Also in the letter:
■ Honasa and Lakme face off
■ Cognizant vs Infy in US courts
■ Google’s AI bet
Techies’ American dream fast turning into desi nightmare
Social media platforms like Reddit and X are flooded with anxious posts from Indian tech professionals facing widespread layoffs, immigration uncertainty and a sluggish tech job market. Analysts warn the worst may still be ahead.
Set atwitter: Terms like ‘Liberation Day Layoffs’ are gaining traction online, as multiple startups, Big Tech firms and hardware companies announced job cuts over the past week.
According to a layoff tracking site, over 2,700 tech workers were let go in April alone, including employees at industry giants Google and Microsoft. March saw nearly 8,000 layoffs, while February recorded around 19,000.
Also Read: Tech layoffs: Google, Microsoft, Meta among companies leading 2025 layoffs
What’s driving this: Analysts point to several factors, but the main trigger appears to be the “reciprocal” tariffs imposed by the US and retaliatory levies by countries such as China and blocs like the European Union.
- These on-and-off tariffs have fuelled recession fears, rattling global businesses.
- Major IT firms are slashing jobs due to economic uncertainty stemming from the tariff war and slowing enterprise deal cycles, said Phil Fersht of US-based advisory firm HfS Research.
- Neeti Sharma, CEO of staffing firm TeamLease Digital, noted that foreign workers on visas are among the first to be hit, citing legal complexities and growing economic concerns.
Yet to come: Experts warn that the situation could further deteriorate in the coming weeks, with companies likely to quietly trim up to 20% of their workforce across sectors. Legal experts also caution of mounting challenges for Indians seeking jobs abroad.
Goldman completes deal for majority pie in PeopleStrong for $130 million
The private equity arm of Goldman Sachs has acquired a majority stake in Gurugram-based HR software-as-a-service (SaaS) company PeopleStrong for approximately $130 million (about Rs 1,200 crore).
Deal details:
- Goldman Sachs has taken over Multiples PE’s 84% stake in PeopleStrong.
- It has also purchased a portion of the Esop pool from the company’s employees.
- Sources say the two parties had been in talks for four to five months ahead of the transaction.
Gold rush: This marks the second major private equity buyout of a SaaS company this year. In January, Singapore-based PE firm Everstone Capital acquired around 80% stake in bootstrapped startup Wingify for around $200 million.
Vidita Kochar Jain, cofounder, Jewelbox
Jewelbox raises $3.2 million: The Kolkata-based startup plans to use the capital to expand its retail footprint across India, strengthen brand visibility, and hire talent across key functions, cofounder Vidita Kochar Jain, told ET.
Centa raises Rs 20 crore: Centa, an edtech startup focused on teacher accreditation, has raised Rs 20 crore in a funding round led by Mumbai-based venture capital firm Colossa Ventures. The capital will be used to scale operations in India and key international markets, and to strengthen its technology infrastructure.
Honasa’s Ghazal Alagh takes a swipe at Lakmé on X; deletes post later
Honasa Consumer, Mamaearth’s parent company, has escalated its clash with Hindustan Unilever over an ad campaign that questions the claims made by digital-first sunscreen brands.
Driving the news: On social media platform X, Honasa Consumer cofounder Ghazal Alagh accused HUL’s brands Lakme and Sunsilk of copying its products across categories, including sunscreens, face wash and shampoos. The post was later deleted.
Tell me more:
- A recent Lakmé ad alleged that while online brands marketed their sunscreens as SPF 50, tests showed they were only SPF 20.
- In response, Honasa put up a cheeky billboard next to a Lakmé ad, saying: “Hey Lakmé, congratulations on finally getting SPF 50 in-vivo tested. Welcome to The Derma Co. standard.”
The big picture: The public spat underscores the widening gap between new-age startups and legacy FMCG giants. Industry experts see this as a reflection of rising consumer demand for evidence-based claims and innovations tailored to Indian needs.
Also Read: New skincare labels catch the fancy of young India, eating into demand for many biggies
Cognizant asks US court to axe Infosys suit for ‘no proof’
IT services firm Cognizant has asked a US court to dismiss Infosys’ counterclaims, arguing the company has failed to provide factual evidence to support its allegations of monopolisation and anticompetitive conduct.
Back and forth: Cognizant’s response in this eight-month-old legal battle, comes a week after Infosys accused the US-based company of abusing its monopoly power to block competition from its healthcare platform, Helix, against Cognizant’s rival offering.
“At every step, Infosys retreats to the most fringe theories of antitrust law and then points to bare-bones, conclusory allegations,” Cognizant stated in a filing before a Texas court.
What else: Cognizant also claimed that Infosys “cannot plausibly allege” the existence of a monopoly, arguing that 65% market share does not alone meet the legal threshold.
The dispute began in August 2024 when Cognizant accused Infosys of stealing trade secrets. Infosys responded with an antitrust lawsuit in January.
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