Author: Indrani Bose

Sharan Hegde’s 1% Club lays off 15% workforce amidst cost-cutting measures

In his LinkedIn post, Hegde acknowledged the challenges of rapid growth, stating, "Needless to say, when you grow at such a lightning speed, you are bound to make some mistakes with hiring and redundant expenses." This round of layoffs marks the company's first cost-cutting measure since its inception.

In a LinkedIn post, Hegde explained that the layoffs were a result of “some mistakes with hiring and redundant expenses” during the company’s growth phase. He also hinted at the potential impact of AI-led automation on certain roles within the organization.

SUV sales surge on festive demand, rural market powers 2W and PV sales: FADA

Overall, while the industry is optimistic about near-term growth driven by the wedding season and favourable market conditions, dealers are mindful of potential challenges that could affect sales momentum as the year concludes. (Image source: Unsplash)

Overall retail sales grew by 32% YoY and 64% MoM. All categories showed positive growth, with 2W up 36%, 3W up 11%, PV up 32%, Trac up 3% and CV up 6% YoY.

Regional divide: Paytm and PhonePe dominate North India, Google Pay leads in the South

PayNearby latest report highlighted a significant growth in cash withdrawal transactions in Northeast India, with Mizoram, Meghalaya, Nagaland, and Assam leading the way in digital financial inclusion.

PhonePe pushes global boundaries, amidst regional growth challenges and WhatsApp Pay expands financial inclusion efforts across India despite rising cyber fraud concerns.

Titan’s ad spending jumps 23.8% to Rs 250 cr in Q2

Jewellery continued to be the largest revenue driver with steady growth. Total Income for the quarter grew 26% over Q2FY24 to Rs 763 crores. The India business grew 25% in the same period. (Image source: CNBC TV18)

The profit for this quarter was Rs 705 crore compared to last last quarter’s Rs 770 crores indicating approximately an 8.4% decline.

Wakefit records 50% revenue growth online during festive season

Sharing his views on the company’s growth, Chaitanya Ramalingegowda, Co-founder & Director, Wakefit.co, said, “The festive season sale has gotten an incredible response from our customers this year. The trust that they continue to place in us is truly motivating and drives everything we do. At Wakefit.co, listening to our customers' needs and evolving with them has always been a priority. This year’s growth is a reflection of that commitment.”

Geographically, the North and East regions experienced the highest sales growth this year, with states like Uttar Pradesh, Madhya Pradesh, and Rajasthan showing a 4x spike in sales compared to pre-festive periods.

Nielsen gets MRC nod for first-party streaming data integration

“We’re thrilled and humbled to earn first-party approval from the MRC. It’s a great affirmation of Nielsen’s ability to innovate at the speed of the market, while doing so in a safe and verified way,” Nielsen CEO Karthik Rao said in a statement.

Currently, Amazon is the sole Nielsen client utilizing this integrated measurement for its Thursday Night Football telecasts, an agreement that caused some controversy within the industry when it commenced in 2023

Amazon’s ad revenue up 24% to $47B; AI emerges as a key player

During the first 48 hours of Amazon Great Indian Festival 2024, customers got access to over 25,000 new Despite representing only 8.8% of the global digital advertising market, Amazon's burgeoning ad business poses a significant threat to industry leaders Alphabet (27.7%) and Meta (22.8%).

“We’re optimistic that much of this world-changing AI will be built on top of AWS,” says Andy Jassy, Amazon CEO.