#MCTech3 ?? Top #tech and #startup news this evening ??

Just In: Wipro’s chief financial officer Jatin Dalal resigns, Aparna Iyer to take over

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One quick thing: Canada pension fund has invested over $2 billion in Indian new-age firms

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In today’s newsletter:

• ?DealShare shuts down B2B, sacks employees??
• Tech giants seek time to comply with data law
• Driverless trains to hit Bengaluru Metro tracks

DealShare shuts down B2B, sacks employees?

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It has been a year of pivots and shutdowns; nearly every startup has had to return to the drawing board to figure out what works and shut down what does not.

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Driving the news: DealShare, which started as a wholesale shopping platform, is pulling the plug on its B2B vertical five years after its launch.

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Why?

• ?Margins were thin and the unit was not performing as expected,?forcing the company to shutter the division
• ?Once the main revenue driver, B2B still accounted for about 20-25% of DealShare's revenues
• DealShare and its investors, like Tiger Global and Alpha Wave, want to instead focus on consumer-facing business.

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The impact: Now that the B2B unit will cease to exist, DealShare has decided to lay off about 120-130 employees who largely worked for the verticle, sources told us.

• ?The latest round of job cuts is the second one in just nine months.

• ?In January, DealShare laid off about 100 employees , citing a slowdown in business.

DealShare and its struggles: The company has slowly pivoted from group buying to D2C, ditching B2B. DealShare is also increasing its focus on private labels, all at a time when its business has slowed by at least a third, as reported earlier.

• ?Vineet Rao, the company's CEO and co-founder, also resigned in July

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DealShare moved its base from Bengaluru to Delhi NCR and asked employees to relocate, only to sack them a few months later. Go deeper

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