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  • Shareholders of Awfis Space Solutions are Expected to Offload Shares valued at INR 583 Crore

    According to reports, Delhi-based Link Investment Trust, Mauritius-based Bisque Limited, and prominent venture capital company Peak XV Partners intend to offload Awfis shares valued at INR 583 Cr. The three investors will collectively offload a 12.2% interest, or 85.8 lakh shares, in the flexible workspace solutions company through a block deal, according to a media outlet, which cited sources. The investors will offload the shares for INR 680 each. Compared to the stock’s closing price of INR 717.05 on 10 December, this indicates a 5.2% discount. IIFL Capital Services and ICICI Securities are the deal’s book runners.

    As of September 2024, Bisque and Link Investment Trust owned 14.38% and 0.36% of Awfis, respectively, while promoter Peak XV owned 10.92% of the coworking space provider. Awfis’s stock has increased by more than 70% since its launch in May, although it has decreased by 7.5% in the last month.

    Brokerages Continue to be Bullish on the Company

    Up to five analysts that follow the company have a “BUY” rating on the stock, indicating that brokerages are still positive on the business. The optimistic forecast is primarily due to Awfis‘s quick expansion and acquisition of new office space. The company said last month that it would develop and oversee the National Stock Exchange’s 1.65 lakh square feet of office space in Mumbai. Rounak Real Estate Consultants, a company that specialises in high-value real estate advice services, helped to facilitate Awfis’ collaboration with the NSE.

    Amit Ramani founded Awfis in 2015, and as of March 2024, it has 181 facilities, over 1.1 lakh seats, and 5.6 million square feet of billable space, making it the largest flexible space operator in India. The business began as a coworking network before branching out into the market for tech-enabled workspace solutions.

    Awfis Financial Dynamics

    In Q2 of the fiscal year 2024–2025 (FY25), it posted a consolidated net profit of INR 38.67 Cr. In Q2 of FY24, on the other hand, it reported a net loss of INR 4.34 Cr. During the reviewed quarter, operating revenue increased 40.46% from INR 208.15 Cr in Q2 FY24 to INR 292.38 Cr. On the BSE, Awfis’s shares ended on December 10, trading session 0.15% lower at INR 716.95.

    According to Amit Ramani, chairperson of Awfis Space Solutions, the recently signed NSE contract will help the company’s income in both the current fiscal year and the fiscal year 2025–2026. Ramani had told a media outlet that the contract would “certainly help” with the 30% revenue projection that the company had provided for FY25.

     Awfis and Nyati Group also collaborated in August to build an extra 3 lakh square feet of Grade-A workspace. It intends to open first-rate flexible workspaces in the prestigious commercial buildings “Nyati Empress” in Viman Nagar and “Nyati Enthral” in Kharadi, both owned by the Nyati Group.

    YesMadam Faces Backlash Over ‘Fired for Stress’ Stunt
    YesMadam’s ‘Fired for Stress’ stunt sparks criticism, with the company facing backlash for its controversial PR move perceived as insensitive.
    StartupTalkyNitin Konde

  • YesMadam’s ‘Fired for Stress’ Gimmick Backfires, and the Business is Criticised

    Following a contentious post claiming that the company had fired 100 employees because of stress, YesMadam, a home salon services provider, has provoked fury on social media. Widely shared on LinkedIn and other social media sites, the post went viral very fast and was criticised for taking a tone-deaf approach to a serious problem.

    On December 10, YesMadam responded with a statement that clarified the post was a part of a social media campaign that aimed to draw attention to the “serious issue of workplace stress.”

    The Divisive Social Media Update

    According to the original post, YesMadam fired about 100 workers after a mental health survey found that many of them were experiencing stress. On LinkedIn, an employee going by the name Anushka Dutta posted a leaked HR department email that said, “What’s going on at YesMadam? You survey us at random first, then fire us overnight because we’re stressed? Not only that, but one hundred other people have also been let go.

    Within hours, the post went viral as many users expressed their outrage and rage at what they saw as the company’s cruel choice. Employees, clients, and mental health advocates widely criticised it, accusing YesMadam of taking advantage of a delicate subject for commercial gain.

