Continuing with his investments in startups, top industrialist Ratan Tata has invested an undisclosed sum in home rental startup NestAway Technologies. This is Tata’s eighth personal investment in a startup in 2016 so far.
Snapdeal’s former employees are not holding back while criticizing their former bosses.
Flipkart’s valuation has been devalued. According to Morgan Stanley, Flipkart is now worth only $11.1 billion – a full 27% below its valuation of $15.2 billion at which it had raised money last year.
Jabong’s Chief Marketing Officer Saurabh Srivastava has quit less than 5 months after joining the company. Srivastava had joined Jabong in October last year, and had replaced Praveen Sinha, one of Jabong’s co-founders, who had quit to start his own venture.
Incredible scenes were witnessed at Snapdeal’s New Delhi office after the company put 200 of its employees on a Performance Improvement Plan.
Flipkart Shuts Down Its Groceries Arm Nearby. Last year there was a spurt of players in the online grocery delivery business with new players like Peppertap and Grofers and biggies like Flipkart with Nearby, Ola with Ola store and Amazon with Amazon groceries entering the fray. Though recent events point out to the potential lack of feasibility of a grocery delivery business. Recently, Peppertap had scaled down operations by shutting down in 6 major cities and Grofers had shut down in 9 cities.
The spate of employee layoffs has finally reached e-retail companies. After Helpchat, Zomato, TinyOwl and several others had fired employees over the course of the last few months, it has emerged that Snapdeal is on the verge of laying off as many as 200 employees from its workforce.
“India’s looking as sweet as Kulfi!” to 500 Startups at the moment, as it has launched 500 Kulfi, a $25 million India-focussed fund. The fund will be sector agnostic, but will focus on FinTech, EdTech, Health & Wellness, Data Analytics, Content and SaaS and SMB.
Pankhuri Shrivastava and Prateek Shukla are a couple of 25 year olds, who have never held a job in their lives. They started Grabhouse when they were both just 23 years old. Read how they growth hacked their way to make Grabhouse a multi-million dollar valued real estate powerhouse.