In Brief: Cognizant to lay off 350 employees; Swiggy crosses 500 mn delivery orders in October

In Brief: Cognizant to lay off 350 employees; Swiggy crosses 500 mn delivery orders in October
Photo Credit: Reuters
23 Dec, 2019

Information technology firm Cognizant is planning to lay off about 350 people who earn annual salaries ranging from Rs 80 lakh to Rs 1.2 crore, The Economic Times reported. The move is aimed at cutting costs and turning around the focus to digital services from traditional technology services, the report said. The employees going out are aged between 50-55 years and most of them are based out of India. The report revealed that the list has been submitted to chief executive officer Brian Humphries’ office.

This comes months after news reports the technology will be laying off 5,000 to 7,000 mid-to-senior level employees over the next few quarters.  Last month, Cognizant planned to sell its $250 million-a-year content moderation business.

Also Read: Cognizant to cut 7,000 jobs, exit its content moderation business

Swiggy has 60% revenue market share in food delivery:  Co-founder Sriharsha Majety

Bundl Technologies, the Bengaluru headquartered company which owns and operates food delivery platform Swiggy said that it has crossed 500 million delivery orders in October, exceeding its target of 360 million a year set for 2020. The company’s co-founder and CEO Sriharsha Majety told the Times of India that Swiggy has a 60% revenue market share in food delivery. Majety added that the company is moving towards improving its bottom line as discounts have come down. He also said that Swiggy will continue to invest in new growth areas like Stores and parcel delivery service Go. 

Tech Mahindra, CET jointly unveil CoE at College Engineering Technology campus 

Information technology major Tech Mahindra and College of Engineering and Technology (CET), Bhubaneswar have jointly unveiled a center of excellence (CoE) within the college campus to train young graduates in artificial intelligence (AI). The Pune headquartered company has also started operations in its state-of-the-art facility for international business process outsourcing (BPO) operations at Fortune Tower, Bhubaneshwar, the companies said in a joint statement. This move came amid the memorandum of understanding (MoU) signed between Tech Mahindra and CET that outlines the government’s objective to upskill young students with new-age technologies like AI and equipping them with the knowledge of applying these technologies in everyday life. Tech Mahindra added that the facility will provide additional employment in the BPO sector for the state and will also help the skilled-in-Odisha youth seeking an opportunity in the international business domain, the joint statement added.

Finly raises funds from AngelList India, others 

Bengaluru-based startup VV Finly Technology, which owns expense management platform Finly, has raised an undisclosed sum in a funding round from Gemba Capital, venture capitalist Chamath Palihapitiya-led Social Capital, and angel collective AngelList India, The Economic Times reported. Das42 Capital and 91Springboard also participated in the latest round. The company did not disclose the financial details of the deal. Founded in 2015 by Vivek AG and Veekshith C. Rai, the platform automates accounts payables for mid and large-sized businesses, assists companies to setup internal financial controls. In 2017, Essel Group-owned digital payments company Itzcash invested an undisclosed amount in Finly.