Fedbank Financial Services, the NBFC arm of Federal Bank, is planning to raise up to Rs 1,400 crore through an Initial Public Offering (IPO) by the end of 2023. The company re-filed its Draft Red Herring Prospectus for the IPO last week after the previous attempt was affected by choppy market conditions.
Quick commerce platform Dunzo held an 'all hands' meeting on Friday to inform its employees about another round of layoffs. This marks the third time the company has laid off employees in 2023. While the exact number of impacted employees was not disclosed by the company, sources suggest that approximately 20-25% of the workforce will be affected by the recent layoffs.
Myntra, the major eCommerce fashion company, has started a restructuring process that may result in the layoff of around 50 employees. Some of the affected employees may be offered other positions within the Flipkart Group as the reshuffling is still in progress. As per a Myntra spokesperson's statement to CNBC-TV18 on July 26, the final number of layoffs is expected to be less than 50.
On July 26, investor Peak XV Partners, which is invested in edtech giant BYJU'S, informed its limited partners (LPs) about marking down its investment in the company due to a lack of visibility into its audited financials. However, specific details regarding the extent of the markdown were not disclosed.