    The Apology and Explanation from YesMadam

    YesMadam issued a statement in reaction to the criticism, claiming that no staff members had been let go. The business stated that rather than announcing layoffs, the social media post was a part of a larger campaign meant to emphasise the significance of tackling workplace stress.

    According to the official statement, “We deeply regret any inconvenience caused by recent social media statements implying that we fired staff members for experiencing stress. To be clear, nobody was let go from YesMadam. We would never act in such a cruel manner. Additionally, YesMadam underlined that the campaign was created to raise awareness of the urgent problem of workplace stress, which has grown more common in the fast-paced, always-on work culture of today.”

    Introducing the Policy of “De-Stress Leave”

    In an effort to emphasise its “commitment to employee well-being,” YesMadam declared the implementation of the nation’s “first de-stress leave policy.” With the extra perk of a free at-home spa treatment, the program permits workers to take six paid leave days to relax. The goal of this program is to support workers’ mental health and aid in their recovery from stress at work.

    According to YesMadam’s statement, “In today’s hyperconnected world, work-life boundaries are fading, stress is widespread, and productivity often overshadows employee well-being.” “We’re here to lead the way in developing a culture that reflects the belief that happy employees build stronger businesses.”

    YesMadam Lays Off Hundreds After Stress Complaints
    YesMadam laid off hundreds of employees following their complaints about workplace stress, sparking concerns about employee well-being and workplace ethics.
    StartupTalkyNitin Konde

  • Amazon is Entering the Competition for 15-Minute Deliveries

    Amazon promises to provide daily necessities in 15 minutes or less as it makes a daring entry into India’s expanding rapid commerce business. Later this month, the test programme will launch in Bengaluru, bringing competition to a market already dominated by Swiggy Instamart, Zepto, and Blinkit.

    Samir Kumar, the national manager for Amazon India, made the announcement at the company’s annual Smbhav event in Delhi. He explained that the test experiment is intended to satisfy the need for quicker deliveries and emphasised Amazon’s emphasis on “selection, value, and convenience.” The service’s name, which is allegedly “Tez,” has not been verified, though.

    Dark stores, which are tiny warehouses that only fulfil online purchases, will be used by the firm to support its operations. Although Amazon has not disclosed the number of dark stores it plans to open or the cities that will follow Bengaluru, media reports reveal that future growth will be contingent on the pilot’s success.

    Why Amazon Wants to Test the Waters of Quick Commerce Space?

    In India, quick commerce is expanding quickly due to shifting consumer preferences and an increase in the need for convenience and quickness. Ninety-one percent of Indian internet shoppers are aware of rapid commerce platforms, and over half have recently utilised them, according to a Meta research.

    According to the survey, 57% of consumers are spending more money on rapid commerce platforms, with the most popular categories being food and personal care items. Quick commerce concentrates on daily necessities that consumers need right away, in contrast to traditional e-commerce, which is frequently visited for gadgets and fashion items. As consumers depend more and more on fast commerce platforms to restock on fresh produce, dairy, and other essentials, the grocery sector has benefitted greatly from this trend. This is a big change because traditional e-commerce typically takes longer to provide these kinds of things.

    Entry Made Late But With Purpose

    Amazon is joining the rapid commerce space later than its competitors, who have already taken a sizable portion of the industry. With the use of robust networks of underground stores, businesses like Blinkit, Zepto, and Swiggy Instamart can supply groceries and other necessities in a matter of minutes.

    Kumar said that Amazon takes its time making decisions but strives to create high-quality products when it does, which is why the firm took so long to launch. Amazon India wants to make sure that its employees and customers are protected. India’s quick commerce market is expected to be worth $6 billion and is expanding quickly. Instead of the conventional one- or two-day possibilities, consumers are increasingly turning to platforms that guarantee ultra-fast deliveries, particularly in urban regions.

    Amazon already offers a two-hour grocery delivery service called Amazon Fresh. The 15-minute service might provide it with a convenience advantage and draw in more clients from its current clientele of millions, which includes Prime subscribers.

    Locking Horns With Market Leaders

    The market for established players like Blinkit, Zepto, and Swiggy Instamart may be disrupted by Amazon’s arrival. These players have made extensive use of their first-mover advantage and existing networks. With its client base, financial resources, and logistics know-how, Amazon might really challenge their hegemony.

