🇮🇳 Roundup: SoftBank-backed Unacademy lays off nearly 600 staff

Startups in India, including Rises Analytics Solutions and 1K Kirana Bazaar, have raised at least US$25 million in disclosed funding today from international and local investors.

Here’s a snapshot of the fundraising:

Here’s some important tech news from India today:

Unacademy lays off nearly 600 staff

The Softbank-backed edtech startup has laid off nearly 600 employees, which includes contractual workers and educators.

A company spokesperson told Tech in Asia that the layoffs, which total less than 10% of its total workforce, were based on the outcome of several assessments. The affected employees were given additional benefits and a “generous severance,” the spokesperson added.

Earlier, the Economic Times reported that the company had laid off around 1,000 employees over the past few weeks to cut down on costs.

Coinbase’s big bet on India

Coinbase, one of the world’s biggest cryptocurrency exchanges, has launched crypto trading services in India. The company also announced support for the United Payment Interface (UPI), a real-time digital payment system.

Coinbase’s foray into the country comes after the Indian government said it would tax income from cryptocurrencies at 30%. On regulatory challenges, CEO Brian Armstrong said that the company is committed to working with bank partners and regulators.

Coinbase’s investment arm recently partnered with Buidlers Tribe, an India-based incubator, to launch a cohort for Web3 startups in India.

Tata to launch super app soon

The super app, Tata Neu, will offer a wide range of products across categories, including daily grocery, electronics, finance solutions, flights, holidays, and more.

The platform will also offer a rewards program through NeuCoins, which can be earned and used online and at physical locations. Some of the brands that will be part of the platform are AirAsia India, BigBasket, Croma, Tata CLiQ, Indian Hotels Company Limited, and Westside.