Acko Insurance lays off 45-50 employees; seniors take up to 70% pay cut: Report
By MYBRANDBOOK
As per news report, Acko, the insurance technology startup has fired 45-50 employees out of its 480-500 workforce. This comes at the moment when the entire world is reeling under the COVID-19 pandemic and forcing the startup entrepreneurs to cut down on cost and extend their runway to keep their companies afloat.
“The layoffs are mostly across operations and marketing functions. Engineering, underwriting and other divisions will not see any job cuts,” said one of the sources on condition of anonymity. “The company has taken the call after seeking advice from investors.”
Sources have also said that the senior employees of the company have volunteered to take pay cuts. Confirming the development Acko Chief Executive Varun Dua said that 45 employees will be impacted while the leadership has taken salary cuts ranging from 50-70%.
“Some business lines have been impacted and we don’t see them recovering for a long time,” said Dua. “We’ve been forced to rationalise in those areas and consolidate a few teams and roles. We are ensuring that every type of support is extended to our impacted colleagues including continuing insurance for them and their families.”
He also said that no further trimming of teams would be required.
"
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
WIPRO LTD.
LAVA INTERNATIONAL LTD.
TAC SECURITY SOLUTIONS
STERLITE TECHNOLOGIES LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
Icons Of India : AALOK KUMAR
Aalok Kumar is celebrated as a global leader and recipient of the Peop...
Icons Of India : CP Gurnani
Former Managing Director and CEO of the well-known IT service company ...
PARTNER SPEAKERS
PSU
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
