Shreyas Srinivasan, Paytm's Chief Product Officer and head of consumer products, has left the company after Zomato acquired Insider.in. Srinivasan, who founded Insider.in, said the deal came at a perfect time for him to take a break and explore new interests. The acquisition, valued at INR 2,000 Cr, has helped Zomato grow its going-out business.
Freshworks is laying off 660 employees, about 13% of its workforce, as part of a global restructuring aimed at improving efficiency and aligning with key business goals. The changes, which should be completed by December 2024, will cost the company between $11 million and $13 million. The company plans to focus on Employee Experience (EX), AI, and Customer Experience (CX), offering severance and career support to affected employees.
Ichnos Glenmark Innovation (IGI) announced a 75% response rate for its experimental cancer drug ISB 2001 in a Phase 1 clinical trial for relapsed/refractory multiple myeloma. The drug showed good safety results, with no dose-limiting side effects. Full results will be shared at the American Society of Hematology Annual Meeting in December 2024.
India has ordered fintech companies to stop using PAN cards without permission to create customer profiles or access personal information. This move, led by the Indian Cybercrime Coordination Centre (I4C), comes in response to growing concerns over the misuse of PAN data and follows the Digital Personal Data Protection Act, 2023. The goal is to protect citizens' data and ensure that companies get proper consent before using personal details.
Amazon is requiring employees to work from the office five days a week starting in January. AWS CEO Matt Garman said that in-person collaboration is crucial for innovation. Employees who don’t want to return to the office are encouraged to find another job. While some workers are on board, many are frustrated by the added commute time and stress, questioning if it’s more effective than remote work.
Andhra Pradesh’s capital city, Amaravati, is adopting the Netherlands' gravity canal system for flood control. The initiative, announced by the Capital Region Development Authority (CRDA), aims to prevent flooding by constructing gravity canal reservoirs. This project is part of a larger infrastructure upgrade, with the World Bank contributing Rs 15,000 crore, contingent on effective flood prevention measures. The CRDA is also inviting fresh tenders for various development projects.
Rakesh Gangwal, billionaire and co-founder of IndiGo, has been named the new Chairman of Southwest Airlines. Gangwal, who joined the airline's board in July, also bought $108 million worth of Southwest shares. His appointment comes after Southwest settled its issues with Elliott Investment Management, one of its biggest shareholders. Gangwal plans to work with the airline’s management team to improve its financial performance.
A 20-year-old man named Dhanush, driving a Mercedes Benz while drunk, hit and killed 30-year-old Sandhya in Kengeri, Bengaluru. Dhanush lost control of the car and tried to run away, but bystanders caught him. He was arrested and charged with culpable homicide. The accident happened after Dhanush had been drinking with a friend and lost control while driving.
NASA has issued a warning about asteroid 2024 UT7, which is 190 feet wide and will pass dangerously close to Earth today. Traveling at speeds of nearly 30,000 km/h, the asteroid will come within 1 million kilometers of Earth. Although it's not considered a "potentially hazardous asteroid," its close distance and high speed make it a priority for observation. NASA tracks such objects through its NEO Observations Program to monitor any potential risks.
Afcons Infrastructure's shares started off at an 8% discount but later climbed to an intra-day high of ₹477.50. The company has a big order book worth ₹45,000 crore, and it's expecting to see revenue growth pick up after a quiet fiscal year. They recently landed contracts, including the Bhopal Metro's Blue Line, and are aiming for a 15% growth rate over the next three years.