In a mail to employees, Cuemath CEO Manan Khurma cited bad macro situation and the divergence in the revenue and cost trajectories of the startup as the reason for the layoffs The Google-backed startup also laid off around 100 employees in May this year, within a year of it raising a funding of $57 Mn Cuemath, which offers mathematics courses to K-12 students, reported over 65% YoY increase in its net loss to INR 217 Cr in FY22 Peak XV Partners-backed edtech startup Cuemath has reportedly fired another 100 employees to bring down its costs.  “…unfortunately, our revenue and cost trajectories are still divergent from expectations, and our problems are compounded by the bad macro situation around capital availability, particularly for edtech,” Cuemath founder and CEO Manan Khurma told the employees in an email on Friday (August 25), as per a Moneycontrol report. “This means that we will have to move to a leaner team structure, in which some roles will get redundant. That exercise is being carried out today,” the email reportedly read. Inc42’s email to Cuemath did not immediately elicit a response till the time of publishing this article. The development comes three months after the Bengaluru-based edtech startup fired around 100 employees in May this year, within a year of it raising a funding of $57 Mn. After the May layoffs, Khurma had reportedly told the Cuemath employees saying there wouldn’t be any need for more layoffs.  “And at that point, I had full conviction in saying that. But clearly, I had underestimated the extent of the turnaround required to get the company into a healthy situation,” Khurma said in his latest mail.  “For what it’s worth, I and our leadership team worked very hard in the last few weeks to avoid this outcome. But we’ve come to the conclusion that we still have a long way to go and this action is inevitable,” he was quoted as saying. In May, Khurma also returned as the full-time CEO of the company. Founded in 2013 by Manan and Jagjit Khurma, Cuemath offers mathematics courses to K-12 students and is present in over 80 countries. The startup is backed by marquee investors like Google, Alpha Wave Incubation, and Lightrock India. Cuemath’s standalone net loss widened 65.7% year-on-year (YoY) to INR 216.6 Cr in FY22, while its operating revenue jumped 64% to INR 148 Cr. Employee benefit expenses accounted for almost 34% of its total expenses of INR 369.6 Cr in the year. Cuemath is yet to file its FY23 financial statements. The edtech sector is one of the worst hit due to the ongoing funding winter. Since 2022, at least 22 edtech startups in the country, including five of the seven edtech unicorns, have fired 9,871 employees, as per Inc42’s layoff tracker. Many Indian edtech startups have also been involved in controversies. While BYJU’S is in the line of fire for a range of issues, including corporate governance and delay in filing financial statements, last week Inc42 exclusively reported about various allegations levelled by students against Skill-Lync.

Online pharmacy platforms, including Tata 1mg, PharmEasy, Netmed, and Practo, attended the meeting conducted by the DCGI During the extensive two-hour deliberation, the All India Organization of Chemists and Druggists highlighted the absence of provisions in the Drugs Act for issuance of licences to epharmacies Earlier, the Delhi High Court asked the Centre to apprise it of the outcome of deliberations with industry stakeholders on regulating epharmacies The Drugs Controller General of India (DCGI) conducted fresh consultations on draft regulations for epharmacies this week with industry stakeholders earlier this week after the Delhi High Court asked the regulator to inform it of the outcome of the deliberations. All India Organization of Chemists and Druggists (AIOCD), representatives from the Pharmacy Council of India and online pharmacy platforms, including Tata 1mg, PharmEasy, Netmed, and Practo, attended the meeting conducted by the DCGI, ET reported. While hearing petitions seeking a ban on “unlawful” sales of drugs online, the HC had given the Centre a time of six weeks to apprise it regarding the deliberations with epharmacy stakeholders. The court scheduled the next hearing in the case for August 28. For a long time now, retail chemist associations have been expressing their concerns over the sale of medicines through epharmacies, highlighting that currently there are no regulations for these platforms. During its extensive two-hour deliberation on Thursday, the AIOCD highlighted the absence of provisions in the Drugs Act for issuance of licences to epharmacies. Last year, the government came out with the draft New Drugs, Medical Devices and Cosmetics Bill, 2022. The Bill sought to bring epharmacies under its ambit. As per Section 41(2) of the draft bill, online pharmacies will have to acquire a licence to continue operating as usual. The draft bill also includes suggestions for regulating epharmacies further. Online pharmacies would also not be permitted to sell medical devices without a licence if the bill becomes law. However, the health ministry is now reportedly working on the revised draft of the bill and seeking inputs from other departments as well. In February, the DGCI sent show-cause notices to 20 epharmacies, including Tata 1mg, Amazon, and Flipkart, for selling and distributing drugs in contravention of provisions of the Drugs and Cosmetics Act, 1940. Earlier in March, a parliamentary standing committee on commerce recommended the Ministry of Health and Family Welfare (MoHFW) to finalise and implement the draft epharmacy rules without further delay and formulate comprehensive guidelines with regard to the online pharmacy and health platforms. According to a report by Research and Markets, the Indian online pharmacy market was estimated at INR 25.50 Bn in 2021 and expected to expand at a compound annual growth rate (CAGR) of 22.20% to reach a size of INR 89.47 Bn by 2027. India’s healthtech segment has more than 5,000 startups which raised nearly $6 Bn between 2014 and November 29, 2022. Of this, online pharmacy startups raised $1.25 Bn, according to Inc42 data.

