Jul 2, 11:30 AM

Swiggy to Close Minis by August 10 as Indian Startup Layoffs Fall 67% and Nykaa Investor Sells $150 Million Stake

Swiggy announced it will shut down its seller storefront platform Minis by August 10, discontinuing its B2B services for small businesses. This move comes amid a broader positive trend in the Indian startup ecosystem, where layoffs have fallen 67% in the first half of 2025 and hiring has surged by 35% year-over-year, particularly in sectors like SaaS, green energy, healthtech, logistics, consumer, and IT. The overall Indian job market showed growth, with the IT sector expanding by 5% and BPO/ITES by 19% in June 2025 according to the Info Edge JobSpeak Index. Meanwhile, Nykaa's early investors, the Banga family, are set to sell nearly 2.1% of their equity stake in the company through block deals worth approximately $150 million (Rs 1,400 crore). This sale reflects ongoing portfolio adjustments by early backers amid a recovering market. Additionally, fresher hiring has rebounded with an 11% growth in white-collar jobs in June, although some sectors like IT, banking, and financial services have experienced slower hiring rates.

#Swiggy #Minis #Indian #SaaS #IT #Info Edge JobSpeak Index #Nykaa #Banga

Written with ChatGPT (GPT-4).

Swiggy to Close Minis by August 10 as Indian Startup Layoffs Fall 67% and Nykaa Investor Sells $150 Million Stake

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