Are you curious about Paytm’s contentious layoffs or Ola Electric’s historic IPO? Discover the most recent updates on fintech financing, labor law reforms, and other developments in the thriving startup sector. The world of news is filled with noise! There is always something new going on, especially in the thriving startup community. In this environment, it is tough for news and startup lovers to stay current on the most crucial events. But do not worry! TICE, your one-stop shop for startup news, is back with its weekly news bulletin, Startup Spotlight. This week, we look at massive layoffs at Paytm, historic alliances and approvals, significant debt finance for fintech, regulatory developments in Karnataka, and much more.
Paytm Layoffs Lead to Questions
Paytm has recently received media attention, with various claims of layoffs increasing staff unhappiness. There have been allegations that the corporation is disguising these layoffs as voluntary resignations to avoid paying severance. Paytm, on the other hand, denies these allegations, claiming that stories of fresh layoffs are speculative and inaccurate. The company argues that it is only cutting expenses and focusing on fundamental business improvements, such as AI developments. Furthermore, Paytm guarantees equitable transitions by providing complete notice periods, proper bonuses, and outplacement support.
Paytm Partners with Samsung and Gets IRDAI Approval
Paytm has partnered with Samsung to enable smartphone users to purchase tickets directly from Samsung Wallet. Additionally, the IRDAI approval enables Paytm to distribute insurance products from various insurers.
CredAble Secures INR 30 Crore Debt for MSMEs and Women-Led Businesses
CredAble, a fintech firm, has obtained INR 30 crore in debt funding from SIDBI. The monies will be used to expand operations and provide affordable finance for MSMEs and women-led companies. CredAble’s AI-powered platform facilitates over USD 8 billion in working capital yearly, and it just committed INR 200 crore particularly for women-led entrepreneurs, assisting over 50 businesses in the last ten months.
Karnataka Extends Startup Labor Norm Exemptions
The Karnataka State Government has extended the IT and ITES companies’ exemption from the Industrial Employment Act for another five years. This includes criteria like forming internal committees to prevent sexual harassment and resolve grievances, as well as reporting disciplinary measures to labor authorities. This effort intends to boost the IT and ITES businesses in Bengaluru and Karnataka.
Ola Electric Gets SEBI Approval for India’s First EV IPO
Ola Electric has received SEBI clearance for its initial public offering (IPO), making it the first Indian EV company to do so and the first automotive brand IPO in 20 years since Maruti Suzuki. Ola Electric hopes to raise ₹5,500 crore through the IPO, with a valuation of $6 billion. The funds will be used to expand capacity, service debt, and fund research and development. Ola Electric, which has a 52% share in the Indian EV two-wheeler market, just introduced a cheap model.
boAt Prepares for IPO in FY 2025-2026
The wearable firm boAt is preparing for an IPO in fiscal year 2025-2026. The company is now in talks with investors about raising funding. CEO Sameer Mehta stated that there is no “pressing need” for financing, but did cite interest from a global fund, a sovereign fund, and a strategic investor. boAt targets for profitability in FY25 and intends to raise INR 2,000 crore via an IPO over the next 12-18 months.
Women Gig Workers Protest Urban Company’s New Work Policy in Bengaluru
In Bengaluru, women gig workers at Urban Company went on strike, protesting against new work terms requiring a minimum 4.8 rating and limiting cancellations. They describe these conditions as “horrific” and akin to “slavery,” demanding better terms. Urban Company maintains its commitment to both customers and workers but faces backlash from its gig workforce.
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