Also in the letter:
■ CCI case transfer refused
■ Wearables market slump continues
■ New Google India head
Who’s in, who’s out: 2024’s biggest executive moves in startup & tech sector
ETtech has put together its annual list of CXO-level exits and big movements in the startup and tech industry in collaboration with executive search firm Longhouse Consulting.
More than a dozen chief executives across new-age technology startups moved into new roles this past year.
Flipkart exits: Amitesh Jha, who led marketplace and categories at Flipkart moved to Swiggy Instamart as its CEO, replacing cofounder Phani Kishan Addepalli. Travel booking website Cleartrip’s head Ayyappan R, fintech and payments head Dheeraj A, and Bharath Ram, who spearheaded growth and retention at the web retailer, also left Flipkart earlier this year.
Tell me more: WestBridge Capital-backed specialty coffee chain Third Wave Coffee appointed Rajat Luthra, former head of KFC India and Nepal, as its CEO, replacing founder CEO Sushant Goel. Troubled ecommerce firm DealShare saw the departure of its third founder Sourjyendu Medda this year after Vineet Rao and Sankar Bora quit last year.
Fintech & edtech reshuffle: Earlier this year, Rakesh Singh, CEO of broking services at PayU-backed wealthtech startup Fisdom, took over as CEO of Paytm Money, succeeding Varun Sridhar. In the troubled edtech space, Arjun Mohan stepped down as CEO of Byju’s India just six months into the role, prompting founder Byju Raveendran to take over the daily operations.
Eye on margins, outsourcing majors tap fresh talent
As growth returns to the $254-billion IT industry, outsourcing majors are likely to add more frontline jobs at junior and entry levels.
Driving the news: The shift is seen as significant to reducing operational costs while bringing in younger, more adaptable talent. Industry experts suggest that freshers provide a substantial cost advantage due to their potential to generate two to three times higher gross margins once they are placed on client projects.
Sector watch: Growth projections for the IT sector are optimistic, with an expected compound annual growth rate (CAGR) of 5-6% for FY25. Gartner India forecasts an 11.2% increase in IT spending, which is set to drive further growth. As the sector adapts to new challenges and opportunities, especially around AI, firms are strategically investing in skill development and fresh talent to ensure future success.
Supreme Court stays Karnataka High Court hearing against Amazon and Flipkart
The Supreme Court on Monday stayed the ongoing proceedings relating to alleged anti-competitive practices of ecommerce platforms Amazon and Flipkart before the Karnataka High Court, which was supposed to hear the cases on Tuesday.
Transfer of cases: While staying the proceedings, the court ruled that all antitrust cases involving Amazon, Flipkart, and their affiliated entities should be transferred to the Karnataka High Court. It permitted petitioners to add parties and directed the amended cause title to be filed within two days.
Attorney General’s statement: Attorney General R Venkataramani stated that the Competition Commission of India (CCI) had no objection to the Karnataka High Court hearing the cases. The case will be next heard on January 6.
Previous court rulings on transfer requests: The top court had previously refused to transfer 24 petitions on the matter to itself or the Delhi High Court. Among them,12 are being heard by the Karnataka High Court. The Supreme Court had also clarified that the CCI should not be given special treatment by directing the cases to a division bench before the single-judge bench’s decision.
Also Read: ETtech Explainer: Timeline of CCI’s antitrust probe into Amazon and Flipkart
Other Top Stories By Our Reporters
Amit and Gaurav Khatri, cofounders, Noise
Wearables companies bank on existing users to drive next-phase of growth: With a prolonged slowdown in the consumption of wearable devices such as wireless earphones and smartwatches, companies in the space are counting on existing customers to make repeat purchases.
Preeti Lobana is Google’s India country manager: Google has appointed Preeti Lobana as the new country manager and vice president for Indian operations. Lobana, the vice president of customer-centric solutions until recently, joined Google nine years ago.
Ola to go live soon on ONDC in F&B category: Ride-hailing firm Ola will go pan-India soon on the government-backed Open Network for Digital Commerce (ONDC) in the food and beverage (F&B) category, ONDC chief executive T Koshy told reporters on Monday.
Global Picks We Are Reading
■ Meta updates its smart glasses with real-time AI video (TechCrunch)
■ Race is on to beat Musk to develop thought-controlled devices (FT)
■ UK to Tweak Social Media Rules in Response to Summer Riots (Bloomberg)
