Microsoft has cut jobs in a variety of groups including consulting and customer and partner solutions and is spread across all geographies. According to a Bloomberg report, the company has done this to reorganize business groups and roles after the end of its fiscal year on June 30.
The report said Microsoft plans to continue hiring for other roles and end the current fiscal year with increased numbers. “Today we have very few roles eliminated. Like all companies, we regularly evaluate our business priorities, and make structural adjustments accordingly… We will continue to invest in our business and overall employees in the coming year. will increase the numbers,” the report quoted Microsoft’s emailed statement to Bloomberg as saying.
In line with another report, Alphabet Inc’s Google plans to slow hiring for the rest of the year in the face of a potential economic slowdown, Chief Executive Officer Sundar Pichai said in an email to employees on Tuesday.
The company will focus on hiring in “engineering, technical and other critical roles” in 2022 and 2023. … in some cases, this means consolidating where investments overlap and streamlining processes,” according to the report citing Pichai’s email to employees.
In India In addition, several start-ups in recent months have laid off employees to cut costs and focus on profitability. Recently, edtech unicorn start-up Byju’s laid off over 600 employees, including both permanent and contractual.
Prior to Byju’s, new generation enterprises including Vedantu, Unacademy and Cars24 also laid off over 5,000 employees in India this year. Ola has laid off around 2,100 employees during January-March this year, followed by Unacademy (over 600), Cars24 (600) and Vedantu (400). In addition, e-commerce firm Meesho has laid off 150 employees, furniture rental start-up Furlenko 200, influential social commerce start-up Trail 300 employees and OKCredit 40.
Leading venture capital firm Sequoia Capital recently told the founders of its portfolio companies in its 51-page note that the era of being rewarded for hypergrowth at any cost is quickly coming to an end, with investors turning to those companies. that can demonstrate current profitability. “Capital is becoming more expensive while the macro is becoming less certain, giving investors priority and paying less for growth.”
As far as funding is concerned, Indian startups raised $6.9 billion in 409 funding rounds during April-June 2022, down 33 per cent from $10.3 billion in the previous quarter. Startup fundraising has also declined by $10.1 billion on a year-on-year (YoY) basis, as per Tracxn Jio Quarterly Report: India Tech Q2 2022.
During the March 2022 quarter, the top startups that raised fundraisers included VerSe ($805M- Series J), Delhivery ($304M- Series J), and udaan ($275M- Series D), followed by ShareChat ($255M- Series D). G) are included. and upgrade ($225M-Series F).
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