Tag: ritesh agarwal
Dukaan raises $11 million to help merchants in India set up online stores
Dukaan, a one-year-old Bangalore-based startup that enables merchants to set up online stores and sell products digitally, said on Monday it has raised $11 million in a new financing round as it looks to broaden its offerings and deepen footprints in the South Asian market. The new financing round, a…
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Investors, startup founders in India pool $13M to fund projects that fight coronavirus
More than 150 investors and entrepreneurs in India are funding dozens of projects in a bid to help millions better combat the COVID-19 epidemic and help the nation’s booming startup ecosystem withstand the economic devastation the pandemic has caused. The investors said they have contributed 1 billion Indian rupees —…
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SoftBank-backed Oyo cuts salaries, furloughs employees
Oyo is furloughing more employees globally and levying a 25% pay cut across the board through July this year as the Indian budget lodging startup looks to reduce its expenses to deal with the coronavirus pandemic that has slashed its revenue by about 60%. Rohit Kapoor, chief executive of Oyo,…
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Startups, VCs in India request ‘relief package’ from the government to fight coronavirus disruption
More than six dozen startup founders, venture capitalists, and lobby groups in India have requested the government to grant them a “robust relief package” to help combat severe disruptions their businesses face due to the coronavirus outbreak. In a joint letter to India’s Prime Minister Narendra Modi, startups requested the government…
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India’s Oyo furloughs thousands of employees as revenue drops by over 50%
Oyo has placed thousands of employees on furloughs for up to three months in the U.S. and several other markets as the Indian budget lodging firm confronts the coronavirus outbreak that has cut its revenue and demand by over 50%. The startup’s teams in the U.S. are most impacted by…
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SoftBank-backed Indian startup Oyo to cut 5,000 jobs globally
Oyo said on Wednesday it is laying off 5,000 people from its global workforce as the Indian budget hotel startup looks to cut its spendings and chase profitability. The latest round of job cuts would reduce Oyo’s headcount to 25,000 in over 80 countries where it operates. An Oyo spokesperson…
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