Podcast

Listen: More Covid-19 induced job cuts; Amazon India soft launches food delivery; Exfinity gets $10.5 mn for third fund

The latest episode of the TechThisWeek podcast brings you news and insights, wrapped up in a weekly roundup of the following hand-picked developments in the startup and enterprise technology ecosystems in India.

  • Several companies have either trimmed their workforces or have introduced salary cuts to maintain cash flow as Covid-19 pandemic batters business. Amongst the worst hit in India are segments like ride-sharing, food delivery services and travel startups. This week Ola announced laying off 25% of its total headcount. Twitter backed ShareChat also cut 100 jobs. 
  • Even as Indian food-tech majors Swiggy and Zomato lay off staff to survive the pandemic, Seattle-based retail giant Amazon has pushed into the food delivery segment with a soft launch of the service in select areas of Bengaluru. 
  • Exfinity Ventures, the Bengaluru based venture capital firm founded by former information technology (IT) services executives, raised Rs 80 crore ($10.5 million) as part of the first close of its third fund. The fund has a final target corpus of Rs 500 crore ($65.8 million) and expects to exceed the target at final close. 
  • According to a study conducted by global management consulting company Boston Consulting Group, companies in the Asia Pacific (APAC) region have increased their investments in cloud infrastructure, with spending on public cloud growing at a compound annual rate of 25%. 

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