Tech3 | Big Tech is hiring in India again; Groww ban gaya crorepati; and more

One quick thing: IPL's valuation rockets to $16.4 billion, with CSK reigning supreme at $231 million in brand value

• Player salaries are also on the rise. Find out more

In today’s newsletter: 

• Big Tech is hiring in India again 
• Groww ban gaya crorepati
• GitHub CEO on why India has the AI edge 

Big Tech is hiring in India again 

Indian techies, rejoice! 

The FAAMNG giants – Facebook (Meta), Amazon, Apple, Microsoft, Netflix, and Google (Alphabet) – are finally resuming hiring in India! 

• This comes as a welcome relief after a period of hiring freezes and layoffs witnessed globally

Green shoots appear: Specialist staffing firm Xpheno reports a significant rise - nearly 5,500 jobs opened up in India in June 2024 alone. 

• This comes after a dramatic drop in December 2023, where active Big Tech job postings hit a record low of just 200
• While still below pre-downturn levels (by over 50%), this surge signifies a positive shift

What’s driving this trend? The answer lies in a renewed focus on digital transformation. 

• Customer companies are restarting their tech spending, creating a ripple effect that benefits both product and service providers  

Global shift, local benefit: While these companies may have announced layoffs exceeding 70,000 employees globally since late 2022, strategic hiring for specific roles and team building through M&As have been ongoing. 

• In fact, some overseas roles are being shifted to India for cost optimisation and restructuring

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