    But it won’t be simple. Fast commerce necessitates perfect execution, which includes competitive pricing, effective delivery systems, and robust inventory management. In a field where competitors already dominate, any mistakes could make it hard for Amazon to get traction.

    Hyperpure by Zomato Introduces Quick Delivery for B2B Clients
    Hyperpure, Zomato’s B2B vertical, now offers quick delivery services, enhancing supply chain efficiency for restaurant partners and businesses.
    StartupTalkyNitin Konde

  • Indian developers Can Access Google for Free up to $6,800

    Google Maps has announced that, from March 1, 2025, Indian developers will get “free” access to its suite of tools for up to $6,800 (more than INR 5.7 lakh) each month, in response to increasing competition from regional geotech companies. Tina Weyand, Google Maps’ senior director of product management, stated in a blog post that local developers will get “free” access to the company’s products, including software development kits (SDKs) and environment application programming interfaces (APIs), up to the specified monthly cap.

    Google Maps’ existing fixed $200 monthly credit will be replaced by a newly announced pay structure. Developers will be able to create more for free after March 1, 2025, when they will have one month’s worth of free access to all of Google’s products, including the Maps, Routes, Places, and Environment APIs and SDKs. According to Weyand, this implies that developers in India would soon have access to up to $6,800 in free usage per month, spread across all products, in place of the company’s current fixed $200 monthly credit.

    Unlimited Free Usage For Maps Embed API and Maps SDK

    Maps Embed API and Maps SDK will continue to offer “unlimited free usage,” according to tech giant Google. Additionally, the updated pricing plans will allow developers to develop more effective solutions and experiment with the APIs and SDKs. It is anticipated that this approach will help Google better compete with regional firms like MapmyIndia and Ola’s Krutrim, particularly in terms of pricing, and will attract smaller developers. This comes after Google reduced the cost of its Maps platform in July of this year and introduced new pricing for Indian developers that is specifically altered for India. A partnership with Open Network for Digital Commerce (ONDC) was then revealed by the giant tech company, which will provide developers creating apps on the state-backed network with up to 90% off on specific Google Maps APIs.

    Google Forming New Strategies to Remain Ahead in the Race

    Google’s cost-cutting action followed Bhavish Aggarwal, the founder and CEO of Ola Consumer, urging Indian developers to abandon Google Maps. Aggarwal announced at the time that all developers on the Krutrim platform would have free access to Ola Maps for a year and that developers would receive more than INR 100 Cr in free credits. In the meantime, MapmyIndia has also been putting up a strong fight against Google Maps.

    Google Maps launched a number of India-specific features earlier this year, such as flyovers, narrow road callouts, and Address Descriptors, which allow users to accurately pinpoint a location inside intricate city road networks. Google has launched Gemini AI in Docs, which is a related development. Compared to competing AI models, it can more clearly generate photo-realistic images of people, landscapes, and animals with only text cues. Gemini AI may be effectively used by users to upload full-bleed photos that fill a document’s page. Additionally, it can be used to produce inline visuals for promotional flyers, marketing campaign briefs, and digital restaurant menus.

    Rohan Verma Steps Down as MapmyIndia CEO to Start B2C Venture
    MapmyIndia CEO Rohan Verma announces resignation to launch a new B2C business, marking a strategic career shift into consumer-focused ventures.
    StartupTalkyNitin Konde

  • With DLF’s Assistance, Tesla has Resumed its Quest for a Showroom in New Delhi

    In a significant indication that the Elon Musk-led electric vehicle maker has begun reconsidering its entry into the Indian market after postponing its investment plans in the nation earlier this year, Tesla has resumed its search for showroom space in New Delhi. At first, Tesla was searching New Delhi for a location for its showrooms. But when the carmaker decided to put the investment plan on indefinite hold, the hunt was put on hold. But now that the brand has resumed its hunt, it might be a significant step for the business to relaunch its India strategy. According to a news agency, Tesla is now in preliminary negotiations with real estate development firm DLF to reserve space in the area around the nation’s capital. In addition, the massive electric car manufacturer is negotiating with other parties.

