20" keywordseo="Shashank-Mehta" source="Orion">Shashank Mehta</keyword>, vice president and head, RazorpayX. <cmsannotation type="cmsannotation" annotationid="Despite a drop in hiring, salary spends on a rise" comment="subhead" text="Despite a drop in hiring, salary spends on a rise">Despite a drop in hiring, salary spends on a rise</cmsannotation> While overall hiring has decreased, salary spends have increased by 64% since October 2021. “Contrary to previous trends, salaries across different salary levels have been rising gradually but not exponentially, at an average of 12%,” the report said. However, for gig workers, the growth in salary has been different across different scales. According to the report, the median salaries of gig-workers have increased by 19.9% in the last one year. The gender pay gap still prevails as salaries of males grew by 29% in the last one year compared to a 22% rise for females during the same period. This salary gap is accompanied by a lower participation of women in the workforce — for every 2 men that were hired in the last one year, 1 woman was hired. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/over-2-lakh-jobs-created-each-day-this-festive-season-says-report/articleshow/95204035.cms">Over 2 lakh jobs created each day this festive season, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-startups-make-deep-hiring-cuts-permanent-employee-hiring-down-61/articleshow/95206627.cms">Indian startups make deep hiring cuts, permanent employee hiring down 61%</a>

Number of gig workers earning over ₹85,000/month rose over 60% since last October: Report

New Delhi, Nov 22 () Fintech major Razorpay on Friday said it has acquired payroll and HR management software company, Opfin.
 The company did not disclose the amount it has raised.
 The acquisition will enable businesses to not only manage their payroll process and fund transfers, but also manage filing of taxes, compliances through a single platform without hiring any external vendors, Razorpay said in a statement.
 "Payroll is a fragmented market with no clear solution. With Opfin, Razorpay hopes to make this effort a lot easier with robust technology and an enhanced experience. This acquisition is a significant part of RazorpayX's business banking strategy," it added.
 RazorpayX is the company's AI-driven neo-banking platform.
 This is Razorpay's second acquisition in the last six months, after Thirdwatch, an AI-driven company specialising in big data and machine learning for real-time fraud prevention.
 Besides, Razorpay launched corporate credit cards for SMEs and startups in partnership with RBL.
 With this launch, Razorpay aims to solve challenges around access to credit, short term credit, reconciliation, expense filing and help businesses lead a healthy financial life, it said.
 These announcements were made at the second edition of FTX, Razorpay's flagship fintech conference in Bengaluru.
 "It is important to think about financial inclusion not just in terms of consumers but also in terms of businesses...The move we have made today, helps us expand our horizon in payments and banking and solve new challenges for ambitious businesses who are wanting to disrupt the Indian economy," Razorpay CEO and co-founder Harshil Mathur said.
 Currently, the payments business forms 70 per cent of Razorpay's revenue and the neo-banking platform, Razorpay X along with Razorpay Capital forms the rest 30 per cent.
 The company has been witnessing a growth rate of 35 per cent month-on-month.
 "Currently powering payments for over 8 lakh businesses including the likes of Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony and Oyo, the team plans to increase this to 14 lakh by 2020. This neo-banking platform expects a 4x growth in its volumes by the end of the next fiscal year," the statement said. SR SHW
SHW

Razorpay acquires Opfin, introduces corporate credit cards with RBL

<ul><li><keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword>’s unicorn entry comes with its latest $100 million funding round led by Singapore’s GIC and its existing investor Sequoia India.</li><li>Founded in 2014 by IIT Roorkee graduates <keyword id="3349619" type="PERSON" weightage="20" keywordseo="Harshil-Mathur">Harshil Mathur</keyword> and Shashank Kumar, Razorpay has gained prominence in the Indian payments ecosystem. </li><li>Razorpay was also one of the 20 Indian startups in the CBInsights list of 250 world’s most promising fintech companies.</li></ul>Indian digital payments platform Razorpay is the sixth Indian startup in 2020 to join the unicorn club (companies with a valuation of over a billion dollars). Razorpay’s <a href="https://techcrunch.com/2020/10/11/razorpay-100-million-billion-valuation-unicorn/">unicorn</a> entry comes with its latest $100 million funding round led by Singapore’s GIC and its existing investor Sequoia India. Its other existing investors Ribbit Capital, Matrix Partners, Tiger Global, and Y Combinator too participated in the funding round. Founded in 2014 by IIT Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay has made a name for itself in the Indian payments ecosystem. The startup has clients like Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony and Oyo, among others. The startup has also been ramping up its offerings with recent launches like the neo-banking platform, RazorpayX, Cash Advance – credit line for small businesses in India, and the acquisition of Opfin, a payroll management software company. Razorpay was also one of the 20 Indian startups in the CBInsights list of 250 world’s most promising fintech companies. “We were a group of less than 10 people when we started Razorpay in a small room with a sole purpose to make online payments easier particularly for the underserved segments, SMEs. Fast forward to five years later, we are a 900 strong team today with a 500% growth, making this a tremendous journey for our partner businesses, their consumers and ourselves,” CEO Harshil Mathur had said about the inclusion in the CB Insights list. The mobile payments solutions startup Razorpay claims to have a 35% monthly growth rate. Razorpay plans to increase the count of its partner businesses to 15,00,000 by the end of this year, and expects a 4x growth in its revenue. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/twitter-tesla-and-skype-early-investor-tim-draper-bets-on-indian-cryptocurrency-exchange/articleshow/78547713.cms">Twitter, Tesla and Skype's early investor Tim Draper bets on Indian cryptocurrency exchange</a> <a href="https://www.businessinsider.in/business/corporates/news/the-four-day-workweek-clamour-grows-amid-the-covid-19-pandemic-but-it-may-not-be-a-viable-option-for-indian-companies/articleshow/78590375.cms">The four-day workweek — Clamour grows amid the COVID-19 pandemic but it may not be a viable option for Indian companies</a>

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

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Indian startups make deep hiring cuts, permanent employee hiring down 61%: Razorpay

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Startups hoping for quick resolution of SVB crisis post FDIC intervention

PTI

Tech cos are offering longer projects, full-time jobs to gig workers: Nasscom

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Number of gig workers earning over ₹85,000/month rose over 60% since last October: Report

Vaamanaa Sethi

Razorpay acquires Opfin, introduces corporate credit cards with RBL

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Razorpay is the latest to join the unicorn club with its new $100 million fundraise

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