Zomato will become “Eternal”; 11,500 people laid off in Indian startups this year

On October 2, 2015, Google restructured and renamed itself Alphabet, a conglomerate that would serve as the parent company for Google and its many subsidiaries. Now, Zomato is planning a similar revamp – on a much smaller scale, of course – renaming itself Eternal, an entity that will house Zomato’s food delivery business and its growing number of side hustles.

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Also in this letter:
Indian startups laid off more than 11,500 workers this year: report
Alibaba determined to maintain New York listing despite audit dispute
■ Musk says Twitter can become a source of accurate and relevant information


Zomato will have many CEOs, will be called Eternal, says Deepinder Goyal

Deepinder Goyal

Food delivery startup Zomato is internally renaming itself to “Eternal” – a larger organization that will house all of its activities, much like the Google-Alphabet rebranding.

Why now? “We are at a stage in life where we are moving from running (more or less) a single company to running multiple large companies,” Deepinder Goyal, CEO and Managing Director of Zomato, wrote on the slack channel. company on July 28.

He said Zomato was transitioning from a company where he was the sole CEO to a company with CEOs for each of its businesses – Zomato, Blinkit, Hyperpure and Feeding India.

Goyal added that Eternal will remain an internal name for now. “You should start seeing the Eternal logo in a few places in our office, as well as t-shirts on you in a few days,” he wrote.

How’s it going: Currently, Blinkit is led by Albinder Dhinsda, and co-founder Mohit Gupta is the general manager of Zomato’s food delivery operations.

Ramit Goyal is head of product and growth for his business-to-business restaurant supply business Hyperpure.

Why ‘Lord?“The word Eternal is a mission statement in itself. Eternal means forever, something that will last more than a few lifetimes. Unlimited, timeless, eternal, endless, permanent – are some of the other words that can be used to describe the Lord,” he wrote in the post.

difficult moments: Last week, Zomato’s the stock plunged after the expiry of the mandatory lock-up period for pre-IPO shareholders. Overall, the stock is down more than 70% from its all-time high of Rs 169.10 on November 16, 2021.

Q1 results: Zomato reported on Monday a consolidated loss of Rs 186 crore for the first quarter of 2022-23, nearly half of the Rs 359 crore loss it reported in the same period last year.

Operating revenue stood at Rs 1,413.9 crore, up 67.44% from Rs 844.4 crore a year ago.

Chief Financial Officer Akshant Goyal said revenue growth was driven by 10% quarter-over-quarter gross order value (GOV) growth in the first quarter of FY23 and growth in revenue per order.


Indian startups laid off more than 11,500 workers this year, data shows

Dismissals

More than 25,000 startup workers in India have have lost their jobs since the start of the pandemicand more than 11,500 have been laid off this year alone, according to data compiled by Crunchbase.

Edtech managers: India layoffs are dominated by edtech platforms such as an academy (1,150 employees), Byju’s (550 at Toppr and Whitehat Jr) and Vedantu (624).

Others that have laid off employees include ride-sharing platforms hello (nearly 500), healthcare startup I’m fine (600) and used car platform Cars24 (600).

Major layoffs.

American scene: In the United States, more than 32,000 tech workers have been laid off so far this year, including at big tech companies like Microsoft and Meta, the data shows.

“We’ve included both US-based startups and publicly traded companies. We’ve also included companies based elsewhere that have a large team in the US, like Klarna,” Crunchbase said.

The layoff includes ride-sharing platform Uber, netflix and several cryptocurrency exchanges and lending platforms.

Robinhood, Glossier and Better are just a few of the tech companies that have downsized this year.

Big picture: Since April 1, more than 43,000 workers from 342 tech companies and startups have been laid off across the world, with more than 13% coming from India, according to the latest data compiled by layoffs.fyi, a website that tracks layoffs in startups.


Alibaba determined to maintain New York listing despite audit dispute

Ali Baba

Chinese tech giant Alibaba said on Monday it wants to maintain its listing on the New York Stock Exchangethree days after the United States Securities Exchange Commission placed it on the list Chinese companies ready to be delisted by the United States.

Alibaba, who was considering applying for a dual main listing in Hong Kong to make it easier for Chinese investors to buy its shares, was placed on the list along with more than 270 other Chinese companies for failing to meet the requirements of US auditors.

Long argument: China and the United States disagree over audit rules for Chinese companies listed in the United States.

While Beijing bans foreign inspection of local accounting firms’ working papers, the United States requires Chinese companies to comply with American auditing standards for three consecutive years.

Under the new rules, Chinese companies have until 2024 to comply with audit requirements.


Deals concluded by ETech

Seed funding

■ Tartan, a payroll and workforce management start-up, raised $4.5 million in funding from 500 Global (formerly 500 Startups), InfoEdge Ventures and Naval Ravikant-backed Quant Fund, among others. Founded in June 2021, Tartan provides a suite of white-label application programming interfaces (APIs) allowing financial institutions to access their consumers’ payroll data with their consent in order to verify their income and employment status. use.

■ OckyPocky, an English learning platform for children, raised an undisclosed amount from Goodwater Capital, based in Silicon Valley, and Quant Fund backed by Naval Ravikant. OckyPocky uses natural language processing (NLP) to help children aged 2-8 learn and speak English.

Tweet of the day


Musk says Twitter can become a source of accurate and relevant information

Elon Musk

Amid an ongoing legal battle with Twitter, Tesla CEO Elon Musk has said the social media platform has the potential to be a relevant and accurate source of information it’s “not totally depressing”.

After previously dismissing mainstream media as a “click-finding machine disguised as a truth-seeking machine,” Musk tweeted: “It is certainly hard to find a source of accurate, relevant, and not totally depressing news,” adding: “Maybe Twitter can become that”.


Musk vs media: Musk has long been a vocal critic of mainstream media. A few days ago, criticized the Wall Street Journal, claiming his report of his alleged affair with Google co-founder Sergey Brin’s wife, Nicole Shanahan, was false.

Earlier, a Business Insider report claimed that SpaceX paid an employee $250,000 to settle allegations that Musk sexually harassed her in 2016. Musk called the allegations “completely false” and said that they were made to prevent him from acquiring Twitter, a deal he is currently trying. to finish

Today’s ETtech Top 5 newsletter was curated by Zaheer Merchant in Mumbai and Ruchir Vyas in New Delhi. Graphics and illustrations by Rahul Awasthi.