    According to reports, Tesla is searching for 3,000 to 5,000 square feet to build a consumer experience centre and a three-fold larger area for its service and delivery operations. The article further stated that the auto manufacturer is assessing a number of sites, such as the Cyber Hub office and retail complex in neighbouring Gurugram city and DLF’s Avenue Mall in southern Delhi. Additionally, it stated that Tesla is seeking to lease an 8,000-square-foot showcase area at the Avenue Mall. However, nothing has been finalised as of yet, and Tesla is still in the exploratory stage of its quest for showroom space.

    Tesla’s Strategy for India: Initial Developments

    When Elon Musk, the CEO of Tesla, announced in April that he would visit India to meet with Prime Minister Narendra Modi, the news of Tesla’s foray into the Indian auto sector became widely publicised. It was rumoured that he may announce a $2–3 billion investment in India, which would entail establishing a local facility for the production and assembly of Tesla electric vehicles. This facility would serve as a hub for EV manufacturing worldwide in addition to serving the Indian market. But after Tesla chose to fire 10% of its global workers due to declining sales, Musk abruptly cancelled his trip. Although Tesla began hiring in India in 2021 when it registered as Tesla India Motors in Karnataka, the automaker’s admittance into the country has remained an issue of contention for the past two years.

    Tesla’s Demand from the Indian Government

    In order to begin formal business operations in India, Tesla requested a reduction in import taxes for its electric vehicles. The Indian government, however, has refused to grant Tesla any special treatment, arguing that doing so would be unjust. Rather, the Indian government has consistently insisted that the EV manufacturer establish a domestic production plant there. Subsequently, the Indian government implemented a policy that permitted Tesla to import specific electric vehicles at a reduced tariff of 15% in exchange for the establishment of a domestic manufacturing and assembly facility in the nation. Following Tesla’s failure to meet its previous investment plans, the Indian government loosened some of its regulations in an attempt to draw in automakers. At first, Hyundai and Toyota showed interest in the move. But in the Indian market, Tesla’s “to go or not to go” strategy continued to be a hot topic of conversation.

    Delhi Extends Electric Car Policy Until March 2025: CM Atishi
    Delhi CM Atishi extends the electric car policy until March 31, 2025, to promote eco-friendly transportation and boost EV adoption in the capital.
    StartupTalkyNitin Konde

  • Mobikwik IPO to Open Today

    On December 11, 2024, One Mobikwik Systems Limited is scheduled to make its much-anticipated initial public offering (IPO) to the Indian primary market. According to sources, shares of fintech giant MobiKwik are trading almost 40% higher on the grey market from the upper end of the price range of INR 265 to INR 279 ahead of the start of the company’s initial public offering (IPO). On December 8, MobiKwik shares were trading at INR 391 per, according to Investor Gain. On December 11 and 13, the company’s first public offering (IPO) will open and close. Brokers’ optimistic assessments of the IPO may have contributed to the price spike in the grey market. With a long-term outlook, Bajaj Broking advised investors to subscribe to MobiKwik’s IPO. According to the brokerage’s IPO note, MobiKwik intends to expand its operations into other markets, which could increase its earnings in the upcoming years.

    Reducing IPO Size

    Additionally, Kotak Securities has praised the company’s decision to reduce the size of the IPO, stating that it is an appealing investment opportunity. The smaller IPO size and targeted funding allocation show strategic intent. According to Kotak, if handled carefully, the IPO could position MobiKwik as a pioneer in defining the direction of digital finance. In an attempt to raise INR 572 Cr, MobiKwik submitted their red herring prospectus last week. It had previously been approved by market watchdog SEBI to raise INR 700 Cr through its initial public offering. Only a new issue of shares is included in the public offering. Additionally, the business reduced its 2021 valuation of roughly $1.5 billion to $1.7 billion to about $255 million for its IPO.

    Current Financial Situation of MobiKwik

    According to Bipin Preet Singh, the founder and CEO of MobiKwik, it is disheartening for investors when an initial public offering (IPO) with a high value underperforms after listing. People think they are horrible companies that spend a lot of money, but someone needs to change that. “We don’t mind if it means receiving a lower valuation,” he stated. MobiKwik, on the other hand, turned a profit in FY24 but went into the red in the first quarter of 2024–25 (Q1 FY25). Compared to a net profit of INR 3 Cr in the same quarter last year, it reported a net loss of INR 6.6 Cr in Q1 FY25. During the reviewed quarter, operating revenue was INR 342.2 Cr. Compared to the previous fiscal year’s net loss of INR 83.19 Cr, MobiKwik reported a net profit of INR 14.1 Cr in FY24. Operating revenue increased from INR 539.5 Cr in FY23 to INR 875 Cr, a 62% increase.

