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Freshworks, the first India-born software-as-a-service (SaaS) to be listed on the NASDAQ a year ago, is the latest to let go of employees. 

The company is cutting jobs across different teams as the business software firm tries to rein in costs to meet challenges posed by tough macroeconomic conditions, three sources familiar with the development told YourStory on condition of anonymity. 

They said the employees who lost their jobs are being offered severance pay and health benefits for three months. 

Meanwhile, a report by Redseer Strategy Consultants said India’s retail market is expected to grow from $335 billion to $510 billion by CY2026, with 45% of incremental market growth coming from the online segment. 

Also, MakeMyTrip is in the news. Delhi High Court dismissed a writ petition filed by the Nasdaq-listed online travel agency challenging an order by the National Company Law Appellate Tribunal (NCLAT) to deposit 10% of the penalty amount in an appeal against the Competition Commission of India (CCI).

In its plea, the online tour operator said the NCLAT had passed an order without any jurisdiction.

ICYMI: Amid a year riddled with tough market conditions, a mining stock in Indonesia is proving to be the world’s best performer with a whopping 1,595% rally.

In today’s newsletter, we will talk about 

• Indian EV sector revs up for growth
• Revenue, profit take a hit at Zerodha
• A sustainable way to drink

Here’s your trivia for today: When was the Euro officially adopted?

In-depth

Indian EV sector revs up for growth

There are more electric vehicles zooming silently on Indian roads than ever before. The EV market in India is expected to grow more than 35X by 2029, and this boom can be seen in the funding momentum as EV startups raised $884 million till November this year, with players including Ola Electric and Ather Energy ruling the roost.

Electrifying growth:

• EV players such as Ola Electric, Ather Energy, Sun Mobility, Honda, BluSmart, and Tata have outlined plans to set up charging and swapping stations.
• The government is also pushing for faster adoption with the FAME programme and National Electric Mobility Mission Plan to achieve 30% electric mobility by 2030.
• Demand from Tier II and Tier III cities is on the rise for manufacturers such as Hero Electric and Ather, with rural regions also showing interest.

Funding Alert

Startup: myTVS

Amount: $24.5M

Round: Series C

Startup: NeoGrowth

Amount: $19M

Round: Series D

Startup: GalaxEye

Amount: $3.5M

Round: Seed

Corporate

Revenue, profit take a hit at Zerodha

Cloudy days ahead for stockbroking platform Zerodha as the company expects it will not be able to match its current revenue and profitability from the next financial year. While it expects to break even this financial year, monthly new account openings since January had plunged by nearly 50%.

Key points:

• Zerodha also blamed the development on slowing bull market momentum and hitting a “plateau in terms of the target market.”
• The company plans to publish business performance and financials every six months.
• Despite a 0.5% month-on-month decline in its client base in November to 66 lakh, Zerodha remained the top broker that month.

Sustainability

A sustainable way to drink

Plastic straws are a huge environmental nuisance. They not only threaten marine life but also break down and enter our food cycle. Saji Varghese has found an alternative solution using dried coconut leaves to produce hydrophobic drinking straws. In 2020, he founded Sunbird Straws.

Organic growth:

• Sunbird Straws produces around 6,000 straws a day. By the first quarter of 2023, it aims to produce 15 lakh straws per month.
• The company employs 86 women in the pre-production and post-production stages.
• Its B2B clients include Four Seasons, Accor Group, Novotel, Ibis, and Chai Days. Sunbird also has distributors in Europe, MENA, the US and Canada.

News & updates

• Legal action: Twitter CEO and owner Elon Musk is taking legal action against Jack Sweeney, the University of Central Florida student who tracks his private plane and publishes his flight information on social media under the @ElonJet banner. Twitter permanently suspended the @ElonJet account and Sweeney’s personal account.
• Inflation fears: The Swiss Central Bank increased its benchmark interest rate by 50 basis points. Meanwhile, Norway’s Central Bank raised the rate by 0.25%, while the Bank of England raised the rates to the highest level since the 2008 financial crisis.
• Spying continues: Meta has warned that using spyware to target people–including journalists and activists indiscriminately–is a persistent threat because surveillance-for-hire companies continue to adapt and change tactics.

When was the Euro officially adopted?

Answer: The Euro was introduced as a noncash monetary unit on January 1, 1999, and currency notes and coins appeared in participating countries on January 1, 2002.

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