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After a report claimed that edtech major <keyword id="6630114" type="General" weightage="80" keywordseo="unacademy" source="Orion">Unacademy</keyword> has laid off employees from its job hiring platform <keyword id="12215842" type="General" weightage="80" keywordseo="relevel" source="Orion">Relevel</keyword>, the company's Founder and CEO <keyword id="1727930" type="General" weightage="80" keywordseo="gaurav-munjal" source="Orion">Gaurav Munjal</keyword> said on Wednesday that there were no layoffs. "No layoffs. We have moved some team members to other Businesses of the Group though. Team worked really really hard to ensure that we find a role for everyone," <keyword id="6320" type="General" weightage="100" keywordseo="munjal" source="Orion">Munjal</keyword> tweeted. A user replied: "That's nice Gaurav. Nice to read this. Compassion towards employees and fitting them in other divisions". MoneyControl first reported that Relevel "halved its team to 700 employees" amid the economic meltdown. Relevel was launched in 2021 by <keyword id="3886063" type="General" weightage="50" keywordseo="shashank-murali" source="Orion">Shashank Murali</keyword>, Saksham Keshri and Prakash Kumar, on the back of strong traction witnessed in user growth, hiring company partnerships, and placement rate. Last year, Relevel raised $20 million from its parent edtech company Unacademy. In April, Unacademy laid off nearly 600 employees, contractual workers and educators, about 10 per cent of its 6,000-strong workforce across the group. As the funding winter hit edtech startups and unicorns in India, Unacademy founders and management took pay cuts. In an internal email last month, Munjal said that even though the company has more than Rs 2,800 crore in the bank, "we are not efficient at all". "We spend crores on travel for employees and educators. Sometimes it's needed, sometimes it's not. "There are a lot of unnecessary expenses that we do. We must cut all these expenses. We have a strong core business. We must turn profitable asap," the email read. "We will be shutting down certain businesses that have failed to find the product market fit (PMF) like the <keyword id="14425744" type="General" weightage="50" keywordseo="global-test-prep" source="Orion">Global Test Prep</keyword>," he told the employees. Unacademy last month said that a small fraction of its workforce (2.6 per cent) has been asked to go as part of a performance improvement programme (PIP). Nearly 150 employees (2.6 per cent) from Unacademy's PrepLadder team were laid off. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/syrma-sgs-technology-ipo-last-day-to-subscribe-grey-market-premiums-at-25/articleshow/93625416.cms">Syrma SGS Technology IPO: Last day to subscribe, grey market premiums at ₹25</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-to-open-slightly-lower-on-us-fed-signals-of-more-rates-hikes/articleshow/93628803.cms">Markets to open slightly lower on US Fed signals of more rates hikes</a>

