Alphabet, the parent company of Google, is making the decision to lay off employees from its global recruiting team as it slows down hiring efforts. This move comes as Alphabet continues to face challenges in the current job market. While this layoff is not a wide-scale one, a significant majority of the team will be retained for hiring critical roles. Alphabet will also support the affected workers in their search for new positions within the company or elsewhere.
This is notable as Alphabet is the first “Big Tech” company to initiate layoffs in this quarter, following similar actions by Meta, Microsoft, and Amazon earlier in 2023. In January, Alphabet cut around 12,000 jobs, reducing its workforce by 6%.
Kae Capital Closes Winners Fund II at $50 Million
Kae Capital, an early-stage investment firm, has successfully closed its Winners Fund II after raising $50 million. The Winners Fund II is an opportunity fund that is specifically designed to invest in the most successful companies within Kae Capital’s venture capital portfolio. The fund aims to provide follow-on investments exclusively to portfolio companies, alongside growth-stage funds.
In addition to its own portfolio, Kae Capital plans to invest in late-stage companies outside of its current network. The Managing Director of Kae Capital, Mirchandani, stated that the fund was created to continue supporting the best founders and successful entrepreneurs within the ecosystem.
Artha Group Launches Syndicate Fund for Family Offices and UHNIs
Artha Group, a venture capital firm, has introduced a syndicate fund called the ‘Artha Continuum Fund’ (ACF), aimed at enabling family offices and Ultra High Net Worth Individuals (UHNIs) to invest in startups. The ACF will facilitate potential investment rounds and funding for growth-stage startups that have already established a consistent consumer base and stable income stream. The fund plans to invest a minimum amount of Rs 10 crores and aims to announce its first investment deal in the current quarter.
Melooha Raises $635,000 in Angel Funding
Melooha, an astrology platform powered by AI, has secured $635,000 in a recent funding round led by Streak Ventures and a group of angel investors. The funding will accelerate the product development process and allow Melooha to bring its hyper-personalized astrology platform to the market sooner. The startup utilizes precise mathematical algorithms and NASA insights to provide accurate astrological predictions.
Port Receives Seed Funding from Catamaran
Port, a messaging app that replaces phone numbers with novel ports for user connections, has raised undisclosed seed funding from Catamaran. Currently in alpha testing, the app intends to expand its team and launch the beta version in the coming months. Port aims to create a more flexible and customizable way to communicate and connect with others.
Ninjacart Partners with Arado to Enter Brazilian Market
Ninjacart, an agritech startup, has entered into the Brazilian market through a partnership with Arado, an agribusiness marketplace. The collaboration will introduce Ninjacart’s advanced tech platform, supply chain management solutions, and advisory services to major Brazilian cities such as São Paulo, Rio de Janeiro, Campinas, and Belo Horizonte.
ONDC Teams Up with Proxtera for Global B2B Exports
The Open Network for Digital Commerce (ONDC) has partnered with Proxtera, its first international buyer app, to venture into the global space of B2B exports. Proxtera, led by Singapore’s Monetary Authority and Infocomm Media Development Authority, aims to connect SMEs, logistics operators, financial institutions, and cross-border payment providers to streamline exports for Indian businesses.
Shopify and CRED Announce Partnership for Expanded Payment Options
CRED and Shopify have joined forces to extend CRED’s payment options to merchants on the Shopify platform. This partnership allows CRED members to use their preferred payment method for a seamless shopping experience on Shopify. The integration benefits both brands and offers exclusive rewards for CRED members.
Clensta Appoints Former Mamaearth SVP as Co-founder and CBO
Clensta, a personal care brand, has named Ashish Mishra, former Senior Vice-President of Mamaearth, as a co-founder and the Chief Business Officer (CBO). Mishra will lead the retail and online sales channels and play a role in driving international, institutional, and alternative channel growth. In his previous role at Mamaearth, he oversaw offline and international business operations.
Anita Rehman Joins Celesta Capital as Partner
Celesta Capital, a global multi-stage venture capital firm, has welcomed Anita Rehman as a Partner. Rehman’s expertise will contribute to the firm’s mission of supporting innovative startups across various stages of growth.
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