Boat has entered into a new wearable category with the launch of its first smart ring. The company has launched its first Boat Smart Ring in India. Named as Boat Smart Ring, the wearable sports a ceramic design. The smart ring is also capable of keeping track of your daily activities.PriceThe Boat Smart Ring comes with a price tag of Rs 8,999. The smart ring will be available online on Amazon.in and Flipkart starting August 28. The wearable will come in three sizes 7, 9, and 11 with diameters of 17.40mm, 19.15mm, and 20.85mm respectively. Boat Smart Ring featuresThe Boat Smart Ring comes with all the essential features. The wearable comes with advanced tracking capabilities and it sports a premium ceramic and metal design.The Boat Smart Ring also comes with smart touch controls. The domestic wearable manufacturer has a swipe navigation functionality and it also offer intuitive touch controls.The company has also revealed that by using the smart ring users can play and pause music, change tracks, click pictures and navigate applications. The Boat Smart Ring works with the companion Boat Ring app. The app claims to offer detailed insights of the user’s health. The Boat Smart Ring comes equipped with a heart rate monitor, SpO2 sensor and body temperature monitor. The wearable can also keep track of users sleep and it will also feature menstrual tracking functionality. The wearable will sport axis motion sensors and will feature a water-resistant design.Boat Smart Ring to compete with Noise Luna RingThe Boat Smart Ring will face competition from the yet-to-launch Noise Luna Ring. Noise envisions the smart ring as a catalyst for cognitive well-being, harmoniously blending technology into users’ lives. This innovative ring provides three key metrics – Sleep, Readiness, and Activity – aimed at delivering insightful data to elevate users’ holistic well-being. With advanced sensors and durable craftsmanship, the Luna Ring empowers users to make informed lifestyle improvements effectively.

Realme recently launched its affordable pair of true wireless earbuds — Realme Buds Air 5 in India. The earbuds are now up for sale in the country. The Realme Buds Air 5 feature call noise cancellation and comes with a 12.4mm mega titanizing driver unit. Price and offerThe Realme Buds Air 5 comes with a price tag of Rs 3,699. Customers can purchase the true wireless earbuds in Deep Sea Blue and Arctic White colour options. The earbuds can be purchased online from Realme.com, Amazon.in and Flipkart. Customers can also purchase the Realme Buds Air 5 from authorised retail stores in the country. As part of the launch offer, Realme is also giving a discount of Rs 200 on the earbuds. After the discount, the customers can get the Realme Buds Air 5 at Rs 3,499.Realme Buds Air 5 featuresRealme Buds Air 5 – equipped with a robust 12.4mm titanized driver and boasting compatibility with Bluetooth version 5.3. These exceptional true wireless earbuds hold an IPX5 rating, rendering them resilient against water exposure.Experience the convenience of dual device connectivity, seamlessly managed through the Realme Link app. The earbuds’ innovative 6-mic configuration incorporates AI-driven environmental noise cancellation technology, guaranteeing crystal-clear calls even in noisy surroundings.Claiming an impressive 38 hours of continuous music playback, the company ensures a prolonged audio experience. Additionally, the earbuds feature swift-charging capabilities for your convenience.

Google has updated its ChromeOS with a host of new features. In a blog post, Google has detailed all the new features coming with the latest version (M116) of ChromeOS. Here’s all that’s new for those who use Chromebooks: Improved search in Files app With the latest ChromeOS version, searching in the Files app has been improved. “You can now search across your local files and Google Drive at the same time, and also customise your search using the new search chips,” said Google. Enhanced autocorrection Autocorrection is now enabled by default for English in compatible apps, automatically fixing typos, spelling, and other errors. “In addition to the new autocorrection for physical keyboards, this update also enhances the performance of the virtual keyboard’s autocorrect and other Assistive features,” noted Google in the blog post. Setup process is more flexible According to Google, ChromeOS’ revamped flow now gives users more device customisation options and more flexibility in how they complete device setup, making the onboarding experience smoother. “The new customisation options — touchpad scroll direction and display size — help users to configure critical settings early on, easing their transition to a new OS,” said Google.Furthermore, even returning users that are already familiar with ChromeOS will find the revamp refreshing, as the setup wizard is now more streamlined and thorough. This has been so that most of the necessary configurations are in place right away when they sign into a new Chromebook.For RGB keyboardsThe new version of ChromeOS bring the ability to customise the colour of the individual zone of the RGB keyboard. “The user still has the option to apply a single backlight colour,” added Google. This feature is currently available on Chromebooks that come with RGB keyboard.Do keep in mind that the update will be progressively rolling out over the coming days. Your device may not immediately be eligible for this update, says Google.

