Cashfree and Razorpay have received final approval from the RBI to operate as payment aggregators after being under an embargo for almost a year. ShareChat, a vernacular social media platform, has laid off 15% of its staff and is finalizing new funding at a valuation as low as sub-$1.5 billion. The RBI announced the first batch of payment aggregator licenses, with Razorpay, Cashfree, Open Financial Technologies, Enkash, and Google Pay making it to the list. Spotify is reducing about 17% of its headcount, around 1500 employees, and ShareChat has trimmed its workforce by 15% and is valued at less than $1.5 billion, a steep drop from its peak valuation of $5 billion last year.
ShareChat has trimmed its workforce by 15%. The startup is valued at less than $1.5 billion—a steep drop from its peak valuation of $5 billion last year. Why are potential investors hesitant? Explainer by @ditipujara and @ujjainidutta_. https://t.co/9GYbgQk6ju
Job cuts and valuation drop at ShareChat reflects the kind of year startups have had. More in this news explainer by @ujjainidutta_ & @ditipujara @MorningContext https://t.co/0wL0mUi71v
Take a look at the top headlines: ➡️ ShareChat lays off 200 employees ➡️ SAT relief to Kishore Biyani, brother ➡️ RBI to keep inflation tethered to 4% target ➡️ Alibaba CEO to lead domestic e-commerce business https://t.co/9GYbgQjytW
From setting up war rooms with cross-functional teams to working closely with banks, @Razorpay and @gocashfree are trying everything to win back merchants that they could not onboard earlier due to an RBI embargo, now that they have got the payment aggregator licence
Good morning, readers! 🌞 Start your day with these top tech stories: ■ @Razorpay, @gocashfree eye lost market share ■ @sharechatapp's third round of layoffs ■ Details from @BYJUS annual general meeting https://t.co/eQveyr5vBi
Spotify is reducing about 17% of its headcount – around 1500 employees. Two employees told Business Insider they had anticipated the layoffs were looming. https://t.co/i3crYPyH2J
ETtech Top 5 | #ShareChat fires another 15% staff; inside the rush for a payment aggregator licence Also in this letter: ■ FY23 financials for Euler Motors, Pilgrim ■ #SoftBank India’s Vikas Agnihotri leaves ■ #Unicommerce expands board https://t.co/qlDq5jV9qa
Temasek-backed ShareChat lays off 15% of staff, mulls new funds at lower valuation https://t.co/iBP8FicrEG
🧵 The @RBI announced the first batch of payment aggregator licences on Tuesday. The likes of @Razorpay, Cashfree, Open Financial Technologies, #Enkash, and @GooglePay all made it to the list. But what does this payment aggregator licence mean? And why is it so significant?
🚨 ShareChat lays off about 200 employees across verticals Vernacular social media platform ShareChat has laid off 15% of its staff in a bid to streamline costs and achieve profitability within the next 4-6 quarters. https://t.co/NDsnn4dNOY By @supriya_speaks
ShareChat -- which has raised over $1.4b to date -- is cutting another 15-20% of its workforce and finalizing new funding at valuation as low as sub-$1.5b. It claims 400m users -- SensorTower estimates SC MAU at sub-40m. https://t.co/vTI6rQY5Zf
ShareChat faces large valuation cut in new funding: https://t.co/VQr0JlNSlY by TechCrunch #infosec #cybersecurity #technology #news
ShareChat faces large valuation cut in new funding https://t.co/ulWDXCt67X
Good morning, readers! 🌞 Start your day with these top tech stories: ■ @Razorpay, @gocashfree secure RBI approval for payment aggregator business ■ @firstcryindia's IPO details ■ @bharatpeindia to take unlisted NCD route to raise Rs 500 crore https://t.co/eUAksuQ015
ETtech Top 5 | #FirstCry to file #IPO papers soon; #BharatPe’s Rs 500 crore debt plan Also in this letter: ■ ETtech Done Deals ■ #HealthKart’s FY23 report card ■ #Google’s $700-million Play Store settlement https://t.co/FlIyv0rQqM
🚨🚨 @Razorpay, Cashfree secure @RBI approval for payment aggregator business The companies had been placed under an embargo from onboarding new merchants almost a year ago. @PratikBhakta_89 has the story https://t.co/LE44Mlt0ZO
🚨 #NewsBreak Cashfree becomes one of the first payment gateways to get the final approval from the @RBI to operate as a payment aggregator. @ETtech