Tag: Techies

Amid layoffs, techies now hit by soaring rents in Bengaluru

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Bengaluru: Soaring rents in Bengaluru have emerged as a major challenge for the software professionals who are already affected by salary cuts and fear of layoffs.
As companies are slowly coming out of hybrid working mode and making reporting to office compulsory, techies from across the country are coming back to Bengaluru and settling down.
The rents for flats, independent houses and residential facilities in Bengaluru, especially those which are close to IT parks, have almost doubled.

The techies, especially those in early phase of their career, are finding it difficult to afford exorbitant rents and they are considering to migrate to distant localities that have afforable rents as well as good connectivity with their workplaces. Bachelors are coming together to share the living space while married ones are finding it hard, explain industry sources.
Magicbricks Property Index Report for January to March revealed that residential demand (searches) in Bengaluru increased 10.3 per cent QoQ, making it amongst the top 3 preferred metros in India.
During the same time, residential supply (active listings) observed a marginal decline of 1.1 per cent QoQ and the demand-supply mismatch led to an increase of 2.5 per cent in the average property rates.
The average rates of ready-to-move and under-construction properties increased 2.5 per cent and 2 per cent QoQ, respectively.
The report also stated that Bengaluru records the second highest increase in residential demand (10.3 per cent QoQ).

Sarjapur Road emerged as the most preferred residential area in Bengaluru, the report said.
The report also revealed that 3BHK configurations gained the highest traction commanding a share of 48 per cent in the total residential demand during this (January-March) quarter and 43 per cent share in the total supply (listing).
This was followed by 2BHK configurations which held 38 per cent share of the demand and 43 per cent of the supply in the city.
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented: “Several multilateral agencies have projected that the Indian economy will grow by 6-7 per cent in FY23, despite the global slowdown. The recent Union Budget has also introduced several encouraging initiatives, including substantial allocations to PMAY and UIDF, which have set the wheels in motion for facilitating employment opportunities and infrastructure development.
“Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation.”
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#layoffs #techies #hit #soaring #rents #Bengaluru
( With inputs from www.siasat.com )

April 7, 2023
Over 23K techies lose jobs in nearly 82 Indian startups to date

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New Delhi: As layoffs continue to deepen amid recession fears, more than 23,000 employees have been laid off by at least 82 startups in India, and the list is only growing, the media reported.
According to a report in Inc42, 19 edtech startups, including four unicorns, have alone sacked more than 8,460 employees to date.
The startups that lead the layoff tally include BYJU’S, Ola, OYO, Meesho, MPL, LivSpace, Innovaccer, Udaan, Unacademy and Vedantu, among others.
Home interiors and renovation platform Livspace this week laid off at least 100 employees as part of cost-cutting measures.
Last week, SaaS platform for online stores Dukaan laid off nearly 30 per cent of its workforce, or around 60 employees — its second layoff in about six months.
Healthcare unicorn Pristyn Care has also sacked up to 350 employees across departments and impacted employees from sales, tech and product teams.
Online higher education company upGrad laid off nearly 30 per cent of its workforce at its subsidiary “Campus”.
In February, end-to-end global delivery management platform FarEye laid off 90 employees, which was its second layoffs in about eight months amid the economic meltdown.

With the onset of January, more and more Indian startups are slashing jobs across the spectrum.
Social media company ShareChat (Mohalla Tech Pvt Ltd) laid off 20 per cent of its workforce due to uncertain market conditions.
The layoff impacted about 500 people at the company.
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#23K #techies #lose #jobs #Indian #startups #date
( With inputs from www.siasat.com )

March 25, 2023
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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#70plus #Indian #startups #show #exit #door #21K #techies #expected
( With inputs from www.siasat.com )

January 29, 2023
Techies earning up to USD 1 mn a year laid off at Big Tech firms

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San Francisco: As Big Tech layoffs dominate headlines, more details have emerged on which verticals and senior executives earning up to $1 million annually bore the maximum brunt at Google, Microsoft, and Amazon.
At Google, laid-off employees included those who had previously received high performance reviews or held managerial positions “with annual compensation packages of $500,000 to $1 million,a reports The Information.
According to the report, 12,000 impacted employees belonged to every department, from Google Cloud and Chrome to Android and “search-related groups under senior executive Prabhakar Raghavan”.
Google Cloud laid off people in strategy, recruiting, and go-to-market teams, the report mentioned.
Google’s parent company Alphabet’s in-house research and development (R&D) division called Area 120 was also significantly hit.
Majority of the Area 120 team has been “winded down”.
At Microsoft, which laid off 10,000 employees, game development studios like Halo were the biggest hit. Other cuts impacted its mixed-reality (MR) headset teams.
Microsoft has also shut down AltspaceVR virtual reality-based social platform it acquired in 2017.

Amazon’s layoffs included jobs in the devices and services division.
The job cut affected nearly 2,000 people in hardware chief Dave Limp’s division, which is home to products like Alexa and Echo smart home devices.
CNBC reported the layoffs also included a “significant number” of employees working on the Prime Air drone delivery project.
Amazon will also shut down its charity donation programme, “AmazonSmile”, as it failed to create the impact the company hoped for.
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#Techies #earning #USD #year #laid #Big #Tech #firms
( With inputs from www.siasat.com )

January 23, 2023