This week has been a whirlwind in the tech industry with significant layoffs, corporate restructuring, legal battles, and innovative launches. Here’s a rundown of the most impactful stories.
Bengaluru’s ReshaMandi Slashes Workforce by 80%
ReshaMandi, a prominent B2B marketplace in Bengaluru specializing in silk yarn products, has laid off 80% of its employees. The drastic downsizing is due to the company’s failure to secure Series B funding. Starting with 500 employees in January 2023, the company has reduced its staff to approximately 100 by the year’s end. Unfortunately, around 300 employees are still awaiting their final salaries and dues.
Meta’s Reality Labs Undergoes Major Restructuring
Meta, the parent company of Facebook, is restructuring its Reality Labs division, splitting it into two new groups: Metaverse and Wearables. This change has resulted in some layoffs, though the exact number remains undisclosed. The Metaverse unit will now focus on Oculus headsets, while the Wearables unit will develop other products, including Ray-Ban smart glasses.
US Government Sues Adobe Over Subscription Practices
The United States Department of Justice (DOJ) has filed a lawsuit against Adobe, accusing the software giant of misleading consumers. The lawsuit alleges that Adobe concealed early termination fees and made it challenging for customers to cancel subscriptions, violating federal consumer protection laws.
GST Discussions for Online Gaming in India Continue
The Indian government is engaged in ongoing discussions regarding the Goods and Services Tax (GST) on online gaming. The debates aim to clarify and potentially reform the taxation framework for this rapidly growing industry. Stay tuned for more updates on GST and online gaming in India.
Google’s Gemini App Launches in Indian Languages
Google has launched its new Gemini app, which supports multiple Indian languages. This initiative aims to enhance accessibility and user experience for non-English speakers in India. Find out more about how Google’s Gemini app is breaking language barriers.
Other Key Tech News:
- Flipkart-Backed BlackBuck Transforms into Public Company: BlackBuck, supported by Flipkart, has officially converted into a public company, marking a significant milestone in its growth journey.
- Peak XV Tops Hurun India Future Unicorn Index 2024: Peak XV Partners leads the latest Hurun India Future Unicorn Index, showcasing its influential position in the Indian startup ecosystem.
- Delhivery and Xpressbees Explore Quick Commerce: Logistics giants Delhivery and Xpressbees are planning to enter the quick commerce space, aiming to leverage the booming market.
Conclusion
This week’s tech news highlights major shifts in the industry, from significant layoffs and corporate restructuring to legal challenges and innovative product launches. Stay informed on these developments to understand their impact on the global tech landscape.
