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Hello,

India’s technology industry is projected to end the current fiscal year with a revenue of $245 billion, according to a new NASSCOM report. 

Also, Wipro chairman Rishad Premji has revealed how the IT company helps women navigate career breaks and stay in the workforce for longer. This comes at a time when the global tech industry is in the news for layoffs.

Talking about job cuts, YourStory has learned that conversational AI platform Yellow.ai has let go of at least 200 employees since August after slower-than-expected growth in newer markets left the company with a bloated workforce. 

ICYMI: Nature’s spectacular light displays–auroras–can be seen from the Earth’s poles. Now, NASA astronaut Josh Cassada has snapped a stunning shot of the phenomenon from the International Space Station (ISS).

Did you know that the oldest known record of an aurora dates back to 2600 BC in a text discovered in China? 

A friendly reminder—if you missed seeing Jupiter and Venus in conjunction yesterday, do remember to catch the celestial event this evening. The best time to watch the conjunction will be just after sunset. Those in India can see the conjunction after 5:30 pm.

In today’s newsletter, we will talk about 

• It’s Zomato vs restaurants, again
• Layoffs spook campus placements
• Funding winter freezes February

Here’s your trivia for today: The head of Medusa features in which fashion brand’s logo?

Foodtech

It’s Zomato vs restaurants, again

Zomato has approached eateries recommending they bump up their ad spending on its platform, according to an email to a few restaurant brands seen by YourStory. The food delivery giant is also pushing to put the onus of the cost of cancellations on the restaurants.

Seeking profitability:

• Some restaurant partners said Zomato has also asked them to lower their online prices to match what they charge at their regular restaurants.
• In 2021, restaurants voiced concerns about being penalised for order cancellations under a new set of terms and conditions. 
• YourStory recently reported that Zomato was asking restaurant partners to pay higher commissions as it focuses on profitability.

Funding Alert

Startup: NoBroker

Amount: Rs 40 Cr

Round: Series E

Startup: SigTuple

Amount: Rs 34.5 Cr

Round: Undisclosed

Startup: Simple Viral Games

Amount: Rs 4 Cr

Round: Undisclosed

Jobs

Layoffs spook campus placements

Campus placements mark the culmination of four years of engineering education. However, this year, layoffs and overall hiring slowdown amid macroeconomic uncertainties have impacted campus hiring volume and velocity.

Subdued hiring:

• While FY22 saw a record intake of 6 lakh entry-level talent by the IT industry, the tech industry is projected to end FY23 with 2.9 lakh new jobs, according to NASSCOM.
• This year, K J Somaiya College of Engineering, Mumbai is allowing students to apply for two job placements, unlike earlier when they were permitted to sit for only one.
• IT services firm Wipro had revised its salary package to freshers from Rs 6.5 lakh offered earlier to Rs 3.5 lakh. 

Funding

Funding winter freezes February

For the fourth month in the past year, venture funding into Indian startups dropped below $1 billion. February saw a total funding inflow of $734 million—down from $3.2 billion in the same month last year, according to YourStory Research.

Key points:

• PhonePe, InsuranceDekho, and FreshToHome topped the funding charts in February, raking in more than $100 million each.
• The month only saw 73 deals—the lowest number of transactions over the last year—with early-stage startups taking home most of them.
• Insurtech, fintech, and D2C sectors received the highest funding. Bengaluru retained the top spot on the funding chart.

News & updates

• True AR: Meta’s first pair of full-fledged augmented reality (AR) glasses, which CEO Mark Zuckerberg has predicted will eventually be as widely used as mobile phones, is planned for 2027. Its first pair of smart glasses with a display, however, is expected to be released in 2025 alongside a neural interface smartwatch designed to control them.
• Windows 12: Both Intel and Microsoft seem to be preparing for the as-yet-unannounced Windows 12. The hardware leaker @leaf_hobby, known for revealing the full specs of Intel’s Xeon chips before launch, has published details about Intel’s Meteor Lake desktop platform.
• Razr is back: A new version of the foldable Motorola Razr will be launched this year, according to the CEO of Chinese technology giant Lenovo which now owns the brand.

The head of Medusa features in which fashion brand’s logo?

Answer: Versace. Designed by Gianni Versace, the Medusa logo first appeared in the early 90s. 

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