Unacademy founder Gaurav Munjal says its job hiring platform will see no layoffs

<ul><li>Former AWS executive Murali Brahmadesam is the next head of engineering and CTO of <keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword>.</li><li>Co-founder Shashank Kumar has now been appointed as the Managing director of the company.</li><li>IPO is definitely on the company’s pipeline, but it is still a couple of years away.</li></ul>Razorpay has rejigged its leadership team, with the appointment of former Amazon Web Services (AWS) executive Murali Brahmadesam as the head of engineering and CTO. Co-founder Shashank Kumar previously held the position of CTO of Razorpay, and has now been appointed as the managing director of the company. “Engineering has been the bedrock of growth for Razorpay since its inception. With over an 800-member engineering team today, we are constantly working towards solving some of the toughest challenges that businesses face today, with innovation at its core. Murali brings in-depth knowledge of managing technology functions at scale,” said Shashank Kumar, co-founder and now managing director at Razorpay. Razorpay — founded in 2014 by alumni of IIT Roorkee Harshil Mathur and Shashank Kumar — is a full-stack financial services company that helps eight million Indian businesses with solutions to manage payments and banking. Out of the 42 companies that were crowned as unicorns in 2021 alone, Razorpay powered payments for 34 of them. "Razorpay has been at the forefront of inventing breakthrough products in business payment and banking that are being relied upon by millions of diverse businesses,” said Murali Brahmadesam, CTO at Razorpay. The company was valued at $7.5 billion in December last year, making it the <a href="https://www.businessinsider.in/business/startups/news/razorpay-is-now-the-most-valued-fintech-startup-in-india/articleshow/88382493.cms">highest valued</a> fintech startup in India. Though Razorpay has no plans to go public in the near future, the company says that they will revisit this in the next two to three years. The company plans to scale its banking and lending arm before going for an IPO. “If you want to go out and raise money in the public markets, it’s better to be a full-fledged financial ecosystem company, rather than just a payments company, which is a core part of our business today,” Harshil Mathur, co-founder and CEO of Razorpay, <a href="https://economictimes.indiatimes.com/small-biz/entrepreneurship/ipo-on-the-cards-but-a-couple-of-years-away-razorpays-harshil-mathur/articleshow/88178791.cms">said</a>. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/retail/news/impulse-buys-fast-fashion-end-up-in-landfills-and-stay-intact-for-200-years/articleshow/92533424.cms" style="">Impulse buys, fast fashion end up in landfills and stay intact for 200 years</a> <a href="https://www.businessinsider.in/business/news/bajaj-consumer-believes-that-its-premium-offerings-must-be-affordable/articleshow/92532710.cms"></a><a href="https://www.businessinsider.in/retail/news/lays-kurkure-and-bingo-are-taking-over-indian-snacks-like-aloo-bhujia/articleshow/92508625.cms" style="">Lay’s, Kurkure and Bingo are taking over Indian snacks like Aloo Bhujia, Murukku</a> <a href="https://www.businessinsider.in/stock-market/news/paytm-is-on-the-cusp-of-a-cup-and-holder-breakout-explaining-the-rally/articleshow/92517971.cms" style="">Paytm is on the cusp of a ‘cup and holder breakout’ — explaining the rally</a>

Razorpay rejigs top leadership team after cofounder moves out of CTO role

<ul><li>The deal valued TapChief at ₹100 crore, with all investors getting an exit and the entire team will be joining <keyword id="6630114" type="UNKNOWN" weightage="20" keywordseo="unacademy">Unacademy</keyword>.</li><li>TapChief founded in 2016 by BITS Pilani Alumni, Shashank Murali, Binay Krishna, and Arjun Krishna, helps students and professionals interact with experts and also work with them.</li><li>In September 2020, Unacademy entered the unicorn club and further raised funding in November at a valuation of over $2 billion.</li></ul>Indian <keyword id="1464841" type="PERSON" weightage="20" keywordseo="Edtech">edtech</keyword> unicorn Unacademy today announced that it is acquiring a majority stake in TapChief, a Bengaluru-based professional networking startup. The deal valued TapChief at ₹100 crore. All of TapChief investors, including Paytm’s Vijay Shekhar Sharma, CRED’s Kunal Shah, Blume Ventures among others, will be exiting the company and the entire team will be joining Unacademy. TapChief, founded in 2016 by BITS Pilani Alumni, Shashank Murali, Binay Krishna, and Arjun Krishna, helps students and professionals interact with experts and also work with them. The company claimed that professionals on the platform have completed “over 50,000 gigs for Fortune 500 Companies, Unicorns, Venture-backed <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">Startups</keyword> and SMBs in India”. “Our endeavour at Unacademy has always been to democratise education and make learning accessible and affordable for everyone. TapChief shares a similar ethos in a different space, as evident from the open community of professionals and learners they’ve created,” said Gaurav Munjal, Co-Founder and CEO, Unacademy Group in a statement. Munjal further broke down the reason behind the deal on Twitter. <div type="twitter" handle="gauravmunjal" handlename="Gaurav Munjal" image="http://pbs.twimg.com/profile_images/860811839621533696/_G51Tn3e_normal.jpg" favoritecount="66" retweetcount="3" status="This is the reason we are acquiring @tapchief." createdat="1613464934000" id="1361596738159529986"></div> “Unacademy started by levelling the playing field for students who can’t travel to Kota, Delhi and other cities by getting them access to these educators and highest quality content for a fraction of the cost. And now it’s time for us to help students get their dream jobs by getting them the best education and access to top companies which they are not getting,” he said on Twitter. The startup is the seventh company to be acquired by Unacademy in the last one year, during which the startup has seen a huge uptick in users thanks to the online shift in learning, during the COVID-19 pandemic. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startup </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Timeline of acquisition </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TapChief </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February, 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NeoStencil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PrepLadder </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mastree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Codechef </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coursavy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kreatryx </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2020 </td></tr></tbody></table> In September 2020, Unacademy had entered the unicorn club with a $150 million cheque from Japanese investment firm SoftBank, after 5 years of starting up. In November 2020, the edtech unicorn’s valuation soared to $2 billion as it raised an undisclosed amount of funding from New York-based Tiger Global Management and the US-based Dragoneer Investment Group. Unacademy had also raised funding from Facebook in February, the social media giant’s second direct investment in India. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/credit-suisse-just-went-overweight-on-india-says-the-pandemic-is-no-longer-a-factor/articleshow/80980356.cms">Credit Suisse just went ‘overweight’ on India⁠ — says the pandemic is “no longer a factor</a> <a href="https://www.businessinsider.in/stock-market/news/the-8-billion-ipo-of-indian-railways-owned-railtel-is-now-open-for-subscription-heres-why-analysts-think-the-ipo-is-attractive/articleshow/80974550.cms">The $112 million IPO of Indian Railways owned RailTel is now open for subscription — Here’s why analysts think the IPO is attractive</a> <a href="https://www.businessinsider.in/finance/banks/news/bank-of-india-central-bank-of-india-indian-overseas-bank-and-bank-of-maharashtra-rally-by-over-10-on-hopes-of-privatisation/articleshow/80971254.cms">Bank of India, Central Bank of India, Indian Overseas Bank, and Bank of Maharashtra rally by over 10% on hopes of privatisation</a>

