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Shopify CTO Allan Leinwand to depart company, citing “personal reasons” (BETAKIT)
BetaKit broke the news Friday morning that CTO Allan Leinwand is leaving the Ottawa-based e-commerce giant next month. CEO Tobi Lütke will also lead R&D as Shopify loses third C-Suite exec since September.
Walmart readies another $2.5 billion investment in India’s e-commerce and payments (TECHCRUNCH)
Walmart spent about $780 million earlier this month in taxes after PhonePe, in which the retailer owns a majority stake, moved its domicile to India from Singapore. Walmart is also looking to invest between $200 million and $300 million in PhonePe’s ongoing funding round, according to a source familiar with the matter.
Tiny enters deal to go public on TSXV through merger with WeCommerce (BETAKIT)
The acquisitive companies have entered into a definitive amalgamation agreement that will make Tiny a public company on the TSX Venture Exchange (TSXV).
Rakuten prices $1.9 billion of local bonds in liquidity boost (BNN BLOOMBERG)
Rakuten sold the two-year notes targeted at individual investors at a yield of 3.3%, saying in a filing that it plans to use the proceeds for its mobile-phone business. It also raised $450 million from a sale this month of dollar-denominated bonds to yield almost 12%.
Investor liquidity issues are putting the squeeze on Canadian startups (BETAKIT)
The immediate harm is to Canadian startups that are looking to fundraise—including those that had closed rounds, only to never see the funds materialize or be clawed back.
‘Robots are treated better’: Amazon warehouse workers stage first-ever strike in the UK (CNBC)
The 24-hour strike action began Wednesday a minute after midnight. Strikers are expected to picket outside the company’s site in Coventry in central England throughout the day.
How to turn new grads into successful employees (BETAKIT)
Younger generations value interesting work and team connection; they require structure and strong communication.
Prosus to Cut 30% of Corporate Staff in Latest Tech Layoffs (BNN BLOOMBERG)
The firm, one of Europe’s largest e-commerce companies by asset value, will make cuts at its corporate centers, including hubs in Hong Kong, Amsterdam and South Africa, Chief Executive Officer Bob van Dijk said in an interview Wednesday. The job cuts are taking place over a 12 month-period and about 15 locations will be affected, he said.
StoryTap founder Bernadette Butler on how she overcame the “shocks” of entrepreneurship (BETAKIT)
“I would question anybody that claims they got it right out of the gate,” said StoryTap founder Bernadette Butler.
Americans are gobbling up takeout food. Restaurants bet that won’t change. (THE WALL STREET JOURNAL)
America’s biggest chains test digital-only restaurants and more drive-throughs, gambling that heightened consumer demand for food to go will last well beyond the pandemic.
As Big Tech makes mass layoffs, recent Canadian startup reductions might cut deeper (BETAKIT)
The economic pressures causing some of the world’s largest tech companies to reduce staff also continue to be felt by Canadian tech startups. In recent weeks, PartnerStack, SSENSE, #paid, Shakepay, and Venngage have all joined the growing list of tech startups to make staff cuts.
Coatue-backed ‘AI’ shopping startup Nate has slashed most staff and disabled key features of its app (THE INFORMATION)
The moves suggest Nate is poised to become the latest casualty among e-commerce startups. The New York-based startup, which was backed by Coatue Management and Forerunner Ventures, offered people the ability to make shopping lists on its app.
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