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Tag: 21K

  • This firm gifts iPads to over 21K employees to celebrate $1 bn revenue mark

    This firm gifts iPads to over 21K employees to celebrate $1 bn revenue mark

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    New Delhi: Global IT solutions provider Coforge (formerly NIIT Technologies) surpassed $1 billion (over Rs 8,014 crore) in revenue in FY23, registering PAT at Rs 8,117 million (Rs 811 crore), up 22.7 per cent (on-year), it announced on Thursday.

    The company also announced to gift an Apple iPad to each of its more than 21,000 employees to celebrate the milestone.

    The revenue for the March quarter (Q4 FY23) was $264.4 million (Rs 2,170 crore), with PAT at Rs 232 crore for the January-March period.

    MS Education Academy

    “We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ growth of 5 per cent. The second major landmark has been the firm crossing the $1 billion revenue mark. Our performance heading in to FY24 sets us up well to deliver robust growth,” said Sudhir Singh, CEO, Coforge.

    For FY24, the firm issued an annual revenue growth guidance of 13-16 per cent in constant currency terms, expects a gross margin increase of about 50 bps and adjusted EBITDA margin to be at similar levels as FY23.

    The Board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be May 9, 2023.

    Coforge leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. The firm has a presence in 21 countries with 25 delivery centers across nine countries.

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    ( With inputs from www.siasat.com )

  • 70-plus Indian startups show exit door to 21K techies, more expected

    70-plus Indian startups show exit door to 21K techies, more expected

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    New Delhi: As global layoffs deepen, Indian startups are not far behind and have sacked thousands of employees in the past 3-4 months, with many more to be given pink slips in the coming months amid deepening funding winter.

    In India, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU’S, Ola, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more.

    The edtech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date.

    With the onset of January, more and more Indian companies are slashing jobs across the spectrum. The new year has already seen more than 16 homegrown startups sack employees in the country.

    Social media company ShareChat (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions.

    Backed by Twitter, Google, Snap and Tiger Global, ShareChat has about 2,300 employees, and the layoff impacted about 500 people at the company,

    Healthtech unicorn Innovaccer has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in India and the US.

    Innovaccer cofounder and CEO Abhinav Shashank cited an “uncertain macroeconomic environment” as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42.

    This was the second layoff at the company in around 4-5 months’ time amid the deepening funding winter and recession fears.

    In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce.

    Online food delivery platform Swiggy confirmed that the company is laying off 380 employees as food delivery growth slows.

    MediBuddy, an end-to-end digital healthcare platform in India, has laid off 8 per cent of its workforce, around 200 people, across all departments as a restructuring exercise.

    Homegrown online vehicle repair platform GoMechanic, backed by Sequoia India, has laid off 70 per cent of its workforce as the startup struggles to raise funds amid serious concerns of accounting troubles.

    The company has asked the remaining staff to work without pay for three months, according to reports.

    Software-as-a-service (SaaS) voice automation startup Skit.ai has asked more than 115 employees to go, mostly from its India team, as part of the “restructuring process” amid the deepening funding winter.

    Even IT giant Wipro has laid off more than 400 fresher employees for poor performance in internal assessment tests.

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    ( With inputs from www.siasat.com )