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Bengaluru-based Intugine Technologies is helping at least five states track those people who are quarantined at home. Its "Mobile Number Location Tracking", which doesn't require the installation of an app, uses SMS-based user consent to initiate location tracking and alerts authorities in case of a breach. The Internet of Things (IoT) startup was founded by IIT Kharagpur and SRCC alumni.
short by Dharna / 03:51 pm on 07 Apr
Treebo to fire 100-140 employees, Founders to take a 60% pay cut
short by Anushka Dixit / on 06 Apr 2020,Monday
Hotel bookings startup Treebo is planning to fire 100-140 employees while its founders and leadership team have decided to take a pay cut amid the coronavirus pandemic. The startup's Co-founders will take a 60% salary cut while the leadership team will cut salaries by 40%. The founders and leadership team will take the pay cut until the business is stable.
short by Anushka Dixit / 08:28 pm on 06 Apr
OYO's Founder and CEO Ritesh Agarwal in a video message on Wednesday said less than 10 OYO employees have tested positive for coronavirus and a few of them in China and Brazil have recovered. He further informed that OYO's revenue has dropped by over 50-60%. OYO is putting several employees in markets outside India on leave without pay.
short by Pragya Swastik / 10:20 pm on 08 Apr
I really messed up as CEO: Zoom Founder & CEO on app's security issues
short by Pragya Swastik / on 06 Apr 2020,Monday
Video conferencing app Zoom's Founder and CEO Eric Yuan apologised over security and privacy issues and told The Wall Street Journal, "I really messed up as CEO." He said he felt an obligation to win users' trust back and added, "If we mess up again, it's done." His statement comes after trolls targeted live meetings and online classes on Zoom.
short by Pragya Swastik / 08:15 pm on 06 Apr
Only able to serve 1 out of 8 customers, plan to hire 5,000 staff: Grofers
short by Pragya Swastik / on 08 Apr 2020,Wednesday
Online grocery platform Grofers is looking at hiring 5,000 employees in over two weeks to increase its capacity to meet the spike in orders amid nationwide lockdown. Grofers Co-founder and CEO Albinder Dhindsa wrote in a blog, "Every day, app is seeing over 1.5 million people trying to order. We're only able to serve 1 out of 8 customers today."
short by Pragya Swastik / 05:43 pm on 08 Apr
Treebo Hotels is offering a paid voluntary resignation scheme to 400 employees amid coronavirus pandemic, The Economic Times reported. The employees have been asked to inform by April 8 if they would like to accept the offer and resign. They will be paid a month's salary in advance, in addition to the pay for the days they worked in April.
short by Pragya Swastik / 05:46 pm on 07 Apr
Hotel startup OYO's Founder and CEO Ritesh Agarwal has announced sending 'a significant number' of employees in the US and other markets on a temporary leave of absence for 60-90 days. He added that keeping its promise to the Indian government, OYO is committed to zero actions that impact the employment and salaries of its Indian employees during lockdown.
short by Pragya Swastik / 11:06 pm on 08 Apr
Co-working space startup WeWork has filed a lawsuit against its biggest investor SoftBank for cancelling a $3 billion tender offer for WeWork shares. "SoftBank's wrongful action constitutes both a breach of contract and a breach of fiduciary duty to WeWork's minority stockholders and hundreds of current and former employees," WeWork said. SoftBank had proposed the offer in November 2019.
short by Pragya Swastik / 09:05 pm on 07 Apr
AngelList fires a number of employees, cuts executives' salaries: Report
short by Pragya Swastik / on 07 Apr 2020,Tuesday
AngelList, a platform that connects angel investors to startups, has fired a 'sizable number of staff' and cut executive salaries across all departments, TechCrunch reported. The layoffs happened last week and largely impacted the company's talent arm which connects job-seekers with startups looking to hire. A company spokesperson confirmed layoffs citing economic impacts of coronavirus pandemic.
short by Pragya Swastik / 03:45 pm on 07 Apr
Online pharmacy startup 1mg's CEO Prashant Tandon has said that pharmacy companies' "supply chains are not fully tracked and they are not efficient" adding that they are not monitored in a digital manner. "Pharma industry will have to reimagine its supply chain and business models," he said. Tandon noted that demand for healthcare tech will increase in the post-coronavirus world.
short by Anushka Dixit / 03:01 pm on 07 Apr
Uber launches Work Hub to help drivers find jobs as cab demand drops
short by Anushka Dixit / on 07 Apr 2020,Tuesday
Uber has launched a Work Hub to help drivers find other jobs as the company has suspended services in many places worldwide due to coronavirus. The hub is currently only available in US, offering jobs like food production, warehouse logistics and customer service. Uber is also trying to partner with e-commerce firms in other countries to help drivers deliver groceries.
short by Anushka Dixit / 09:27 pm on 07 Apr
Home-renting marketplace Airbnb raises $1 billion
short by Dharna / on 07 Apr 2020,Tuesday
US-based home-renting marketplace Airbnb has raised $1 billion in equity and debt funding from private equity firms Silver Lake and Sixth Street Partners. The startup recently saw the bookings on its platform decline due to lockdowns across the world amid the COVID-19 pandemic. Airbnb earlier said it plans to go public in 2020, which as per reports may not happen.
short by Dharna / 09:48 am on 07 Apr
Amazon has reportedly ordered 'millions of masks' for its employees to be used from next week to limit spread of coronavirus. The report comes after Amazon fired a worker in New York after he organised a strike to protest lack of safety measures taken. It was reported earlier that 13 Amazon warehouses have confirmed COVID-19 cases in US so far.
