Swiggy acquires FMCG distributor LYNK; Helping students via football

Hello,

Layoffs continue. 

This time it's at Sachin Bansal’s IPO-bound Navi Technologies. According to sources, the company has laid off around 200 employees across departments, where “60-70% have been impacted in the product development and management section.” In fact, more layoffs are expected this week, the sources said. 

Further, Skill-Lync, a Chennai-based startup that offers upskilling programmes, has laid off 20% of its workforce—around 225 employees—to reduce operational costs amid the ongoing funding winter.

The five-year-old company with headquarters in Palo Alto started most job cuts on June 27, TechCrunch reported, adding that in late April, Skill-Lync had laid off over 400 employees.

More developments coming in from BYJU’S. It has appointed Mohandas Pai, former CFO and Board Member of Infosys; and Rajnish Kumar, former Chairperson of State Bank of India; to its advisory council.

BYJU’S believes the inclusion of the two finance and governance leaders in the advisory council will strengthen its financial governance mechanisms and drive growth and strategic decision-making. 

Further, it has roped in upGrad's former CEO Arjun Mohan as the CEO of its international business. Mohan joined upGrad in 2020 from BYJU'S, where he stepped down as the Chief Business Officer. 

ICYMI: Elon Musk now wants to “understand the true nature of the universe”. For this, the SpaceX boss has launched a new AI company, xAI. 

Meanwhile, Tesla executives recently met with the government to explore setting up the company's supply chain in India, including auto parts and electronics chain, The Economic Times reported. 

Also, according to the Times of India, Tesla also plans to set up a car factory in India with an annual capacity of five lakh EV cars.

The Indian Space Research Organisation's third lunar exploration mission, Chandrayaan-3, is set to launch today. Click here to watch it live. 

In today’s newsletter, we will talk about 

• Swiggy acquires LYNK
• Helping students via football 
• Wipro Q1 net profit up 12%

Here’s your trivia for today: Which famous country singer once lost in her own “look-alike” contest?

Foodtech

Swiggy acquires LYNK

Swiggy has entered into a definitive agreement to acquire Chennai-based on-demand logistics platform Lynk Logistics Ltd for an undisclosed amount. The acquisition will help Prosus-backed Swiggy to strengthen its food and grocery delivery network via LYNK's extensive distribution channels. 

On the menu:

• LYNK serves several FMCG brands including Hindustan Unilever, Nivea, ITC Ltd, Britannia, and Dabur.
• The company enables FMCG brands to grow their retail presence through its network of over one lakh retail stores across the top eight cities of India including Chennai, Mumbai, Delhi, and Hyderabad.
• Swiggy has made five acquisitions since 2014. It bought restaurant tech platform Dineout from Times Internet in May 2022, aiming to widen its dining and rewards segment.

Inspiration 

Helping the first generation of learners via football

Vyasarpadi in North Chennai has long been associated with crime and drug abuse. Amid this chaos, J Shaktheeshwari, a lawyer and a football coach who grew up in this neighbourhood, is helping children work towards a better future.

The goal:

• Shaktheeshwari is a part of Slum Children Sports Talent Education Development Society, an NGO launched by N Thangaraj and N Umapathy in the year 2000. 
• Since acquiring a licence from the All India Football Federation in 2015, she has dedicated her life to training boys under 12 and girls under 18 in Vyasarpadi. 
• In 2011, she represented India at the Homeless World Cup, an event that envisions ending homelessness through the sport of association football, in Paris.

Technology

Wipro Q1 net profit up 12%

IT services firm Wipro reported a 12% rise in net profit for the first quarter of FY24, even as it registered weak revenue growth during this period and signaled a downcast demand environment.

The revenue guidance of Wipro for the second quarter of FY24 displays the challenges from the broader macroeconomic environment.

Key takeaways:

• The net profit for the first quarter stood at Rs 2,870 crore while the gross revenue during this period came in at Rs 22,830 crore which was a 6% year-on-year growth.
• On the performance of the company, Wipro CEO Thierry Delaporte said, “Businesses are reducing their discretionary spending and this had an impact on our revenue.”
• The company is bullish about future prospects as it saw total bookings of $3.7 billion for the first quarter and the large deal total contract value stood at $1.2 billion.

News & updates

• Bard: Google is making its ChatGPT rival Bard available to a wider audience by launching the generative AI chatbot in more than 40 languages and finally bringing it to the European Union after an initial delay due to data privacy concerns. 
• Crypto: Alex Mashinsky, former CEO of now-bankrupt crypto lender Celsius, was reportedly arrested on Thursday. He was reportedly arrested after a probe into the company’s collapse, reported Bloomberg citing people familiar with the matter. Celsius filed for bankruptcy on July 14 last year.
• Mission: Chinese officials have unveiled new details about their plans for a manned lunar mission, as China attempts to become only the second nation to put citizens on the moon. Zhang Hailian, deputy chief engineer with the China Manned Space Agency (CMSA), revealed the preliminary plan at an aerospace summit in the city of Wuhan.

Which famous country singer once lost in her own “look-alike” contest?

Answer: Dolly Parton. 

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