    Lenskart Plans Largest Eyewear Production Plant in Telangana
    Lenskart plans to build its largest eyewear production plant in Telangana, aiming to enhance manufacturing capacity and meet growing demand.
    StartupTalkyNitin Konde

  • Police Notify Elon Musk’s Starlink in $4.25 Billion Drug Smuggling Case

    Indian police are now keeping an eye on Elon Musk’s Starlink after drug smugglers allegedly used one of its internet service devices to transport $4.25 billion worth of cocaine from Myanmar into Indian waters. According to reports cited by a media house, police officers in the Andaman and Nicobar Islands have served Starlink with a legal notice requesting the identity of the buyer of the gadget that enabled the peddlers to smuggle illegal goods into the nation by water. The payment method used to buy the Starlink Mini device connected to the drug smuggling case, registration information, and usage history are among the other elements the police are looking for.

    Police Found Satellite Internet Device

    Six Myanmar nationals were arrested by the local police in November for carrying more than 6,000 kg of meth on a boat. On the same boat, the police officers discovered the satellite internet gadget. The case’s senior police officer went on to say that the incident sparked “alarm bells” because it was the first time that drugs were smuggled into Indian waters using a Starlink device to cross the deep sea. This development coincides with Starlink’s application for a government licence to provide its satcom services in the nation. It is already involved in a dispute with two of the biggest telecom companies, Bharti Airtel and Reliance Jio, regarding the distribution of satcom spectrum.

    Tug of War Between Companies Over Allocation of Spectrum

    Airtel and Jio have requested an auction of the satcom spectrum, while Starlink and Amazon Kuiper have demanded that the spectrum be distributed administratively. It is important to remember that Starlink has not yet received the Centre’s security authorisation to begin offering satellite broadband services in India. The government wants the business to guarantee that data processing and storage would take place locally.

    This comes after Jyotiraditya Scindia, the minister of communications, stated last month that satellite service spectrum will be distributed administratively but at a “cost” that would be determined by TRAI following thorough discussions with relevant parties. Chandra Sekhar Pemmasani, the Minister of State (MoS) for communications, stated earlier this month that satcom should be viewed as an adjunct to terrestrial networks like 5G and 6G in order to close the digital gap and improve last-mile connectivity in India.

    Earlier this month, the director of Starlink Satellite Communications, Parnil Urdhwareshe, stated during the open house that Indian consumers desire satellite broadband services and that these “intelligent consumers” are entitled to select an operator that will offer them a high-quality, reasonably priced service. He noted that Starlink’s website easily provides costs for any country and that the company takes pride in making satellite broadband accessible to those who have not yet had it.

    Elon Musk Commits to Delivering Highest Quality of Service in India
    Elon Musk supports India’s administrative decision to allocate satellite spectrum, benefiting Starlink. He vows to provide top-quality service in India.
    StartupTalkyNitin Konde

  • DPIIT and Flipkart Sign an MOU to Support and Invest in Indian Startups

    E-commerce giant Flipkart has teamed up with the Department for Promotion of Industry and Internal Trade (DPIIT) to invest in and coach up-and-coming entrepreneurs in the nation in an effort to support the domestic startup ecosystem. Flipkart will support early-stage entrepreneurs through Flipkart Leap and Ventures, its startup accelerator, in accordance with the memorandum of understanding (MoU) that the two parties signed. Through the accelerator, the Walmart-backed company provides seed funding to Series A startups, with cheque sizes ranging from $200K to $500K. According to a statement from the e-commerce giant, Flipkart will also assist the up-and-coming businesses with the development of their prototypes and with entering foreign markets by offering infrastructure support.

