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<ul><li><keyword id="13651867" type="General" weightage="80" keywordseo="tezos-india" source="Orion">Tezos India</keyword> will support game developers by providing Ecosystem Growth Grants worth $10,000. </li><li>The online gaming market in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> is projected to reach 657 million by 2025. </li><li>Game decentralized applications currently account for 52% of the blockchain industry. </li></ul><keyword id="5287675" type="General" weightage="80" keywordseo="tezos" source="Orion">Tezos</keyword> India, a Indian blockchain adoption entity, has announced the launch of its new initiative titled<a href="https://gaming.tezosindia.org.in/"> Tezos India Game Launchpad (TIGL</a>). This platform will assist game developers with grants and technical support to help launch their games on the Tezos blockchain. “Web3 games will be the next big thing as it is opening new economic and creative opportunities for gamers and game developers. There is potential to unlock a $100 billion gaming market. With this initiative, Tezos India is setting the stage for a decentralized future in gaming where massive participation is expected in times to come,” said Om Malviya, President, Tezos India. This initiative by Tezos India includes an incubation programme, a Web3 gaming handbook, and a Web3 gaming course crafted by the founding team within the Tezos India organization. It will support game developers by providing Ecosystem Growth Grants (EGG) worth $10,000 coupled with an opportunity to join the <keyword id="14562198" type="General" weightage="50" keywordseo="egg-incubation-program" source="Orion">EGG Incubation Program</keyword> with TZ APAC, the leading Asia-based blockchain adoption entity supporting the Tezos ecosystem. Game decentralized applications (dApps) currently account for <a href="https://dappradar.com/blog/game-guilds-an-analysis-of-the-industrys-health-and-sustainability">52% </a>of the blockchain industry, according to a report by Dappradar. It also says that VCs and private investors have invested over $10 billion into blockchain-based game projects since 2021. Given the widespread use of mobiles and low data rates, the online gaming market in India is projected to reach 657 million by 2025 according to a report by <a href="https://images.assettype.com/afaqs/2021-06/1ef54dc8-61db-410d-893e-957ce23e0103/Beyond_the_tipping_point__A_primer_on_online_casual_gaming_in_India_low_size.pdf">KPMG</a>. Amanjot Malhotra, head of growth at Tezos India, said, “There is an exodus of games from Web2 to Web3 as industry leaders have realized the future of gaming is on the blockchain.“ Interested game developers can submit their applications with details of the project and roadmap on the<a href="https://gaming.tezosindia.org.in/"> </a>TIGL website. TIGL's global partners such as Tezotopia, IndiGG, and others will help the game developers collaborate internationally. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/suspected-case-of-monkeypox-in-patna/articleshow/93139046.cms">Suspected case of monkeypox in Patna</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rapido-ceo-unicorn-india-invest-in-windo-that-is-helping-small-businesses-take-their-business-online/articleshow/93139058.cms">Rapido CEO, Unicorn India Ventures invest in social commerce startup Windo</a>

There is an exodus of games from Web2 to Web3, says this blockchain adoption entity

E-commerce platform <keyword id="1715801" type="General" weightage="100" keywordseo="shopify" source="Orion">Shopify</keyword> on Tuesday announced to cut 10 per cent of its workforce -- around 1,000 <keyword id="6357081" type="General" weightage="20" keywordseo="employees" source="Orion">employees</keyword> across verticals -- as it failed to predict that the e-commerce industry would continue to grow beyond the pandemic at the same pace it did during the two-year period. The company CEO <keyword id="5695811" type="General" weightage="50" keywordseo="tobi-lutke" source="Orion">Tobi Lutke</keyword> said in a statement that Shopify has to go through a reduction in workforce that will see about 10 per cent leave by the end of the day. "Most of the impacted roles are in recruiting, support, and sales, and across the company we're also eliminating over-specialized and duplicate roles, as well as some groups that were convenient to have but too far removed from building products," he informed. The company was sending emails to those affected and they will "have a meeting with a lead in their team". <keyword id="14565887" type="General" weightage="80" keywordseo="lutke" source="Orion">Lutke</keyword> said that before the pandemic, <keyword id="436047" type="General" weightage="20" keywordseo="ecommerce" source="Orion">ecommerce</keyword> growth had been steady and predictable. "Was this surge to be a temporary effect or a new normal? And so, given what we saw, we placed another bet: We bet that the channel mix - the share of dollars that travel through ecommerce rather than physical retail - would permanently leap ahead by 5 or even 10 years", he mentioned. Shopify's workforce jumped from 1,900 in 2016 to around 10,000 in 2021 to meet the expected growth. However, Lutke said that it is now clear that bet didn't pay off. "What we see now is the mix reverting to roughly where pre-Covid data would have suggested it should be at this point. Still growing steadily, but it wasn't a meaningful 5-year leap ahead," he informed. Those affected in the layoff will get 16 weeks of severance pay, plus an additional week for every year of tenure at Shopify. "We'll remove any equity cliff, and extend any medical benefits. Knowing that Shopify is just one stop on a career journey, we'd also like to help set everyone up for success as they take their next steps," said the CEO., adding that the company will offer outplacement services with access to career coaching, interviewing support, resume crafting, etc. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/there-is-an-exodus-of-games-from-web2-to-web3-says-this-blockchain-adoption-entity/articleshow/93139457.cms">There is an exodus of games from Web2 to Web3, says this blockchain adoption entity</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rapido-ceo-unicorn-india-invest-in-windo-that-is-helping-small-businesses-take-their-business-online/articleshow/93139058.cms">Rapido CEO, Unicorn India Ventures invest in social commerce startup Windo</a>

