Discover more from Rise & Shine ☀
Layoffs continue at MPL, Frontrow🚫, ShareChat to raise $300 Mn💰, Crypto paper soon📜
FrontRow lays off 145 employees, MPL 100, ShareChat may pick up $300 million, Crypto paper soon, Funding Deals and more.
Start your day with tech stories that matter!
1 Mail | 2 Minutes | 3 Stories
Want this in your inbox?
FrontRow lays off 145 employees, MPL to sack 100🚫
Two startups announced layoffs on Monday.
Edtech firm FrontRow has laid off close to 145 full-time and contractual employees, almost 30% of its workforce, as funding dries up amid the market downturn.
Meanwhile, esports app Mobile Premier League (MPL) is laying off 100 people, or about 10% of its workforce, and is exiting Indonesia.
FrontRow: The company confirmed the layoffs to us, and said they were undertaken to increase efficiencies and lengthen the company’s runway. It said most of the layoffs were from the sales and business development teams.
MPL: In an email to employees, the company wrote, "The last few months have been insane. The philosophy of growth at all costs is now reversed. The market is now rewarding profitable growth overgrowth at all costs," MPL cofounders Sai Srinivas and Shubh Malhotra said in an email to employees.
ShareChat may pick up $300 million amid funding winterz💰
Mohalla Tech, ShareChat’s parent company, has raised nearly $300 million in fresh funding from Google, Times Group and Singapore's Temasek Holdings, valuing the social media firm at nearly $5 billion, Reuters reported.
This is Google's second key investment in India's short video space, having previously backed Josh, which competes with ShareChat's sister firm Moj.
The firm also counts Twitter and Snap among its investors. If Tesla CEO Elon Musk’s bid to buy Twitter goes through, he will potentially have a stake of between 6% and 8% in ShareChat, the source added.
Direct-to-consumer (D2C) beauty and personal care brand Sugar Cosmetics has raised $50 million led by L Catterton with participation from existing investors A91 Partners, Elevation Capital and India Quotient.
Alternative data insights start-up Synaptic said it has closed a $20 million Series B funding round led by Valor Equity Partners.
Vendekin Technologies, which makes unattended retail technology solutions has raised Rs 8.5 crore in a funding round led by Better Capital.
➡️ Check out our LinkedIn space for more on the funding deals.
Crypto paper soon, but the law will take time: economic affairs secretary📜
The union government is planning a fresh consultation paper on cryptocurrency soon, though a law on the digital assets is likely to take time, secretary of economic affairs Ajay Seth said.
On the sidelines of a finance ministry event, Seth told reporters, “Our consultation paper is fairly ready. We have gone into a deep dive into this.” He did not mention when it was likely to be put out, but it could be expected in August.
The economic affairs secretary said a law on cryptocurrencies may take some more time as India is waiting for an international framework on it and is closely engaging with the International Monetary Fund and the World Bank.
Tweet of the day🐥
📸 Follow us on Instagram.
Other Top Stories
📚 Byju Raveendran is set to focus on global biz as India edtech market shrinks
🏢 IT companies log and uptick in staff returning to office voluntarily
“To improve is to change; to be perfect is to change often.”
- Winston Churchill
Thanks for reading😊
Hit Like❤️. Share with your friends/colleagues, if you enjoyed the newsletter.