    Flipkart Claims To Have Supported 20 Startups Till Now

    The organisation claims to have sponsored 20 startups through its accelerator since its founding in 2022, while it did not specify how many startups it plans to back. It has made investments in a number of firms, including FlexiflyMe, Dopplr, and NeuroPixel.AI. The accelerator fund has a $100 million size. According to Rajneesh Kumar, chief corporate affairs officer at Flipkart, the company hopes to use its $100 million venture fund to help entrepreneurs make ground-breaking discoveries that will influence technology and business in India and beyond.

    In contrast, the DPIIT will give selected entrepreneurs access to industry reports, research papers, datasets, and other studies produced by government agencies for market research and expedited patent applications submitted by startups, as well as connections within the Startup India ecosystem. The innovative and entrepreneurial spirit that propels country’s development is embodied in India’s startup ecosystem. According to DPIIT director Sumeet Jarangal, this Memorandum of Understanding would strengthen India’s position as a global innovation leader by accelerating the conversion of ideas into meaningful solutions by leveraging the strengths of both parties.

    Startup India’s Joint Secretary, Sanjiv Singh, underlined the importance of the Memorandum of Understanding in promoting an innovative and entrepreneurial culture, which are essential for India’s development. According to him, the collaboration would improve India’s standing as a worldwide leader in innovation by fostering an atmosphere that would enable companies to turn their concepts into useful solutions. He added that this partnership would give startups the boost they need to reach new heights and make significant contributions to the country’s technological and economic development.

    DPIIT Forging Partnerships to Strengthen Startups’ Ecosystem

    In recent months, DPIIT has formed four partnerships to support the Indian startup ecosystem. It joined together with HCLSoftware in October to advance its manufacturing incubator programme. Additionally, it established a business incubator in Gujarat in collaboration with Johnson Controls-Hitachi Air Conditioning India.  Additionally, last week, the DPIIT teamed up with Moglix, a B2B e-commerce platform, to support manufacturing firms. The changes occur at a time when the startup scene in India is expanding rapidly. As of October 31, 2024, DPIIT-registered businesses have generated over 16.67 lakh direct jobs in over 55 industries, according to a statement made earlier this month by Commerce Minister Piyush Goyal.

    Government Updates Forex Regulations to Support Startups
    The government has announced updated forex regulations aimed at simplifying processes and supporting the growth of startups in India.
    StartupTalkyNitin Konde

  • In Telangana, Lenskart Intends to Construct the Biggest Eyewear Production Plant

    With an estimated INR 1,500 crore in investment, IPO-bound Lenskart intends to establish its largest eyewear manufacturing facility in Telangana. On December 9, 2024, state IT and industries and commerce minister Duddilla Sridhar Babu posted on X that the Gurugram-based eyeglasses company has signed a memorandum of understanding (MoU) with the Telangana government to develop the facility in Fab City located at Raviryala village in Maheshwaram mandal of Rangareddy district.

    With an approximate expenditure of INR 1,500 crore, Lenskart would establish the largest eyewear manufacturing facility in the world in the state of Telangana. According to Babu’s post on X, the plant will manufacture eyeglasses, lenses, sunglasses, accessories, and other goods for the Indian market in addition to exporting to other Southeast Asian and Middle Eastern countries.

    Locking the Land

    The facility will be built in Fab City, where land has already been selected and will be given to the business this week, Babu continued. There are rumoured talks on setting up an R&D plant, and the plant will generate about 2,100 jobs. Babu stated, “This is evidence of the state’s policy that guarantees speed and ease of business for companies.”

    Lenskart was worth $5.6 billion this year after a fund run by the big American financial services company Fidelity raised its value. According to the most recent valuation of the business as of September 30, this indicates a 12% increase in the firm’s fair worth in Fidelity’s books. According to reports, Lenskart generated $1 billion in income annually for the current fiscal year. Temasek, Singapore’s state-owned investment firm, and Fidelity contributed $200 million to Lenskart’s secondary investment in June of this year. Secondary sales provide a means of paying back early investors when new companies’ value increases.

    In this financing, the company managed by Peyush Bansal was valued at roughly $5 billion. In June of last year, the company raised $100 million in a fundraising round that valued it at $4.5 billion. With about $1 billion in money raised over the last two years, Lenskart is among the biggest growth-stage financings in the world.