Unacademy acquires TapChief to help students get their dream jobs – its seventh acquisition in the last one year

As Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> has set the ball rolling with the announcement of his 19-point Startup action plan amid much fanfare, the move aimed at boosting employment generation and wealth creation has generated huge enthusiasm and been largely welcomed by the industry. 
 
As India waits to see much more indigenous innovation in the days to come, here are key VCs, investors and startups reflecting on the various provisions of the Startup Action plan, and how they feel it will impact the startup industry in the recent future. Take a look: 
 
<a href="http://www.businessinsider.in/PMModi-announces-mega-Startup-India-policy-amidst-wild-cheering-from-the-industry/articleshow/50606172.cms">ALSO READ: PM Modi announces mega #Startup India policy amidst wild cheering from the industr</a>y 
 
Vinod Murali, Managing Director, Innoven Capital: 
 
The Government already has a credit guarantee scheme under CGTMSE which has been operational but start-ups have struggled to get through the due process with different PSU banks to avail funds. The key here is to improve credit delivery and educate banks well enough to support the Prime Minister’s vision. Start-ups require capital for growth which can be in the form of debt or equity and it is important to find appropriate partners who understand their lifecycle and aspirations. 
 
Saurabh Shrivastava, Chairman, <keyword id="328347" type="ORGANIZATION" weightage="20" keywordseo="Indian-Angel-Network">Indian Angel Network</keyword> 
 
“Specific to the PM's announcements, the 3 year window for self certification will free startups from the rent seeking inspector raj and is very welcome as is the 3 month window for closing down a startup, which would be great if it applied to all companies. The tax break is welcome though most startups take longer to be profitable. Most of all, his signal for change and recognition of the critical role that startups can play in employment creation, economic growth and solving India's challenges through innovation was fantastic. That will now percolate through all levels of politics and bureaucracy and will be a game changer for India.” 
 
Archit Gupta, CEO &amp; Founder, ClearTax.in: 
 
The government has shown good intent to keep the start-up eco system buoyant and be an enabler in the process. Some of the moves are very positive if implemented, especially around reduced compliance. It is hoped in due course all the announcements shall be delivered. As announced, mobile app shall be launched on 1st April. 
 
The ease of opening a start-up has been simplified, can be done through a mobile app and will take a day. A shorter form shall be applicable. Earlier setting up a company required various registrations will all requiring the same set of documents, address proof, PAN, TAN etc. This will help start-ups focus on their work and avoid unnecessary delays. 
 
