📉 Wipro’s quarterly profits fall yet again

Start Your Day with YS Buzz: Your 8 AM Snapshot of Today's Top Startup News! 13 January 2024 [View in Browser]( Hello, Dunzo’s dilemma continues. The cash-strapped startup is now working on a long-term business plan to clear liabilities and [repay pending salaries]( Dunzo told former employees in an email on Friday evening. The Reliance Retail-backed firm had told former employees in October that salaries for June and July, along with final settlements, would be paid by this February. Dunzo intends to provide a payment timeline by January 31 while it chalks out a solution over the next couple of weeks. In other news, global asset management company BlackRock has reportedly reduced the implied valuation of its stake in BYJU’S by [a whopping 95%]( as of October 2023. Meanwhile, Rapido witnessed a [threefold increase]( in revenue from operations in FY23. However, its losses widened due to a significant rise in expenses. [ICYMI:]( Cars that can chat with drivers were among the transportation innovations featured at CES 2024, the annual consumer tech show that wrapped up on Friday in Las Vegas. Here’s a [list]( of the tech that was on display. Lastly, researchers have found a [cluster of lost cities]( in the Amazon rainforest that was home to around 10,000 farmers about 2,000 years ago. One of the most striking features of the discovery was the extensive network of roads–one of which was 25 km long. Now that’s some impressive urban planning! In today’s newsletter, we will talk about - Wipro’s quarterly profits fall yet again - Understanding Scapia’s many problems - The Aravani Art Project's path to inclusiveness Here’s your trivia for today: Which modern company was born after Thomas Alva Edison’s company Edison Electric merged with another firm in 1892? --------------------------------------------------------------- IT Services Wipro’s quarterly profits fall yet again Wipro Ltd, one of the leading Indian IT services companies, saw a 12% decline in net profit on a year-on-year basis for the third quarter of the current fiscal as it continues to face a challenging business environment combined with a churn in its internal top management. Key takeaways: - Wipro is facing challenges in terms of quarterly performance; this is the fifth quarter in a row that its revenues have declined. - Its consolidated revenue for Q3 stood at Rs 22,205 crore, a 5% decline year-on-year (YoY) while net profit stood at Rs 2,694 crore. - The company’s total booking stood at $3.8 billion, 13.5% lower YoY. Even operating margins came in at 16%, a decline from 16.2% a year ago. [Read More]( --------------------------------------------------------------- Top Funding Deals of the Week 1) makeO: $16M| Bridge 2) Varthana Finance: $14M| Undisclosed 3) Grip Invest: R$10M| Series B --------------------------------------------------------------- Fintech Understanding Scapia’s many problems fintech firm Scapia is in the line of fire. After enjoying word-of-mouth popularity, a new round of capital infusion, and glowing referrals from credit card communities over the last 2-3 months, the Binny Bansal-backed startup is facing user outrage this week. Wrong turn: - Many users have seen their credit limits slashed from upwards of Rs 5,00,000 to Rs 20,000 or less. One user took to Techofino (a Reddit-like credit card discussion forum) to reveal that his credit limit was reduced from a high of Rs 10,00,000 to Rs 1,40,000. - Less than a month ago, Scapia Founder Anil Goteti had told The CapTable that the travel-focused card was witnessing “phenomenal demand” from the 24-35 age group from metro centres and Tier-II towns and had been dispatched to 7,500+ pin codes across India. - At present, the app too is facing a technical outage, with several users stuck at the application stage. The company, however, has been tight-lipped about the recent issues. [Read More]( --------------------------------------------------------------- YourStory invites India's most promising D2C brands to apply for '100 Challenger Brands of India'. This initiative offers more than recognition; it's a chance to propel your brand at the Brands of New India Mega Summit. Benefits include elevating your brand's profile, unlocking growth opportunities, connecting with VCs, gaining media exposure, accessing exclusive deals, and receiving expert mentorship. Join this platform to shape the future of India's D2C sector. [List your brand today]( --------------------------------------------------------------- Art and Culture The story of The Aravani Art Project Started in 2016 by Bengaluru-based Poornima Sukumar, The Aravani Art Project is empowering the transgender community to make themselves seen and heard through visual art. Run by close to 40 trans people, cis women, and cis men, it has worked on research projects, drama walks, digital projects, comics and graphic novels, canvas paintings, workshops and, most recently, mixed media art using waste cloth to create large pieces. Inclusion: - According to a study conducted by the National Human Rights Commission in 2018, 96% of transgenders have to resort to sex work or begging for survival. - The study also highlighted how 92% of transgenders are deprived of their right to participate in any kind of economic activity. The Aravani Art Project aims to change this. - Besides splashing walls across cities, including Mumbai, Delhi, Kolkata, Bengaluru, and Pune, among others, the collective has previously collaborated with brands like Uber, Wingreens World and Walkers & Co. [Read More]( --------------------------------------------------------------- News & Updates - [Job cuts:]( Citigroup will cut 20,000 jobs over the next two years, CFO Mark Mason said on Friday after the bank reported a $1.8 billion loss for the fourth quarter. The lender currently has 239,000 employees worldwide. - [Gigantic:]( Astronomers have discovered a ring-shaped cosmic megastructure, the proportions of which challenge existing theories of the universe. The so-called Big Ring has a diameter of about 1.3 billion light-years, making it among the largest structures ever observed. - [Scandal:]( SBI Holdings Inc.’s brokerage arm was temporarily banned from some trades related to IPOs after Japan’s financial regulator said it manipulated stocks, in the country’s second major trading scandal in recent years. After a massively successful first edition, TechSparks, India’s most influential startup-tech conference, is returning to the country’s financial capital for a spectacular second edition from February 29 to March 1, 2024 at Grand Hyatt Mumbai. The event is expected to bring together more than 3,000 attendees, comprising 60% C-suite attendees; 49% early stage and growth stage founders; 21% decision makers at India’s leading enterprises and 10% reputed investors representing the ecosystem. Keen to come on board as a sponsor or partner? Get in touch with us with your requirements and we'll get back to you with further details. [Get In Touch]( Here's what else we have for you The importance of education in navigating VDAs In association with Binance Let's talk about VDAs in India! Our article breaks down the complexities of Virtual Digital Assets, from blockchain tech to risk management. Discover the potential, learn about risks, and equip yourself for a secure investment journey. [Click Here]( --------------------------------------------------------------- 🚀 Get Ahead of the Curve: Early Access to the YourStory’s D2C Community Awaits! 👋 We're rolling out the red carpet for brands, investors, and partners like you to get a first-hand glimpse of the D2C Community. It's where freshness meets opportunity, and you definitely want to be part of this buzz. Imagine connecting with dynamic minds, sharing insights, and shaping the future of direct-to-consumer interactions. Don't miss out on being part of this exciting journey. Let's innovate, collaborate, and grow together! [Register Here for Early Access]( Did you know? Which modern company was born after Thomas Alva Edison’s company Edison Electric merged with another firm in 1892? Answer: General Electric (GE). Headquartered in Boston, Massachusetts, the company was incorporated in 1892 following a series of mergers between various companies owned and operated by Thomas Alva Edison and the Thomson-Houston Electric Company. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](