E-commerce platform Shopify lays off 1,000 employees

<ul class="summary-list"><li>Some expat Indians are moving back home to launch companies of their own.</li><li>India's booming market size, internet growth, and post-pandemic spending is driving their decision.</li></ul>Nithin Hassan, 41, has always been fascinated with building something of his own.As a child in India, he would get in trouble for dismantling electronics around the house just so he could peek inside.In college, in true <a target="_blank" class="" href="https://www.businessinsider.com/startups-to-bet-your-career-on-in-2024-2024-2">startup</a> fashion, he started working on a small business out of his parent's garage in Bengaluru, assembling computers for friends and family.It was the early 2000s and the internet was not the trove of knowledge it is today — Hassan was relying on books to learn. Finding mentorship and the right guidance was a challenge, too.Everyone around Hassan told him that going to the <a target="_blank" class="" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">US for a master's degree</a> was the next big opportunity. So he did.Over the next 16 years, he put his startup plans on hold and worked at some of the world's biggest companies, including Amazon, Microsoft, and Meta.<div type="image" title="Nithin Hassan" height="2450" width="3266" msid="113831978" hostid="261" sizebytes="215682"></div>But the pandemic felt like a turning point. And its aftermath made India look like a lab-designed business environment: It had just become the world's most populous country, the pandemic had created <a target="_blank" class="" href="https://economictimes.indiatimes.com/news/economy/indicators/private-consumption-continues-to-be-supported-by-pent-up-demand-finance-ministry/articleshow/99069973.cms?from=mdr">pent-up demand</a> for consumer products, and growing internet adoption made commerce more scalable, he said.So Hassan left behind about $500,000 in annual pay at Meta to move back to Bengaluru in December 2023 with his wife and two children. He has since launched two startups.Hassan is part of a group of <a target="_blank" class="" href="https://www.businessinsider.com/i-moved-back-to-india-after-living-abroad-for-decade-2024-9">expat Indians moving back</a> home to venture out on their own. As such, he's also part of a decades-long trend of reverse migration back to India.The trend began in the 1990s and picked up at the turn of the century, driven by the economic collapse in 2008, said Binod Khadria, the president of Global Research Forum on Diaspora and Transnationalism. Many of those who returned to India for work were largely working for multinational companies.Today, the impetus for the move often looks a bit different: It's driven by factors like unstable visa policies and economic recessions, which lead to uncertainty when it comes to jobs and duration of stay in these destinations.Many returnees find work in tech, but the finance, retail, and climate sectors also absorb a large number of expat Indians, Khadia said. And some of the returnees are heading back to India to start companies of their own.India is undergoing a startup explosion. The country reported over<a target="_blank" href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043805"> 140,800 recognized startups</a> at the end of June — nearly 50,000 more than last year — and credited them with creating 1.6 million direct jobs.To be sure, not all of these companies will make it big — and some do still stumble, like <a target="_blank" class="" href="https://inc42.com/features/what-are-the-current-problems-being-faced-by-oyo/">Oyo </a>and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-hsbc-funds-byjus-startup-valuation-zero-edtech-india-raveendran-2024-6">Byju's</a>. But the chaos, where even established startups are trying and failing, makes India a fair playing field for new entrants, Hassan said.Business Insider spoke to six <a target="_blank" class="" href="https://www.businessinsider.com/india-vc-wants-see-5-traits-new-founders-fundraising-antler-2024-8">first-time founders </a>about why they have recently returned to India after spending several years, or even an adult life, abroad.<h2 id="0e4a3c47-ba19-4690-8b52-c6bfece1c81d">Fastest-growing economy</h2>The health of the economy and interest from investors are fueling the entrepreneurship boom.<a target="_blank" class="" href="https://www.businessinsider.com/india-billionaire-karan-adani-plans-challenge-china-dominance-seaports-2024-8">India's economic growth</a> in 2023 — 8.2% — was the fastest of all large economies worldwide. That's led to greater purchasing power, which lets companies, including startups, sell more.India's inflation rate of about 3.5% is well below its annual wage growth of 9.6%. This makes inflation less of a challenge than it is for slower-growing peers, where consumer-focused businesses have been <a target="_blank" class="" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">hurt by high prices</a>.Investors are getting in on the action.From 2015 to 2021, the number of <a target="_blank" class="" href="https://www.businessinsider.com/sequoia-capital-vc-firm-split-china-india-2023-6">unique investors in India</a> nearly quadrupled, though the number is tracking much lower this year, per PitchBook."Other than a slight downturn in 2022 and 2023 due to global macroeconomic factors, VC funding has been consistently growing in India," said Ben Mathias, a managing partner at Vertex Ventures Southeast Asia &amp; India.Besides funding, domestic developments have encouraged founders and VCs too, Mathias said.The Indian government's Universal Payment Interface system has spurred consumers and businesses to pay online, and <a target="_blank" class="" href="https://www.bcg.com/press/2june2022-digital-payments-in-india-projected-to-reach-10-trillion-by-2026">40% of all digital