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Startup news and updates: daily roundup (December 2, 2022)

PayU names Arvind Agarwal as CFO, India payments

Online payments company PayU on Friday appointed as its new chief financial officer for its India payments business, the company said in a note.

Arvind comes from Nykaa, where he was part of the company’s leadership team and played a significant role in its listing.

“India is the largest market for PayU, and we are witnessing unprecedented growth in this region. Arvind brings tremendous experience and proven judgment, which is going to work in favour of PayU India, with the company heralding a new growth journey,” said Anirban Mukherjee, CEO of PayU payments.

Before Nykaa, Anirban worked with Amazon and Vodafone India.

Hiring in India back to pre-festive level, up 27% in November: Naukri report

Hiring in India increased 27% in November, compared with October, a report showed.

The insurance sector hired the most number of people in November, followed by banking, real estate, travel/hospitality, and auto.

Pharma, telecom, and BPO hiring remained flat, the report said.

Hiring in the IT sector declined by 8% compared with the monthly average for the first half of the year, mainly in startups. Edtech and retail sector hiring also declined.

NXP Semiconductors appoints Hitesh Garg as Country Manager of India

Nasdaq-listed NXP Semiconductors said it has appointed industry veteran Hitesh Garg as country manager to lead its India business.

Hitesh has over 25 years of experience in the field, and he will be responsible for growing NXP’s India business in Bengaluru, Pune, Noida, and Hyderabad, the company said.

“Hitesh has a strong operational focus, strategic competence, and a track record of bringing together diverse teams toward our larger business goals. He will help us to continue to deliver in India, one of the most interesting and diversified markets for us,” said Lars Reger, CTO of NXP Semiconductors.

25 students from IIT Madras, 5 from IIT Guwahati bag packages over Rs 1 Cr: PTI

The Indian Institutes of Technology (IIT) have recorded an increase in international offers for its students with several of them bagging packages exceeding Rs 1 crore per annum during the 2022 placement drive.

At IIT Madras, at least 25 students have bagged offers with pay packages over Rs 1 crore per annum. The institute has also recorded the highest-ever pre-placement offers this year, which is nearly 10% higher than last year’s figure of 407.

“The return to an in-person mode of placements was well received by both students as well as recruiters. We hope the new hybrid arrangement will enhance the quality of student-employer interaction and result in higher placements,” said TB Ramkamal, Student Academic Affairs Secretary at IIT Madras.

The top companies that offered the majority of the offers to IIT-Madras students include Texas Instruments (14 offers), Bajaj Auto Ltd and Chetak Tech Ltd (10 offers), Qualcomm (8 offers), J P Morgan Chase and Co (9 offers), Proctor and Gamble (7 offers), Morgan Stanley (6 offers), Graviton (6 offers), McKinsey & Company (5 offers), and Cohesity (5 offers).

Govt increases professional charges of IP facilitators for startups: PTI

The government on Friday said it has almost doubled the fees for IP facilitators understartups intellectual property protection (SIPP) scheme.

The commerce and industry ministry said that the revised scheme is applicable from November 2.

“To further encourage IP facilitators to provide quality services to startups in order to increase the number of IP applications filed by startups, the scheme has now been revised and facilitation fees have been notably increased by at least 100%,” the ministry said on Friday.

For patents, fees at the time of filing of application have been increased to Rs 15,000 from Rs 10,000 earlier. Similarly, for trademarks and designs, it has been revised upwards to Rs 3,000 from Rs 2,000.

To protect and promote the IP rights (IPR) of startups and to encourage innovation and creativity among them, the government launched the SIPP scheme in 2016.

(This article will be updated with the latest news throughout the day.)

Edited by Kanishk Singh

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