When the rebranding of Twitter took place, the main idea was to project a platform which was not just about tweeting. Elon Musk had made his intentions clear about turning the social media platform into an “everything app”. Now, it seems like X is taking a step in that direction. The social media platform has announced a new feature for companies. In a post on X, the Hiring handle said that organisations can now feature important roles and reach relevant candidates. “Feature your most critical roles and organically reach millions of relevant candidates,” X said in the post. However, the feature is in beta stage right now and will be available exclusively for Verified Organisations only. Taking on LinkedIn? While it is still far away from being a threat to LinkedIn, the feature is to rival the Microsoft-owned platform in some form. LinkedIn remains quite popular with organisations and users when it comes to job listings. X is giving Verified Organisations an alternative to reach out to candidates and post jobs. Having said that, the feature is still in beta stage and perhaps X is assessing the interest from organisations before rolling out other features that could rival LinkedIn. What are Verified Organisations on X? Any organisation that purchases a subscription to Verified Organisations will receive a gold checkmark and square avatar if they are a business or non-profit, or a grey checkmark and square avatar if they are a governmental or multilateral organisation. In India, the monthly fee to become a Verified Organisation on X is Rs 82,300. Verified Organisations receive a number of customisations to their profile. In addition to gold checkmarks, businesses also receive a square avatar, clearly distinguishing them from other organisations.All Verified Organisations accounts also receive a new tab on their profile that lists all affiliated accounts. This appears next to the posts tab and displays any affiliated accounts.

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Settled In Bengaluru: A Former NRI’s Life In A Spacious 6,000 Sqft Villa | The Tenant In this episode of The Tenant, meet the technology professional who returned from the US, eager to raise his kids in the embrace of Indian culture. Watch as he searches for a spacious home that echoes the comfort of his larger American abode and explore why he chose a community that’s both close-knit and peaceful. Listen to his insights on India’s changing opportunities and how he’s making the most of them. Discover the project that caught his eye, offering clever designs and layouts that blend traditional values with modern living.

Antfin (Netherlands) Holding B.V. sold 2.27 Cr shares of One97 Communications, the parent of Paytm, for INR 895.2 per share Societe Generale, Morgan Stanley Asia Singapore, Citigroup Global Markets Mauritius, BNP Paribas Arbitrage, and Goldman Sachs (Singapore) Pte were among the buyers of Paytm shares Earlier this month, Antfin (Netherlands) Holding transferred its 10.3% stake in Paytm to the fintech giant’s CEO and founder Vijay Shekhar Sharma Chinese internet giant Ant Group offloaded a 3.6% stake in fintech giant Paytm on Friday (August 25) for INR 2,037 Cr through open market transactions. Antfin (Netherlands) Holding B.V. sold 2.27 Cr shares of One97 Communications, the parent of Paytm, for INR 895.2 per share, as per bulk and block deal data of the BSE. The subsidiary of the Ant Group sold the shares in 14 tranches. Shares of Paytm ended Friday’s trade 0.54% lower at INR 899.30 on the BSE. Societe Generale, Morgan Stanley Asia Singapore Pte, Citigroup Global Markets Mauritius Private Ltd, BNP Paribas Arbitrage, Goldman Sachs (Singapore) Pte, Motilal Oswal Fund, and Nippon India Mutual Fund, among others, were the buyers of the offloaded Paytm shares. Antfin (Netherlands) Holding held a 23.79% stake in Paytm at the end of the June 2023 quarter, which declined to 20.21% following Friday’s stake sale, as per Paytm’s shareholding data available with the BSE.  Earlier this month, Antfin (Netherlands) Holding transferred 6.53 Cr Paytm shares, or 10.3% stake, to the fintech giant’s CEO and founder Vijay Shekhar Sharma’s Resilient Asset Management through an off-market transaction.  While announcing the transaction, Paytm said it would reduce Antfin’s stake in the company to 13.5% and increase Sharma’s stake to 19.42%.  The development comes at a time when the government has increased scrutiny of Chinese investments in Indian companies. The Ant Group is an affiliate of Jack Ma’s Alibaba Group. In February this year, Ant Group’s senior vice-president Douglas Feagin resigned from the Paytm board. In the same month, Alibaba.Com Singapore E-Commerce Private Limited exited Paytm by selling a 3.31% stake. Amid all these, shares of Paytm have been on an upswing this year due to the company’s improving financial performance and a change in investor sentiment towards new-age tech stocks. Paytm’s net loss declined nearly 45% year-on-year to INR 358 Cr in the quarter ended June 2023. Operating revenue surged 39% to INR 2,342 Cr on strong growth in payments and lending business.  A number of brokerages, including Goldman Sachs, Citi, and CLSA, gave a thumbs up to the company’s Q1 performance and a ‘BUY’ rating to the stock. They have also increased their target price. Shares of Paytm closed nearly 70% higher year to date on Friday.