ReshaMandi, a Bengaluru-based B2B marketplace specializing in silk yarn products, has laid off 80% of its workforce due to its failure to secure Series B funding. The company, which has been downsizing its operations over the past year, has reduced its staff from 500 employees in January 2023 to around 100 by the end of the year. Unfortunately, this downsizing has left 300 employees awaiting their final dues and salaries, highlighting the challenges faced by startups in securing funding in the competitive tech industry.
Meta, the parent company of Facebook, has announced a restructuring of its Reality Labs division, dividing it into two groups – Metaverse and Wearables. This restructuring has led to layoffs within the company, although the exact number of employees affected has not been disclosed. The Metaverse unit will focus on Oculus headsets, while the Wearables unit will work on developing other wearable technologies, such as Ray-Ban smart glasses. This move reflects Meta’s commitment to investing in cutting-edge technologies and improving user experiences across its various platforms.
In other tech news, the US Department of Justice has filed a lawsuit against Adobe, accusing the software company of deceptive practices related to subscription cancellations. Additionally, discussions on online gaming GST rates in India continue, with no immediate resolution announced. Google has launched the Gemini app in India in multiple regional languages, aiming to make its AI assistant more accessible to a wider user base. Meanwhile, Apple has announced the discontinuation of its Pay Later service and the introduction of a new global installment loan offering, highlighting the ever-evolving nature of the tech industry and the constant need for innovation and adaptation.
