New Delhi, Nov 22 (Ians) With leading financial services company Paytm’s shares plunging to an all-time low of Rs 477 on Tuesday, the grim performance of new-age internet companies continued in the public market amid the global macroeconomic conditions.
In the last 16 months or so, five of such startup/unicorn’s initial public offerings – Paytm, Zomato, Nykaa, Delhivery and Policybazaar – have gone through a bloodbath, shedding more than 18 billion in value.
Vc firm Lighthouse India Fund III has sold 3 crore Nykaa shares worth Rs 525.39 crore in a bulk deal, as the lock-in period expired for the pre-ipo investors.
Zomato shares took a beating after the company’s founder Mohit Gupta resigned from the online food aggregator. The company is also firing 3-4 per cent of its workforce, affecting various departments.
Uber Technologies, an early investor in Zomato, exited the online food delivery platform in August this year.
Zomato’s stock was trading at Rs 63.90 on Tuesday.
In the last 16 months or so, five of such startup/unicorn’s initial public offerings – Paytm, Zomato, Nykaa, Delhivery and Policybazaar – have gone through a bloodbath, shedding more than 18 billion in value.
Vc firm Lighthouse India Fund III has sold 3 crore Nykaa shares worth Rs 525.39 crore in a bulk deal, as the lock-in period expired for the pre-ipo investors.
Zomato shares took a beating after the company’s founder Mohit Gupta resigned from the online food aggregator. The company is also firing 3-4 per cent of its workforce, affecting various departments.
Uber Technologies, an early investor in Zomato, exited the online food delivery platform in August this year.
Zomato’s stock was trading at Rs 63.90 on Tuesday.
- 11/22/2022
- by Glamsham Bureau
- GlamSham
Bengaluru, Nov 19 (Ians) Online food delivery platform Zomato on Saturday said it is planning to lay off nearly 3 per cent of its workforce on account of cost-cutting efforts and to turn profitable.
The decision comes after many tech giants and social media sites announced layoffs.
Zomato stated that layoffs will be based on regular performance.
“There has been a regular performance based churn of under 3 per cent of our workforce, there’s nothing more to it,” said a Zomato spokesperson.
The company currently has nearly 3,800 employees.
In May 2020, Zomato laid off about 520 of its employees, or 13 per cent of its staff, in response to a slump in business following the Covid pandemic.
Meanwhile, Zomato’s co-founder Mohit Gupta quit the organisation on Friday.
Moreover, the food delivery platform announced earlier this week that Rahul Ganjoo had ended his 5-year tenure as Head of New Initiatives.
Earlier in the month, Zomato...
The decision comes after many tech giants and social media sites announced layoffs.
Zomato stated that layoffs will be based on regular performance.
“There has been a regular performance based churn of under 3 per cent of our workforce, there’s nothing more to it,” said a Zomato spokesperson.
The company currently has nearly 3,800 employees.
In May 2020, Zomato laid off about 520 of its employees, or 13 per cent of its staff, in response to a slump in business following the Covid pandemic.
Meanwhile, Zomato’s co-founder Mohit Gupta quit the organisation on Friday.
Moreover, the food delivery platform announced earlier this week that Rahul Ganjoo had ended his 5-year tenure as Head of New Initiatives.
Earlier in the month, Zomato...
- 11/19/2022
- by Glamsham Bureau
- GlamSham
Bengaluru, Nov 18 (Ians) Online food delivery platform Zomato on Friday said that its co-founder, Mohit Gupta, had resigned after about five years at the food aggregator.
In May 2020, Gupta became Zomato’s co-founder after building the segment’s operations from scratch.
In a message that Gupta sent to his team, he stated “deciding to move on from Zomato to seek the other unknown adventures that life holds for me”.
“Over the past few years, I have seen Deepi (Managing Director and CEO Deepinder Goyal) become an even more mature and confident leader who is now completely capable of leading the business into a bright future with all of you by his side. It is with this confidence that I am deciding to move on from Zomato to seek the other unknown adventures that life holds for me. As I look ahead, I am full of excitement for the vision that Zomato,...
In May 2020, Gupta became Zomato’s co-founder after building the segment’s operations from scratch.
In a message that Gupta sent to his team, he stated “deciding to move on from Zomato to seek the other unknown adventures that life holds for me”.
“Over the past few years, I have seen Deepi (Managing Director and CEO Deepinder Goyal) become an even more mature and confident leader who is now completely capable of leading the business into a bright future with all of you by his side. It is with this confidence that I am deciding to move on from Zomato to seek the other unknown adventures that life holds for me. As I look ahead, I am full of excitement for the vision that Zomato,...
- 11/18/2022
- by Glamsham Bureau
- GlamSham
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