Self-certification to laws such as payment of gratuity act, labour laws, employees’ provident fund act, the ESI act etc. No need for obtaining physical certificates for compliance with these laws. In case of the labour laws, no inspections will be conducted for a period of 3 years.The government is moving towards digital compliance which is necessary to support growth.Given ClearTax is more than 3 years old, not many of the compliance steps are applicable to us right now. But we are sure to benefit from other proposals, such as setting up of a ‘Start up India hub’ and relaxed capital gains tax norms. We look forward to further details in the upcoming budget. 
 
Shashank ND, Founder &amp; CEO, Practo 
 
“With the Start Up Action plan, we will see more young entrepreneurs take the risk of starting their own venture and building innovative solutions to solve meaningful problems for Indian as well as for the global audience. I think the Insolvency and Bankruptcy Bill that will allow startups to exit faster, within 90 days is a great step towards encouraging more people to take the plunge of starting a new venture, without the fear of failure. We at Practo believe that acquisitions are a great way to grow together and move faster, and with this bill, we hope to see more startups collaborate and solve the problems faster, with a solution that is scalable for a larger audience. 
 
The relaxation of the financial and labour norms is also a great step towards making things simpler for young startups so they can focus on innovation without getting entangled in some of these norms that are more applicable to larger entities. I am extremely excited about the Atal Innovation Mission, this will help foster innovation at a grass root level among students in schools and colleges, which will in turn encourage more youngsters to enter the field of entrepreneurship and innovate and create some ground breaking products that will be used by people around the world. India is already a leading startup hub and I am convinced that with the right support from the government, it can rapidly become the innovation hub of the world.” 
 
Anurag Avula, CEO and Founder, Shopmatic: 
 
The easing of the financial and labour norms is a fantastic initiative. It encourages new entrepreneurs and start-ups to focus on innovation without having to struggle with additional taxes etc. With progressive initiatives by the Government, India is bound to succeed in its mission to be leading the charge in being the Start Up Capital of the world. Shopmatic started with the intent of helping anyone sell online. Any progressive initiative that benefits business growth for our merchants and individual entrepreneurs, is a step in a positive direction. 
 
Ajith Karimpana, CEO &amp; Founder, Furlenco: 
 Income tax exemption for three years is sufficiently interesting. Most of the new age startups which are on the growth path will seldom be able to generate profits in the first three years. Startups like other companies would certainly benefit more with the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> since that has a larger impact on the bottomline and cashflow companies. 
 Companies are setting up head offices in Singapore for multitude of reasons and one of the primary reasons is India public market regulations. <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> regulation easing and GST would have more impact on bringing back startups to India. Furlenco is registered in India. We have high hopes on the government easing rules and we will try our best not to go out of the country. The startup action plan looks promising. Now we need to wait and see how it is executed. 
 
Ashutosh Pande, Founder &amp; Chief Innovation officer, PaySe 
 
“The recent announcements made by the Prime Minister on the Startup India, Standup India initiative highlights Government’s focus on fostering innovation in the country. The start-up India action plan works on the lines of entrepreneurial spirit, making it fast paced with the introduction of Mobile Apps for registration of the Start-up, lesser number of days to file patents and lower fee for acquiring patents. Since Intellectual Property is the asset of a start-up we hope to see a forum, possibly a special fast track court, for efficient disposal of IP infringement case. Financial Inclusion has been highlighted as an area ripe for innovation. Our patent pending and disruptive technology PaySe™ delivers digital cash; it is cash without the paper just as digital music is music without the CD. PaySe™ takes DBT funds digitally to the hands of the recipient as opposed to their bank account. This enables banks and MFI’s to deliver daily loan (as less as a 100 rupee) to those less fortunate. With the start-up India action plan, the Government has tried to bring favourable policies for start-ups, promising a conducive environments for entrepreneurs.” 
 
(Image credits: BCCL)

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Unacademy founder Gaurav Munjal says its job hiring platform will see no layoffs

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Razorpay rejigs top leadership team after cofounder moves out of CTO role

Kritti Bhalla

Unacademy acquires TapChief to help students get their dream jobs – its seventh acquisition in the last one year

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Startup India’s real start to come in the way it can access funds

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