Top tech, startup stories to begin your day
Happy Thursday! Oracle’s global job cuts have impacted 10,000 employees in India. This and more in today’s ETtech Morning Dispatch.
Also in the letter:
■ Sahi targets $250m leap
■ Licious’ FY26 report
■ VCs make bank from IPOs in 2025
Oracle’s AI pivot cuts deep, lays off 20% of its India workforce
Oracle has cut about 10,000 employees in India as part of a wider global restructuring, sources familiar with the matter told us.
Driving the news: The job cuts amount to roughly 20% of the tech giant’s India workforce, which was said to be about 50,000 people.
The layoffs have also affected Oracle Financial Software Services, where about 1,000 jobs, or roughly 10% of headcount, were cut. Oracle Cloud Infrastructure and Cerner Healthcare have also been impacted in India and the US, reflecting pressure on the company’s AI-led and data-centre investments.
More layoffs likely: Sources said Oracle’s global job cuts may already have reached 30,000 and could go higher. Employees said the mood inside the company suggests this may not be the last round, while some retained staff are being asked to handle heavier workloads.
Insider’s take: "My manager called and basically said I should be glad to keep my job and I should work harder. That the job cuts were not a reason to not meet our deliverables. Our entire sister team got let go in the US so I am not even sure how meeting those deliverables will be possible," one Oracle employee told us.
According to Oracle, the layoffs are a part of a "reduction in force and other terminations".
Social storm: On Tuesday, several employees flooded social media and microblogging sites like Reddit, LinkedIn, and X (formerly Twitter), about an email from HR at 6 am IST (and 3 am PT), informing them of their termination.
Also Read: Oracle prepares for layoffs, sets aside $2.1 billion for restructuring
Fintechs go easy on IPO plans as war rattles stock markets
The crisis in West Asia and its spillover effects on Indian equities are prompting several fintech founders to rethink the timing of their IPOs.
Driving the news: A clutch of fintechs – including Turtlemint, Moneyview, Fibe and Kissht – are in the process of going public, with many having only just filed draft papers. People in the know told us that a number of them are choosing to wait out the uncertainty and are betting on a bounceback in the markets.
Delaying plans: Industry insiders point out that most of these startups are well-capitalised and have relatively clear paths to profitability. That gives them room to push out listings and aim for richer valuations and stronger retail participation when sentiment improves.
The ones most likely to list in the current environment are either those in need of urgent capital or whose investors are keen to exit even at discounted valuations.
Larger impact: The delay in PhonePe’s IPO is also weighing on broader market sentiment, according to people in the space. Kissht, however, has maintained that its plans remain on track, noting that it had filed its draft papers in August last year.
Also Read: PhonePe IPO delay signals valuation standoff for upcoming new-age listings
Sahi eyes $80 million from Accel Growth, Bessemer, others
(L-R) Dale Vaz and Manish Jain, founders, Sahi
New-age stock trading platform Sahi, cofounded by Swiggy’s former chief technology officer Dale Vaz, is in advanced talks to raise $60-80 million, sources told us.
Deal details:
“After the successful listing of Groww and Dhan’s fundraise, there has been a lot of interest in the sector. It’s an attractive opportunity. They are already clocking around $10 million in annual revenue run rate,” a person in the know said. However, the company is struggling to acquire customers and retain them.
About the company: Founded in 2023 by Vaz and Manish Jain, a senior executive at Kotak Securities, Sahi competes with the likes of the Mumbai-based Dhan, the listed broker Groww, and the Bengaluru-based Zerodha.
Rival watch: According to data from NSE, Sahi has grown to 110,000 active traders over the past year. Rival Dhan has built a base of over 1 million traders, while Groww has around 12 million active traders.
Also Read: AI-led wealthtech rising as VCs bet on a fintech disruption
Dhan in talks to acquire Elevation Capital-backed Infinyte Club in cash and equity deal
Infinyte Club founders Ankita Tandon (Left) and Joylita Saldanha
Stock trading platform Dhan is in talks to acquire wealthtech startup Infinyte Club for around $10 million in a mix of cash and equity.
Tell me more: The acquisition is expected to help Dhan expand its presence in the fast-growing wealthtech segment and build offerings beyond trading, particularly in private market investing, portfolio tracking and high-net-worth investor solutions.
Other Top Stories By Our Reporters
(L-R) Abhay Hanjura and Vivek Gupta, founders, Licious
Licious’ FY26 revenues: Meat and seafood retailer Licious reported a 47% rise in revenues, at Rs 1,166 crore, for the financial year ended March 31, 2026, up from Rs 795 crore a year earlier. It is now targeting Rs 1,800 crore in revenue in FY27, focusing on expanding its presence in urban markets and increasing repeat purchases.
VC IPO windfall in 2025: US immigration attorneys are seeing a significant increase in selection rates in H-1B applications this year, with as much as half of those being accepted, even as the number of petitions filed for the work permit has declined amid regulatory changes.
Swiggy’s investor relations head quits: Abhishek Agarwal, food and grocery delivery company Swiggy’s head of investor relations (IR) and a vice president (VP), has resigned from his position, people familiar with the development told ET.
