logo
"I would never have...": Astronomer's new boss breaks silence on ex-CEO and HR officer's kiss cam scandal

"I would never have...": Astronomer's new boss breaks silence on ex-CEO and HR officer's kiss cam scandal

Time of India23-07-2025
Astronomer's interim CEO Pete DeJoy opens up on the Coldplay kiss cam scandal
Astronomer
's interim
CEO Pete DeJoy
has issued his first public statement since taking over the tech startup following a viral
Coldplay concert scandal
that led to his predecessor's resignation. The controversy erupted when former CEO Andy Byron was caught on a kiss cam embracing the company's HR head
Kristin Cabot
at a Boston concert, sparking widespread speculation about an extramarital affair.
"The events of the past few days have received a level of media attention that few companies—let alone startups in our small corner of the data and AI world—ever encounter," DeJoy wrote in a LinkedIn post Monday. "The spotlight has been unusual and surreal for our team and, while I would never have wished for it to happen like this, Astronomer is now a household name."
From kiss cam scandal to corporate crisis: How viral moment toppled tech CEO
DeJoy, who co-founded the data operations company in 2017, was appointed interim CEO over the weekend after Byron's resignation Saturday. The scandal began when concert footage showed Byron and Cabot quickly ducking for cover after realizing they were displayed on the jumbotron, prompting Coldplay frontman
Chris Martin
to quip: "Either they're having an affair or they're just very shy."
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Swelling and internal bleeding in the brain, help this baby
Donate For Health
Donate Now
Undo
"Over the weekend, I stepped into the role of Interim CEO at Astronomer, a company that I've proudly poured my entire professional life into helping build," DeJoy stated, emphasizing his commitment to stability during the transition.
Billion-dollar startup vows to move past 'unusual and surreal' spotlight
The Cincinnati-based startup, which achieved unicorn status in 2022 with a billion-dollar valuation, recently secured $93 million in funding led by Bain Ventures. DeJoy stressed the company's resilience, noting they've overcome previous challenges including bank collapses and pandemic-era scaling.
"At Astronomer we have never shied away from challenges; a near-decade of building this business has tested us time and time again, and each time we've emerged stronger," he wrote. "I'm stepping into this role with a wholehearted commitment to taking care of our people and delivering for our customers."
DeJoy concluded optimistically: "Our story is very much still being written."
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Listed fintechs cut marketing spends to boost fundamentals
Listed fintechs cut marketing spends to boost fundamentals

Economic Times

time6 minutes ago

  • Economic Times

Listed fintechs cut marketing spends to boost fundamentals

ETtech Listed fintech startups undertook major cuts in marketing and promotional expenses in the past few quarters in a bid to achieve profitability in their core business or strengthen business fundamentals in a tough environment, showed stock exchange filings. While One 97 Communications, which runs Paytm, has been on a cost cutting spree, PB Fintech also reduced marketing spends in the past two quarters. It comes even as Paytm reported its first business-driven profitable quarter in June. While achieving revenue growth has been a major challenge in a tough macroeconomic environment, cutting costs at multiple business entities actually helped improve profit. Paytm reported less than Rs 100 crore in marketing spends for the June quarter, 55% less than Rs 221 crore a year ago.'The point is how much can costs be controlled without compromising growth, given competition is severe and consumer-facing platforms need to invest in brand building,' said a senior fintech executive, who did not wish to be Paytm reduced expenses 20% year-on-year in the June quarter, according to the regulatory filings. Its revenue increased 27% to Rs 1,917 crore from Rs 1,501 crore during this period. 'I do think there is always a corner where we are able to find some cost, but they will not be material. So it is not the agenda, so we are not actively pursuing cost cuts, while I'm definitely pursuing whatever (cost) is not necessary to drop it out of the window,' Vijay Shekhar Sharma, chief executive, Paytm, said in response to an analyst question on cost cuts after the June quarter results. Similarly, PB Fintech, which runs insurance marketplace Policybazaar, has reported a gradual reduction in its marketing and advertising expenses over the past two quarters. For October-December 2024, PB Fintech reported marketing expenses of Rs 289 crore, which went down to Rs 277 crore in the March 2025 quarter and further to Rs 253 crore in the June the company is investing heavily in building its new line of businesses, for the core operations the firm has tried to keep its costs to stock market analysts after FY25 results, Policybazaar CEO Sarbvir Singh called out employee costs among the major expense items and said that despite expanding teams through the year, the company kept the spending flat in the last quarter of 2024-25, which helped improve the contribution margin in the business. For Mobikwik, the challenge has also been to ensure revenue growth in the past one year. Its revenue fell almost 21% year-on-year in the June quarter while its overall expenses went down 9% year-on-year. While the Gurgaon-based payments firm does not offer a breakdown of its marketing costs, its broader 'other expenses' category, which includes this head, reduced to Rs 77 crore from Rs 82 crore a year ago. For payments firms, which mostly ride on banks' infrastructure to process digital payments, the rise in business volume comes with a corresponding jump in payment processing charges, one of their major cost lines. For instance, Mobikwik reported a jump in payment gateway costs to Rs 142 crore from Rs 127 crore a year ago. 'Promotional spends is one lever where the management has full control, but again too much reduction of these expenses can hurt business as well, so it will be interesting to see how growth and spends get balanced from here on,' a stock market analyst who tracks fintech startups said on condition of anonymity. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. The airport lounge war has begun — and DreamFolks is losing How Mukesh Ambani's risky bet has now become Reliance's superpower Indian IT firms never reveal the truth hiding behind 'strong' deal wins Did Meesho's Valmo really deliver a knockout punch to e-commerce logistics? Stock Radar: Strides Pharma stock hits fresh 52-week high in July; will the rally continue in August? Dividend yield: A most misunderstood parameter, both by traders & investors; 5 stocks with an upside potential of over 33% Time to buy may be good or bad, but business should be good: 5 mid-caps from different sectors with upside potential of up to 25% For investors who can think beyond Trump: 5 large-cap stocks with an upside potential of up to 36%

