Ola Electric Lay Offs, Moglix Acquires Khatema, Zomato’s "Chief of Staff" Role

Ola Electric To Fire 500 Employees, Moglix Buys Paper Products Maker Khatema Fibres, Zomato 'Chief of Staff' job role gets over 10,000 applications and more

Ola Electric plans to lay off 500 employees to streamline operations and reach profitability, while Moglix acquires Khatema Fibres to strengthen its sustainable packaging portfolio. Meanwhile, Honasa’s shares tumble nearly 10% amid a distributor dispute, and Groww faces a 30% valuation dip after shifting its domicile to India. In tech, Phi Commerce gains NPCI approval for UPI Switch, and Prasar Bharati launches its OTT platform, WAVES.

Byju Raveendran’s alleged maneuverings to regain control of BYJU’S subsidiary and Arzooo’s distressed asset sale also make headlines. Elsewhere, 360 ONE Asset invests in OneSource Pharma, Yes Bank partners with Vegapay for credit on UPI, and Zomato’s "Chief of Staff" role sees an overwhelming 10,000 applications despite a hefty fee. Meanwhile, global brand Uniqlo targets ₹1,000 crore in sales for FY25 with plans to ramp up local sourcing.

Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Abhi Mujh Mein Hai Kahin”: Ola Electric To Fire 500 Employees To Attain Profitability

Ola Electric is set to let go of 500 employees as part of a restructuring effort to streamline operations.

The Bhavish Aggarwal-led company, grappling with a net loss of INR 495 crore in the second quarter, aims to cut redundancies to edge closer to profitability. This move reflects the broader challenges faced by EV startups in balancing growth with financial sustainability.

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“Abhi Hum Zinda Hai”: Prasar Bharati Ventures Into OTT Space With ‘WAVES’

Prasar Bharati has entered the OTT space with WAVES, a new streaming platform offering a mix of movies, TV shows, live events, games, and educational content.

The move reflects a shift towards digital-first entertainment to connect with India’s growing online audience. WAVES marks a significant step in modernizing the public broadcaster’s reach in the digital era.

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“Stayin’ Alive”: Byju Raveendran Alleged To Have Plotted Move To Regain Control Of BYJU’S Subsidiary

Byju Raveendran is alleged to have strategized a move to regain control of BYJU’S subsidiary by recruiting ex-political consultant Hailer to negotiate a buyout of US creditors owed over $1.2 billion.

The details, disclosed in a US Bankruptcy Court filing, hint at behind-the-scenes maneuvers amidst the edtech giant’s financial turmoil. This development adds another layer to BYJU’S ongoing struggle to stabilize its global operations.

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“Bhaari Nuksaan Ho Gayil Ba”: Former Flipkart Executives’ Startup Arzooo Sells Assets In Distress Deal

Arzooo, a B2B retail tech startup founded by former Flipkart executives, has reportedly sold its assets to Moksha Group in a distress deal.

Moksha will now own Arzooo's technology platform, intellectual property, and trademarks, marking a significant shift for the struggling startup. This move highlights the intense challenges in India’s competitive retail tech landscape.

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“Janmo Ke Saathi”: Yes Bank partners with Vegapay to provide credit line on UPI

Yes Bank has teamed up with Vegapay to launch "Credit Line on UPI," a new platform offering tailored credit programs via UPI.

This initiative aims to bridge India’s credit gap by providing easy access to credit solutions for a broader audience. With seamless integration, it promises to make credit more accessible and convenient for everyday transactions.

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“Thoda Thoda Dikkat Aata”: Honasa Distributor Row As Shares Down Nearly 10% To A New All-Time Low

Honasa’s shares tumbled nearly 10% to an all-time low of INR 237.40, shrinking its market cap to $0.91 billion from $1.42 billion just last week.

The steep decline follows escalating tensions between the company and its distributors, casting a shadow over investor confidence. This unfolding drama highlights the fragility of market perceptions in the face of operational disputes.

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“Naya Yug, Naye Niyam”: Moglix Buys Paper Products Maker Khatema Fibres For INR 80 Cr

Moglix has acquired paper products maker Khatema Fibres for INR 80 crore to expand its sustainable packaging portfolio.

The deal aims to strengthen Moglix’s position in industrial procurement while fostering local infrastructure and market opportunities for farmers and artisans. This integration underscores a growing focus on sustainability and community-driven growth in industrial sectors.

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“Jab Miya Bibi Ho Raazi”: Phi Commerce Gets NPCI Nod For UPI Switch

Digital payments fintech Phi Commerce has secured NPCI approval to provide UPI Switch services, catering to enterprise clients managing high transaction volumes.

This move positions the company to enhance its infrastructure for seamless and scalable digital transactions. It underscores the growing demand for robust payment solutions in India's fintech ecosystem.

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“Waah, Kya Scene Hai”: Groww Sees 30% Valuation Cut In Reverse Flip Move

Fintech unicorn Groww has completed its reverse flip to India, paying $160 million in taxes to the US, signaling a 30% valuation drop from its last estimate.

The move underscores the challenges Indian startups face when realigning operations domestically. With Razorpay eyeing a similar shift, valuation dips may become a common hurdle in this strategic pivot.

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“Kaafi Phaila Hua Dhandha Hai”: 360 ONE Asset acquires stake in newly formed OneSource Pharma

360 ONE Asset has acquired a stake in OneSource Specialty Pharma, a contract development and manufacturing organization (CDMO) focusing on biologics and complex injectables.

The deal includes buying out an existing investor’s share and positions OneSource as a key player in the production of cutting-edge products like GLP-1 drugs, similar to Ozempic. This strategic move highlights growing interest in India’s biotech and pharma manufacturing capabilities.

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“Kaisa Laga Mera Mazak”: Zomato 'Chief of Staff' job role gets over 10,000 applications despite ₹20 lakh fee

Zomato’s unconventional job posting for a Chief of Staff has taken the internet by storm, with CEO Deepinder Goyal revealing over 10,000 applicants.

The catch is that candidates are required to pay ₹20 lakh in their first year instead of earning a salary. Despite the unusual condition, the flood of applications highlights the intriguing appeal of Zomato’s bold and unorthodox approach to hiring.

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1. Zopper has raised $25 million to bolster its insurance distribution platform and tech infrastructure. The funds will also enhance post-sales services for its device and appliance protection business.

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2. CredFlow has secured INR 31 crore to expand its financial and lending services for SMEs, alongside boosting its tech and innovation capabilities. The funding follows its acquisition of Y Combinator-backed TechBiz, strengthening its position in the cash flow management space.

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3. Order for Health (O4H) has raised Rs 1 crore in a Seed Round led by Inflection Point Ventures to expand its production, market presence, and operations. The conscious food brand focuses on providing fresh, nutritious, and sustainable meal options to redefine food consumption.

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