    Lenskart on Expansion Spree

    While expanding quickly throughout Asia, Lenskart is still expanding its market share in India. Its distinctive click-and-mortar business strategy is upending the eyewear market by providing a multi-channel consumer experience through mobile apps, online platforms, and physical stores. Currently, the corporation operates over 2,500 outlets, with 2,000 of those being in India.

     Delhi-based Lenskart faces competition from companies like Warby Parker, Specsmakers, Vision Express, Titan Eyeplus, and the Italian eyewear giant Luxottica Group, both domestically and internationally.

    In order to expand its business and obtain access to new technology, the corporation has also been making acquisitions. These include businesses like Tango Eye, a firm focused on computer vision and artificial intelligence. In 2022, Owndays, a Japanese brand, joined the Lenskart group in an estimated $400 million purchase.

    Telangana Gig Workers Demand State-Owned Ride-Hailing Platform
    The gig workers’ union in Telangana is urging the government to launch a state-run ride-hailing service to ensure fair pay and improved working conditions.
    StartupTalkyNitin Konde

  • YesMadam Laid Off Hundreds of Workers After They Complained About Stress at Work

    Yes, Madam is currently experiencing online backlash for purportedly terminating over 100 employees who reported experiencing increased work-related stress during a mental health survey conducted by the organisation. Anushka Dutta, a former copywriter at Yes Madam, vented her annoyance on LinkedIn, writing, “What’s going on at Yes Madam? You randomly survey us first, and then you fire us overnight because we’re stressed. Not only that, but 100 other people have also been let go. Additionally, Dutta sent a screenshot of the email the company’s human resources (HR) department issued regarding the layoffs.

    The email shockingly claims that the terminations were made in order to keep workers from working under pressure. As an organisation dedicated to creating a safe and encouraging workplace, it has given considerable thought to the suggestions. The email stated that the company had taken the difficult decision to fire individuals who expressed a great deal of stress in order to make sure that nobody was left feeling overwhelmed at work.

    Company Received Strong Criticism Online

    After receiving more than 6,400 likes and 1,300 comments, these LinkedIn posts swiftly gained widespread attention. Yes, Madam, was criticised in the majority of the comments and new posts, which described the situation as “terribly stressful and (a) disturbing news.”

    Furthermore, some users referred to the widespread layoffs as “unethical” and demanded that the nation’s labour rules be strengthened. Some people, however, were quick to doubt the incident’s veracity and speculate that it might be a marketing ploy. If this were a publicity trick, a netizen said the corporation had “literally stooped low.”

    Nevertheless, this is not the first instance in which Yes Madam has encountered turbulent waters. Due to a server-side setup error, the firm was criticised last year for allegedly disclosing the private information of its gig workers and clients.

    What MediBuddy and CII Survey Reveal About Mental State of Working Class?        

    The development coincides with other data indicating that Indian workers are experiencing significant levels of stress. About 62% of Indian workers suffer from work-related burnout, which is much higher than the global average of 20%, per a survey by MediBuddy and the Confederation of Indian Industries (CII). According to a different World Health Organisation (WHO) report, 15% of working-age persons suffer from anxiety disorders, and over half of the world’s population is currently employed.

    YesMadam’s Financial Dynamics

    Yes Madam is a home-based salon startup that was founded in 2016 by twins Aditya and Mayank Arya. BigStylist, GetLook, Biguine India, Belita, ZapLuk, MakeO, and Urban Company are its competitors. Aman Gupta, Vineeta Singh, Peyush Bansal, and Ritesh Agarwal, four investors on the popular TV show Shark Tank India, agreed to invest INR 1.5 Cr in the home salon firm in February. Regarding finances, Yes Madam recorded operational revenue of INR 27.04 Cr for the fiscal year 2022–2023 (FY23), which was over 26% more than INR 21.48 Cr for the same period last year. The Delhi NCR-based business previously told Inc42 that its FY24 sales were INR 45 Cr. In contrast, losses in the fiscal year under review increased by just 3% year over year (YoY) to INR 6.36 Cr from INR 6.15 Cr in FY22.

    RBI Panel to Regulate Ethical AI in Financial Services
    RBI establishes a panel to oversee the ethical use of AI in financial services, aiming to ensure responsible innovation and safeguard consumer trust.
    StartupTalkyNitin Konde