Byju's on profit💸, Blue Tokai bags $30 Mn☕, Drop in IT hiring👩🏻💻
Byju's on profit💸, Blue Tokai bags $30 Mn☕, Drop in IT hiring👩🏻💻
BYJU’s expects to turn cash-flow positive, Blue Tokai bags $30 Mn, IT firms record sharp drop in net hiring, Growth Course, Funding Deals and more.
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BYJU’s expects to turn cash-flow positive in 2-3 months💸
Edtech giant Byju’s CEO BYJU Raveendran said the company’s losses almost halved in 2022, adding they are not far away from profitability at a group level while speaking at World Economic Forum in Davos. BYJU’s losses swell to Rs 4,588 crore in delayed FY21 results.
“The DNA of looking at efficiency has not been lost. I have enough people with a founder mentality. Only two out of the core 20 people left the organization. We have increased founder mentality through our acquisitions. It takes time to shift focus to growth. Along with growth, profitability is also important. All our businesses are high-gross margin and fundamentally strong,” added Raveendran.
On the plans for IPO, the founder said that “exploring all options, expect an announcement in the next 2-3 months.”
Coffee company Blue Tokai bags $30 million from A91, others☕
Specialty coffee brand Blue Tokai Coffee Roasters has raised $30 million in its latest funding round, led by Mumbai-based investment firm A91 Partners. White Whale Ventures, and existing investors including Grand Anicut Fund and 8i Ventures, also participated in the funding round.
Blue Tokai’s latest capital raise comes on the back of other new-age specialty coffee firms like Third Wave Coffee Roasters, Slay Coffee, Sleepy Owl, Hatti Kaapi, and Rage Coffee, also drawing increased consumer and investor interest. These companies compete with established coffee chains like Starbucks, Cafe Coffee Day and Barista.
Hot Shorts⚡
Enterprise AI company Mad Street Den (MSD) has raised $30 million in its Series C funding round, led by Avatar Growth Capital.
Beaconstac, a Quick Response (QR) code-based Software-as-a-Service (SaaS) company, has raised $25 million in its first external funding round, dubbed Series A, led by San Francisco-based Telescope Partners.
Fintech Neogrowth has secured $10 million debt capital from US-based impact investor Microvest Capital Management.
Deeptech startup Chara Technologies has raised $4.75 million in a funding round led by Bengaluru-based Exfinity Venture Partners.
Top four IT firms record sharp drop in net hiring, lowest in 11 quarters👩🏻💻
India’s top four software exporters – Tata Consultancy Services, Infosys, HCL Tech and Wipro – together recorded a net addition of 2,000 employees in the quarter ended December 2022, the lowest in 11 quarters, as demand for technology services slows amid global macroeconomic uncertainty and geopolitical concerns.
The decline marks a sharp drop of 97% sequentially from the net addition of 61,137 employees by the big four IT firms in the third quarter of FY22 when they competed aggressively for talent to meet the rising demand for digitization triggered by the pandemic.
Collectively the top four IT firms onboarded around 227,000 freshers in fiscal 2022.
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