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Shuttl, an application-based bus aggregator, is about to cut wages and possibly lay off employees as Sequoia Capital-backed startups stare at business losses during the blockade.

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Co-founder and CEO Amit Singh said in a letter to employees that he and co-founder Deepanshu Malviya have cut their pay by 50%, adding that the company will have to give up this fiscal year bonus. The email, reviewed by Business Standard, also stated that the company is considering temporary pay cuts and may issue pink notes starting in FY21.

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"Startups like us usually require 18-24 months of oxygen support. The email said:" If we lose oxygen and the scales, this is our destiny, then we need to find a way to survive with less oxygen and more Long time. It added: "We can't save everything, but if we save the company … we can make sure that team members are better off in the long run. "

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According to people familiar with the matter, company executives have informed their team that the pay cuts will be consistent with salary grades. Employees earning less than 500,000 rupees will not be cut.

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For employees with an annual income of Rs 50,000-100,000, a 10% cut may be made. The Indian rupee with income of Rs 100,000 to 300,000 can be reduced by 20%, the Indian rupee with income of Rs 300,000 to 500,000 can be reduced by 30%, and the rupee with income above Rs 5 million can be reduced by 35%.

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According to the person, the company may also lay off staff. "We will assist staff placement and understand how to extend the benefits of insurance to those with whom we must diverge. We are working to expand the size of the ESOP pool to ensure that in the long run, the people who help us rebuild The situation will be greatly improved. "

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After contact, Singh declined to comment on the matter.

Provides application-based public transport sharing services. This is likely to be affected because most professionals who make up the majority of their customer base work from home. Most private offices started asking employees to work from home even before they were blocked.

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The epidemic has been severe And smaller start-ups because they don't have the cash reserves or resources of large companies.

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Established in 2014, Shuttl is said to have more than 100,000 passengers per day in six cities and more than 1,800 buses. To date, the company has raised about $ 90 million from major investors such as Sequoia Capital, Lightspeed Ventures, Amazon, and Dentsu.

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According to a recent survey by LocalCircles, early-stage startups, startups that rely on funding, and small businesses will soon be fighting for survival.

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LocalCircles conducted a survey of 35,000 startups, small and medium enterprises (SMEs) and entrepreneurs to investigate how they plan to respond to the outbreak in the short term so that once restrictions are lifted, their business can resume.

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The survey found that about 71% of startups and small businesses face issues such as reduced demand for and services.