Fashion ecommerce major Myntra is laying off employees as part of a consolidation exercise, which aims to move its Gurugram-based satellite operations to Bengaluru. Sources told Inc42 that the company aims to relocate certain roles into larger teams based out of Bengaluru, while some jobs will be phased out. The relocation and retrenchments will impact 50 employees of the company’s Gurugram-based catalogue team.  A source close to the company said that the move is aimed at centralising teams, streamlining internal processes and improving coordination. The Walmart-backed marketplace plans to offer severance pay, outplacement services and extended insurance cover to the impacted employees, added the source.  The source said that the relocation and layoffs are unrelated to AI implementation or performance considerations. Inc42 has reached out to the company for a comment on the  development. This story will be updated upon receiving their response. Founded in 2007 by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena, Myntra is an online marketplace which allows third-party sellers to sell their fashion products such as apparels and other accessories. The Bengaluru-based startup was acquired by Flipkart for $240 Mn in 2014. The fashion ecommerce arm of Flipkart’s net profit zoomed about 18X to INR 548…  ​Read MoreInc42 Media

The government has expanded the scope of startup definition to include deep tech startups with a recognition period of up to 20 years and a turnover limit of Rs 300 crore.In a gazette notification from the Department for Promotion of Industry and Internal Trade (DPIIT) said, “in the case of an entity recognised as a Deep Tech Startup under this notification, such entity shall cease to be a Deep Tech Startup on completion of twenty years from the date of its incorporation or registration, or if its turnover for any previous year exceeds three hundred crore rupees.”This notification comes into immediate effect, but for the non-deep tech startup, the categorisation remains the same, i.e., for a period of 10 years anda turnover limit of Rs 200 crore.The definition of deep tech, according to the government, is that it is working on producing a solution based on new knowledge/advancements within a scientific or engineering discipline or multiple disciplines, which is yet to be developed or is in the process of being developed. It has a high percentage of expenditure on research and development (R&D) activities as a percentage of revenue/funding. It owns or is in the process of creating significant novel…  ​Read More​YourStory RSS Feed

Edtech firm PhysicsWallah (PW) on Thursday reported about 33% year-on-year growth in both its top and bottom lines. It posted operating revenue of Rs 1,082.4 crore in Q3 FY26 and a profit after tax of Rs 102.3 crore, driven by an expanding paid user base and strong operating margins.The paid user base of the Alakh Pandey-led firm expanded to 4.37 million in the nine months to date, with online transacting users at 3.96 million and offline enrolments at 0.41 million.The quarter also benefited from operating leverage as EBITDA (earnings before interest, taxes, depreciation, and amortisation) climbed to Rs 351.2 crore, yielding a roughly 32% margin, which helped lift the company into profit. EBITDA is a measure of a company’s profitability of the operating business.PW’s revenue from operations for the first nine months of FY26 stood at Rs 2,980.7 crore, about a 31% year-on-year increase, while adjusted EBITDA for the period reached Rs 647.4 crore, a nearly 22% margin. Operating cash flow for the nine months was Rs 642.9 crore, up from the previous full year, reflecting stronger cash generation as the business scaled. The company holds a large treasury balance of approximately Rs 5,054.4 crore, which includes net IPO proceeds of…  ​Read More​YourStory RSS Feed