And we're onto Tuesday (it honestly kinda feels like a Friday to me so I'm not super happy about it). But a couple of gems to kick the day off from Softbank, including Masa Son comparing himself to Jesus, yet another hilarious slide in Softbank's deck and WeWork's valuation dropping further to $2.9B Coming to the day's news, nature is healing & Ubers are returning to the street and more unfortunate layoffs.
➡️ In some unfortunate news to kick the day off, Swiggy announced that it has laid off 1100 people across the org in order to further reduce their costs and burn. ➡️ The company announced that all employees will get a minimum of 3 months salary along with an extra month/year of tenure as well as health insurance and will also waive the 1 year cliff requirement for vesting. ➡️ The company is planning to shut down or scale adjacent businesses who's demand will be volatile over the next 18 months which probably includes their cloud kitchen business, among others. ➡️ My only takeaway is that running operationally heavy businesses are hard and require hiring a bunch of people. And when your company's demand is heavily impacted, sometimes companies have to make hard decisions. ➡️ I think Rahul Ganjoo (VP Product @ Zomato) puts it pretty well about how we need to remove the negative stigma associated with layoffs. Sometimes companies scale aggressively in areas that don't work out for a variety of reasons where the company or its leaders may or may not be at fault. And it is very sad and I wholly empathize with those affected, but sometimes layoffs are inevitable- https://twitter.com/elegantlywasted/status/1262325478041333761 2. https://bit.ly/2LGZS6I: Uber is back! ➡️ Following yesterday's news of eCommerce being back, it now seems like ridesharing is also back and I'm sure the teams at Uber and Ola are very happy. ➡️ Yesterday, several states (including Delhi & Karnataka) announced that ridesharing companies would be allowed to start operating again with a couple of restrictions- a maximum of 2 passengers in the car (and 1 in autorickshaws), with pool services still being banned. ➡️ Cabs would still need to be sanitized after every ride, and Uber is also launching a feature where drivers would have to take selfies to ensure that they wearing masks with riders also having to confirm that they are wearing masks before requesting a ride. ➡️ And while things will certainly take a while to return to normal, it's nice to see we are slowly adding some elements of normalcy.
Feedback & ❤️ always appreciated
More tomorrow :) BONUS (Tweet of the day): https://twitter.com/BhavikKoladiya/status/1262432969337081860