MC Tech 3 | Swiggy beefs up board ahead of IPO; WhatsApp Business to get more expensive; and more

One important thing: Dell Technologies will eliminate about 6,650 jobs , becoming the latest technology company to cut jobs amid the tough macroeconomic environment.?

The firm is experiencing market conditions that “continue to erode with an uncertain future,” Co-Chief Operating Officer Jeff Clarke wrote in a memo to employees.

• Following the job cuts, the company's employee count is likely to fall to its lowest level since 2017.

In today’s newsletter:

• Swiggy beefs up board ahead of IPO
• WhatsApp Business to get more expensive
• The tax googly that blindsided Indian startups

Swiggy beefs up board ahead of IPO

As Swiggy gears up for a potential IPO, the hyperlocal delivery firm is strengthening its board with independent members, following a similar move by archrival Zomato in 2021.

Driving the news: In a first, the Bengaluru-based unicorn has appointed three independent directors to its board.

• Delhivery founder and CEO Sahil Barua is one of the new board members at Swiggy
• The other two new board members are industrialist Mallika Srinivasan and veteran chartered accountant Shailesh Haribhakti

Cutting the flab

Swiggy said last month that it was laying off 380 employees in order to rationalise its business and reach profitability sooner than previously planned.

• It also shut down its online meat marketplace and said that it would re-evaluate the performance of some of its verticals
• Swiggy reported a net loss of Rs 3,628.9 crore for FY22 last month, while revenue increased 125% to Rs 5,704.9 crore

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