Bleak job market for H-1B returnees; Delhivery investors' exit
Laid-off tech workers from the US face an unprecedented job slump back home. This and more in today’s ETtech Morning Dispatch.
Also in the letter:
■ Battery-tech startups seek funding
■ Amazon CEO meets PM Modi
■ Calls for sovereign AI
No vacancy at home: Worsening job market greets H-1B returnees
People laid off in the US over the past year from tech giants including Meta, Amazon and Microsoft, are finding it hard to get jobs back home in India.
Trouble brewing at home: The prolonged winter for tech jobs is similar to the unprecedented slump being seen in India’s $280-billion outsourcing industry.
According to data from specialised staffing firm Xpheno, close to 7,300 people have returned to India from the US so far in 2026. This was 15,100 in 2025 and 9,700 in 2024. The firm also said Indian technology talent hiring is at a 28-month low in June, with companies being conservative.
India is the top choice: Industry insiders said returnees are favouring India over hubs such as Dubai due to uncertainty in West Asia. Redeployment is slow because of limited openings and high salary expectations, though startups and GCCs are increasingly hiring fractional CXOs before expanding full-time leadership.
GCCs to the rescue: Experts said professionals who have spent a decade or more in a single domain will be in demand by GCCs, and here US returnees who have worked in product companies have an edge.
Also Read: GCCs outpace IT services in tech hiring, driving AI & cloud talent
Layoffs rising: According to data from Layoffs.fyi, over 100,000 people were laid off in 2026 in the US across companies such as Meta, Amazon, and Microsoft. It is unclear how many of these employees are on skilled worker visas such as the H-1B.
Delhivery investors cash out as stock nears IPO price
As Delhivery's stock climbs back towards its IPO price, early institutional backers are accelerating stake sales.
Tell me more: SoftBank, Nexus Venture Partners, and Alpha Wave Global have collectively offloaded nearly Rs 1,800 crore worth of shares over the past three months.
Why it matters: The transactions signal that long-term investors are using the stock's recovery to monetise holdings after years of waiting for a rebound.
Breaking it down:
Also Read: Delhivery January-March operating revenue jumps 30%; net profit flat at Rs 72 crore
What's next: Despite the stake sales, major investors continue to retain meaningful holdings, which suggests portfolio rebalancing rather than a complete exit from India's largest, listed new-age logistics company.
VCs pivot to EV infra & energy storage in new $65 million funding wave
Several early-stage battery-tech and energy transition startups are in the market for funds, looking to raise about $65 million combined, in a sector which saw overall funding fall more than 70% last year
Who is looking: Sources familiar with the plans told us that multiple startups are in various stages of talks with investors.
VC interest: "As energy consumption rises globally, fluctuations in demand and supply are increasing, creating a growing need for energy-storage solutions,” said Shantanu Chaturvedi, Partner at Transition VC.
For early stage investor Kae Capital, energy transition has become one of its major investment thesis. TDK Ventures is also actively evaluating investments in the sector.
Also Read: India's battery makers say new recycling rules may pull the plug on their business
Amazon CEO Andy Jassy meets PM Modi; to invest $48 billion in India by 2030
Amazon CEO Andy Jassy with Prime Minister Narendra Modi
Amazon chief executive Andy Jassy met Prime Minister Narendra Modi in New Delhi on Thursday and outlined the company's latest investment plans for India.
More on this:
Also in the letter:
■ Battery-tech startups seek funding
■ Amazon CEO meets PM Modi
■ Calls for sovereign AI
No vacancy at home: Worsening job market greets H-1B returnees
People laid off in the US over the past year from tech giants including Meta, Amazon and Microsoft, are finding it hard to get jobs back home in India.
Trouble brewing at home: The prolonged winter for tech jobs is similar to the unprecedented slump being seen in India’s $280-billion outsourcing industry.
According to data from specialised staffing firm Xpheno, close to 7,300 people have returned to India from the US so far in 2026. This was 15,100 in 2025 and 9,700 in 2024. The firm also said Indian technology talent hiring is at a 28-month low in June, with companies being conservative.
India is the top choice: Industry insiders said returnees are favouring India over hubs such as Dubai due to uncertainty in West Asia. Redeployment is slow because of limited openings and high salary expectations, though startups and GCCs are increasingly hiring fractional CXOs before expanding full-time leadership.
GCCs to the rescue: Experts said professionals who have spent a decade or more in a single domain will be in demand by GCCs, and here US returnees who have worked in product companies have an edge.
Also Read: GCCs outpace IT services in tech hiring, driving AI & cloud talent
Layoffs rising: According to data from Layoffs.fyi, over 100,000 people were laid off in 2026 in the US across companies such as Meta, Amazon, and Microsoft. It is unclear how many of these employees are on skilled worker visas such as the H-1B.
Delhivery investors cash out as stock nears IPO price
As Delhivery's stock climbs back towards its IPO price, early institutional backers are accelerating stake sales.
Tell me more: SoftBank, Nexus Venture Partners, and Alpha Wave Global have collectively offloaded nearly Rs 1,800 crore worth of shares over the past three months.
Why it matters: The transactions signal that long-term investors are using the stock's recovery to monetise holdings after years of waiting for a rebound.
Breaking it down:
- SoftBank has sold stake worth around Rs 180-200 crore.
- Nexus cashed out stock worth approximately Rs 924 crore.
- Alpha Wave Global, which entered Delhivery's cap table prior to its May 2022 IPO, sold Rs 665 crore worth of stock this quarter to make a full exit.
Also Read: Delhivery January-March operating revenue jumps 30%; net profit flat at Rs 72 crore
What's next: Despite the stake sales, major investors continue to retain meaningful holdings, which suggests portfolio rebalancing rather than a complete exit from India's largest, listed new-age logistics company.
VCs pivot to EV infra & energy storage in new $65 million funding wave
Several early-stage battery-tech and energy transition startups are in the market for funds, looking to raise about $65 million combined, in a sector which saw overall funding fall more than 70% last year
Who is looking: Sources familiar with the plans told us that multiple startups are in various stages of talks with investors.
- Emo Energy is in talks to raise Rs 150-200 crore ($16-21 million).
- Baaz Bikes is in talks to raise nearly $15 million.
- Electric tractor startup Moonrider is in the market for a $20 million funding round.
- EarthEn Energy, which is developing heat-storage batteries for industrial customers, is raising a $3 million seed round.
VC interest: "As energy consumption rises globally, fluctuations in demand and supply are increasing, creating a growing need for energy-storage solutions,” said Shantanu Chaturvedi, Partner at Transition VC.
For early stage investor Kae Capital, energy transition has become one of its major investment thesis. TDK Ventures is also actively evaluating investments in the sector.
Also Read: India's battery makers say new recycling rules may pull the plug on their business
Amazon CEO Andy Jassy meets PM Modi; to invest $48 billion in India by 2030
Amazon chief executive Andy Jassy met Prime Minister Narendra Modi in New Delhi on Thursday and outlined the company's latest investment plans for India.
- Amazon will invest an additional $13 billion in India by 2030 to expand its artificial intelligence (AI) and cloud infrastructure. The new commitment raises Amazon's planned India outlay to $48 billion by 2030, from $35 billion announced earlier.
- Amazon also plans to open more than 20 fulfilment centres and over 100 last-mile delivery stations this year as it expands its quick commerce operations.
- The company said its India investment has touched about $40 billion, including FDI and reinvested earnings from local operations.
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