Global Picks We Are Reading
■ Apple at 50: the roots of a tech revolution ( FT)
■ Workers around the world are not getting what they want from AI ( Rest of World)
■ What happens when AI agents go rogue? ( WSJ)
Also in the letter:
■ Sahi targets $250m leap
■ Licious’ FY26 report
■ VCs make bank from IPOs in 2025
Oracle’s AI pivot cuts deep, lays off 20% of its India workforce
Oracle has cut about 10,000 employees in India as part of a wider global restructuring, sources familiar with the matter told us.
Driving the news: The job cuts amount to roughly 20% of the tech giant’s India workforce, which was said to be about 50,000 people.
The layoffs have also affected Oracle Financial Software Services, where about 1,000 jobs, or roughly 10% of headcount, were cut. Oracle Cloud Infrastructure and Cerner Healthcare have also been impacted in India and the US, reflecting pressure on the company’s AI-led and data-centre investments.
More layoffs likely: Sources said Oracle’s global job cuts may already have reached 30,000 and could go higher. Employees said the mood inside the company suggests this may not be the last round, while some retained staff are being asked to handle heavier workloads.
Insider’s take: "My manager called and basically said I should be glad to keep my job and I should work harder. That the job cuts were not a reason to not meet our deliverables. Our entire sister team got let go in the US so I am not even sure how meeting those deliverables will be possible," one Oracle employee told us.
According to Oracle, the layoffs are a part of a "reduction in force and other terminations".
Social storm: On Tuesday, several employees flooded social media and microblogging sites like Reddit, LinkedIn, and X (formerly Twitter), about an email from HR at 6 am IST (and 3 am PT), informing them of their termination.
Also Read: Oracle prepares for layoffs, sets aside $2.1 billion for restructuring
The crisis in West Asia and its spillover effects on Indian equities are prompting several fintech founders to rethink the timing of their IPOs.
Driving the news: A clutch of fintechs – including Turtlemint, Moneyview, Fibe and Kissht – are in the process of going public, with many having only just filed draft papers. People in the know told us that a number of them are choosing to wait out the uncertainty and are betting on a bounceback in the markets.
Delaying plans: Industry insiders point out that most of these startups are well-capitalised and have relatively clear paths to profitability. That gives them room to push out listings and aim for richer valuations and stronger retail participation when sentiment improves.
The ones most likely to list in the current environment are either those in need of urgent capital or whose investors are keen to exit even at discounted valuations.
Larger impact: The delay in PhonePe’s IPO is also weighing on broader market sentiment, according to people in the space. Kissht, however, has maintained that its plans remain on track, noting that it had filed its draft papers in August last year.
Also Read: PhonePe IPO delay signals valuation standoff for upcoming new-age listings
Sahi eyes $80 million from Accel Growth, Bessemer, others
New-age stock trading platform Sahi, cofounded by Swiggy’s former chief technology officer Dale Vaz, is in advanced talks to raise $60-80 million, sources told us.
Deal details:
- Accel’s growth fund, Bessemer Venture Partners and Susquehanna International Group (SIG) are among the investors participating.
- This round could quadruple Sahi’s valuation to around $250 million in under a year, up from $60 million.
“After the successful listing of Groww and Dhan’s fundraise, there has been a lot of interest in the sector. It’s an attractive opportunity. They are already clocking around $10 million in annual revenue run rate,” a person in the know said. However, the company is struggling to acquire customers and retain them.
About the company: Founded in 2023 by Vaz and Manish Jain, a senior executive at Kotak Securities, Sahi competes with the likes of the Mumbai-based Dhan, the listed broker Groww, and the Bengaluru-based Zerodha.
Rival watch: According to data from NSE, Sahi has grown to 110,000 active traders over the past year. Rival Dhan has built a base of over 1 million traders, while Groww has around 12 million active traders.
Also Read: AI-led wealthtech rising as VCs bet on a fintech disruption
Dhan in talks to acquire Elevation Capital-backed Infinyte Club in cash and equity deal
Stock trading platform Dhan is in talks to acquire wealthtech startup Infinyte Club for around $10 million in a mix of cash and equity.
Tell me more: The acquisition is expected to help Dhan expand its presence in the fast-growing wealthtech segment and build offerings beyond trading, particularly in private market investing, portfolio tracking and high-net-worth investor solutions.
Other Top Stories By Our Reporters
Licious’ FY26 revenues: Meat and seafood retailer Licious reported a 47% rise in revenues, at Rs 1,166 crore, for the financial year ended March 31, 2026, up from Rs 795 crore a year earlier. It is now targeting Rs 1,800 crore in revenue in FY27, focusing on expanding its presence in urban markets and increasing repeat purchases.
VC IPO windfall in 2025: US immigration attorneys are seeing a significant increase in selection rates in H-1B applications this year, with as much as half of those being accepted, even as the number of petitions filed for the work permit has declined amid regulatory changes.
Swiggy’s investor relations head quits: Abhishek Agarwal, food and grocery delivery company Swiggy’s head of investor relations (IR) and a vice president (VP), has resigned from his position, people familiar with the development told ET.
■ Apple at 50: the roots of a tech revolution ( FT)
■ Workers around the world are not getting what they want from AI ( Rest of World)
■ What happens when AI agents go rogue? ( WSJ)
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