Monday, July 15, 2024

Bengaluru startup lays off 80% of staff, Facebook-parent company experiences layoffs, US government sues Adobe, and other top tech news from the week

Top Tech News of the Week: ReshaMandi Layoffs, Meta Restructuring, Adobe Lawsuit, GST Discussions, Google’s Gemini App Launch, and More

ReshaMandi, a Bengaluru-based B2B marketplace specializing in silk yarn products, has made headlines this week as it lays off 80% of its staff due to funding issues. The company, which failed to secure Series B funding, has been downsizing its operations significantly, with the number of employees dropping from 500 in January 2023 to reportedly around 100 by the end of the year.

The ripple effect of this decision has left over 300 employees awaiting their final dues and salaries, painting a grim picture for the once-promising startup. The cutbacks come as ReshaMandi struggles to stay afloat in the competitive market, facing challenges in securing the necessary funding to sustain its operations.

In a similar vein, Meta, the parent company of Facebook, is undergoing a restructuring in its Reality Labs division. The division will now be split into two groups – Metaverse and Wearables. While the exact number of layoffs is unknown at this time, the restructuring aims to streamline operations and focus on key areas such as Oculus headsets and other wearables, including the Ray-Ban smart glasses.

Meanwhile, the tech world is abuzz with news of a lawsuit filed by the United States government against Adobe. The software giant is being accused of deceptive practices, including hiding early termination fees and making it difficult for customers to cancel their subscriptions. The lawsuit highlights the importance of transparency and consumer protection in the tech industry.

In India, discussions surrounding GST rates for online gaming companies have been ongoing, with the Union Finance Minister clarifying that the matter was not addressed during the recent GST Council Meeting. Online gaming companies had hoped for a revision of the 28% GST rate applicable to their industry, but the wait continues as policymakers deliberate on the issue.

On a more positive note, Google has launched the Gemini app in India, now available in nine regional languages alongside English. The app aims to make AI assistance more accessible to users in the country, allowing them to interact with the virtual assistant through text, voice, or images.

These developments in the tech industry highlight the ever-evolving landscape of technology and the challenges that companies face in the rapidly changing market. As the sector continues to innovate and adapt, it remains to be seen how companies like ReshaMandi, Meta, and Adobe will navigate the complex terrain of the tech world.

Related Articles

Latest Articles

Most Popular