short by Anushka Dixit / 07:27 pm on 06 Apr
Ola Foods has partnered with the Bengaluru government to provide 1000 food packets twice a day to migrant labourers across the state. "Thank you @Tejasvi_Surya for your initiative and opportunity. We salute the relentless efforts of all the volunteers of the #CoronaTaskForce," Ola Co-founder Bhavish Aggarwal said. Notably, Zomato has also launched a campaign to provide ration to daily wagers.
short by Anushka Dixit / 04:57 pm on 06 Apr
PolicyBazaar Co-founder Yashish Dahiya told YourStory it was important for startups to have cash reserves, while they focus on survival amid COVID-19 pandemic. Dahiya said that the question for founders today is how long can they continue with zero revenues. He said, "It's important to build a capital base where you can without revenues for at least three years."
short by Dharna / 12:57 pm on 07 Apr
Urban Company has resumed operations in Gurugram, Noida, and Faridabad and has also set up a COVID-19 Relief Fund for its 30,000 service providers. The startup's founders - Abhiraj Bhal, Raghav Chandra and Varun Khaitan, employees and investors will contribute ₹1.5 crore towards the fund. Urban Company is also providing interest-free business advances with delayed payback period.
short by Anushka Dixit / 03:57 pm on 06 Apr
Tesla to suspend production at US factories, cut salaries by 10-30%
short by Aishwarya / on 08 Apr 2020,Wednesday
Tesla will be suspending production at its US factories till May 4 and cut pay for salaried employees between 10% and 30%. It will "keep only minimum critical operations running" till then. Tesla will also furlough employees who cannot work from home and have not been assigned critical onsite positions. The pay cuts and the furloughs will begin April 13.
short by Aishwarya / 03:28 pm on 08 Apr
Delhi Vyapar Mahasangh, a trader group, appealed a court to restart antitrust probe by CCI against Flipkart and Amazon, Reuters reported. Earlier, Karnataka HC had stayed the probe against both the firms after a legal challenge by them. "The present case...involves matters of grave public...and economic interest, and no stay should have been granted," the group said in its filing.
short by Aishwarya / 04:20 pm on 07 Apr
DeHaat, an online marketplace for farm products and services, has raised around ₹90 crore in a Series A funding round led by Sequoia Capital India. Dutch entrepreneurial development bank FMO, and existing backers Omnivore and AgFunder also participated in the round. The Gurugram-based startup was founded in 2012 by alumni of IIT Delhi, IIT Kharagpur, IIM Ahmedabad and other institutes.
short by Dharna / 02:16 pm on 07 Apr
Edtech startup Vedantu raises $10 mn from China's Legend Capital
short by Aishwarya / on 08 Apr 2020,Wednesday
Bengaluru-based edtech startup Vedantu has raised $10 million from Beijing-headquartered VC firm Legend Capital. Vedantu's existing investor Omidyar Network also participated in the Series C1 round and invested $3 million. Founded by Vamsi Krishna, Anand Prakash and Pulkit Jain in 2011, Vedantu is an online tutoring startup which offers students live interactive classes.
short by Aishwarya / 07:56 pm on 08 Apr
Gaming startup Zupee raises $8 mn led by Matrix Partners India
short by Aishwarya / on 08 Apr 2020,Wednesday
Skill-based gaming startup Zupee has raised $8 million in Series A funding round led by Matrix Partners India. The round also saw participation from Falcon Edge Capital, WestCap Group, Orios Venture Partners and Zupee's early-stage investor Smile Group. Founded by Siddhant Saurabh and Dilsher Singh Malhi, Zupee offers live quiz tournaments and allows users to compete for prizes.
short by Aishwarya / 10:57 pm on 08 Apr
E-commerce firms seek curfew pass extension: Report
short by Anushka Dixit / on 08 Apr 2020,Wednesday
E-commerce companies including Amazon, Flipkart, among others have asked the government to grant curfew passes for delivery partners, reports said. They have asked the government to extend the passes by four-six months, which are set to expire on April 14. They have also asked IT products to be included in the list of the essential items.
short by Anushka Dixit / 10:13 pm on 08 Apr
OYO fires staff in US as revenue falls by 75% due to COVID-19: Report
short by Anushka Dixit / on 08 Apr 2020,Wednesday
OYO fired a number of its employees in the US in March from the sales, HR and business development department due to the coronavirus pandemic which led to a fall in revenue. OYO's revenue has dropped by about 75% due to the coronavirus crisis. This comes after the SoftBank-backed startup had fired around 360 employees in the US in February.
short by Anushka Dixit / 04:09 pm on 08 Apr
Bigbasket raises up to $60 million from Alibaba, others: Report
short by Pragya Swastik / on 08 Apr 2020,Wednesday
Online grocer Bigbasket raised $50-60 million in a bridge round led by Alibaba and other existing investors, Entrackr reported. "The round materialised about two weeks ago. It's a much-needed capital for Bigbasket that has been witnessing a surge in demand due to coronavirus pandemic," Entrackr quoted a source. Other existing investors including Mirae Asset and CDC Group also participated.
short by Pragya Swastik / 02:30 pm on 08 Apr
Ready-to-cook food brand Fingerlix's estimated valuation, post a round led by existing investors including Accel Partners and Swiggy, stands at ₹337 crore, Entrackr reported. The Mumbai-based startup raised ₹14 crore in the funding round. It had last received around ₹31 crore in Series C, in February 2019, from Swiggy's parent company Bundl Technologies.
short by Aishwarya / 08:39 am on 08 Apr
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