payments</a> globally happen in India today, the partner said.Programs like Startup India, which provides founders benefits like tax exemption, easier compliance, and funding support, have made creating a company smoother.Devyani Parameshwar worked in the microfinance and fintech space in India in the 2010s before heading to the UK and Africa. She returned to India in 2022 to launch a financial management venture."It's changed dramatically. I remember standing in line at various ministries in Delhi trying to get meetings and then trying to get answers and it wasn't easy in the past," she said of her memories of India.Now, she can use an online platform to ask the country's central bank and banking regulator questions.It's easier than ever for foreign companies to invest in India, which means startups have a clearer exit path through acquisition — something VCs think hard about before entering new markets or writing checks.<h2 id="e5dd7b6f-a09f-4ff2-84c1-5907de96dc5e">Market ripe for the taking</h2>For Rohan Bhide, who spent most of his college and professional life <a target="_blank" class="" href="https://www.businessinsider.com/worked-in-big-tech-before-launching-my-own-startup-engineer-2024-9">preparing to launch something of his own</a>, a trip home in 2017 while he was studying in the US was a turning point.Indian telecom giant Reliance had recently launched a cheap unlimited data plan, which spiked Indian internet adoption. India was charting among the countries with the highest online transactions."That really, really drew my attention," said Bhide, who worked at Meta after graduation. "It was my dream come true — a huge market, a huge user base, and at the same time, the ability to adopt technology was incredible."Bhide returned to India in January, leaving behind about $580,000 in total compensation at ticketing platform StubHub. He and a cofounder are working on launching a consumer tech product later this year.<div type="image" title="Rohan Bhide" height="2304" width="3072" msid="113831979" hostid="261" sizebytes="218468"></div>Most Indians grew up wanting to work at a multinational company — but that's changing, Bhide said.Freelancing, running your own business, or working for a startup is much more socially acceptable now, because people see the success of other Indian startups. The country has the third-largest number of "unicorns" — companies worth $1 billion or more — with 64, per PitchBook.<h2 id="7f423804-745b-4e04-a250-839e01663f09">Boom in entrepreneurship culture</h2>A lot has changed since Hassan first wanted to launch his hardware startup in the early 2000s.Tech hot spots like Bengaluru and Gurugram have seen a boom in entrepreneurship culture in the last few years, with meet-ups, networking mixers, and even morning walks with like-minded builders.<div type="image" title="man standing in front of mountains in USA" height="2268" width="3024" msid="113831980" hostid="261" sizebytes="141132"></div>Dhruv Anand, who left Google in the US to move back to India in 2021 to launch an <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-most-promising-2024-9">AI startup</a>, said that there were lots of other founders and mentors to help guide him."If you want to figure out who's the right chartered accountant to talk to, who's the right lawyer to help you draft agreements, all of that stuff is very easy," Anand said."It's been a really, really supportive community," Bhide said. There are people "telling you about their entire lives just because they want to help you and they're hoping that you pass the favor onto the next person who moves to India and wants to start their own company."<h2 id="3c8bff36-e855-4530-9b44-bcc7f36b0825">Not everything is perfect</h2>Although these founders made the decision to return to India, that doesn't mean they no longer see the benefits of operating in the US.Ruchit Garg founded an agriculture startup in Silicon Valley in 2016, with a focus on supporting farmers around the globe. In 2019, he returned to India, where his late grandfather worked as a farmer.Garg has been building in India ever since, but he says its startup ecosystem cannot yet compete with the Valley's decades of experience."The overall ecosystem was more mature back in Silicon Valley. It's still one of the best places for entrepreneurs. India isn't there yet, although it's growing pretty drastically," he said.Despite efforts to digitalize key processes, many bureaucratic challenges persist.For most founders, after living in US cities where populations are a fraction of those in Mumbai and Bangalore, congested roads and poorer air quality are also everyday annoyances.But India provides some big perks, including affordable domestic help and the appeal of building solutions for problems they witness firsthand."It's a different joy to be able to build for problems that you feel for very personally," Parameshwar, the fintech founder, said. When she worked in Africa, she needed translators. Now, she can speak with her users herself.Bhide said the general sentiment among local founders is shifting from "Build from India" to "Build for India."For some founders, being surrounded by family and the culture they grew up in was another selling point.Niranjan Vemulkar moved back to India in 2015 and later founded a digital legacy planning platform.He said that he never fully felt at home in the US, where he lived for over a decade."For us, it was the fact that we wanted to raise a family in an environment where the children would have access to the grandparents and Indian culture," Vemulkar said. "The fact that you could come back to India, start something of your own and figure things out in an ecosystem which was potentially booming for startups, was just a cherry on the cake."Are you in India and have a story to share about the tech and entrepreneurship landscape? Please reach out at shubhangigoel@insider.com

Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

<keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">Fintech</keyword> company <keyword id="657366" type="General" weightage="100" keywordseo="slice" source="Orion">Slice</keyword> on Monday announced it has become India's new unicorn with raising $220 million in a Series B round, that values it at over $1 billion. The round was led by <keyword id="526777" type="General" weightage="20" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> and New York-based global private equity and venture capital Insight Partners. Slice (Written as slice) is a credit card challenger to pay bills, manage expenses and unlock rewards. "We've kept our heads down in the initial years and focused solely on simplifying the consumer journey and creating a cutting-edge risk underwriting system," said Rajan Bajaj, Founder and CEO. New and existing investors including <keyword id="312345" type="General" weightage="20" keywordseo="advent-international" source="Orion">Advent International</keyword>'s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, <keyword id="592779" type="General" weightage="20" keywordseo="blume-ventures" source="Orion">Blume Ventures</keyword>, and 8i also participated in the round. Users can sign up with Slice in seconds, quickly get a virtual card (and get a physical card delivered to their home), and enjoy up to 2 per cent cashback on each transaction. Slice, which is shipping over 200,000 cards each month, recently opened doors to the new-to-credit population. They can start their financial journey with the newly introduced card with a limit of Rs 2,000. "Slice has built a product that customers love, which we expect will result in continued growth and market share gains," said Alex Cook, Partner at Tiger Global. Slice said it now has a registered user base of over 5 million and a 40 per cent month-on-month growth rate accompanied by industry-leading risk metrics. Nearly 38 Indian startups have made it to the unicorn list this year, raising more than $32 billion (till October). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/after-coinbase-and-crosstower-singapores-coinstore-is-now-entering-india-despite-fears-of-a-ban-on-crypto/articleshow/87976839.cms">After Coinbase and CrossTower, Singapore’s Coinstore is now entering India despite fears of a ban on crypto</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/comparison-between-airtel-vs-jio-vs-vodafone-idea-prepaid-plans-after-hikes/articleshow/87977165.cms">Airtel vs Jio vs Vodafone Idea: latest prepaid plans and what you will get</a>

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There is an exodus of games from Web2 to Web3, says this blockchain adoption entity

Eetika Kapoor

E-commerce platform Shopify lays off 1,000 employees

IANS

Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

Shubhangi Goel,Charissa Cheong

Fintech firm Slice becomes India's new unicorn

IANS

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