Listed fintechs cut marketing spends to boost fundamentals
Listed fintechs cut marketing spends to boost fundamentals

Time of India

time6 minutes ago

  • Time of India

Listed fintechs cut marketing spends to boost fundamentals

Academy Empower your mind, elevate your skills Listed fintech startups undertook major cuts in marketing and promotional expenses in the past few quarters in a bid to achieve profitability in their core business or strengthen business fundamentals in a tough environment, showed stock exchange One 97 Communications , which runs Paytm , has been on a cost cutting spree, PB Fintech also reduced marketing spends in the past two comes even as Paytm reported its first business-driven profitable quarter in June . While achieving revenue growth has been a major challenge in a tough macroeconomic environment, cutting costs at multiple business entities actually helped improve reported less than Rs 100 crore in marketing spends for the June quarter, 55% less than Rs 221 crore a year ago.'The point is how much can costs be controlled without compromising growth, given competition is severe and consumer-facing platforms need to invest in brand building,' said a senior fintech executive, who did not wish to be Paytm reduced expenses 20% year-on-year in the June quarter, according to the regulatory filings. Its revenue increased 27% to Rs 1,917 crore from Rs 1,501 crore during this period.'I do think there is always a corner where we are able to find some cost, but they will not be material. So it is not the agenda, so we are not actively pursuing cost cuts, while I'm definitely pursuing whatever (cost) is not necessary to drop it out of the window,' Vijay Shekhar Sharma, chief executive, Paytm, said in response to an analyst question on cost cuts after the June quarter PB Fintech, which runs insurance marketplace Policybazaar, has reported a gradual reduction in its marketing and advertising expenses over the past two October-December 2024, PB Fintech reported marketing expenses of Rs 289 crore, which went down to Rs 277 crore in the March 2025 quarter and further to Rs 253 crore in the June the company is investing heavily in building its new line of businesses, for the core operations the firm has tried to keep its costs to stock market analysts after FY25 results, Policybazaar CEO Sarbvir Singh called out employee costs among the major expense items and said that despite expanding teams through the year, the company kept the spending flat in the last quarter of 2024-25, which helped improve the contribution margin in the Mobikwik, the challenge has also been to ensure revenue growth in the past one year. Its revenue fell almost 21% year-on-year in the June quarter while its overall expenses went down 9% year-on-year. While the Gurgaon-based payments firm does not offer a breakdown of its marketing costs, its broader 'other expenses' category, which includes this head, reduced to Rs 77 crore from Rs 82 crore a year payments firms, which mostly ride on banks' infrastructure to process digital payments, the rise in business volume comes with a corresponding jump in payment processing charges, one of their major cost lines. For instance, Mobikwik reported a jump in payment gateway costs to Rs 142 crore from Rs 127 crore a year ago.'Promotional spends is one lever where the management has full control, but again too much reduction of these expenses can hurt business as well, so it will be interesting to see how growth and spends get balanced from here on,' a stock market analyst who tracks fintech startups said on condition of anonymity.

Quick commerce companies slow dark stores buildout to control cash burn
Quick commerce companies slow dark stores buildout to control cash burn

Time of India

time6 minutes ago

  • Time of India

Quick commerce companies slow dark stores buildout to control cash burn

Quick commerce firms are hitting pause on expansion of dark stores to keep cash burn in check. Industry executives said companies are renegotiating their lease agreements for these mini-warehouses. An exception is Blinkit, which is backed by parent Eternal's $2 billion war chest and plans to expand its network to 3,000 stores from 1,544 dark stores as of June 30. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads After a year of rapid expansion of dark stores quick commerce firms are pulling back on adding such warehouses to control their cash burn Real estate prices for dark stores had peaked a year ago but now players are renegotiating lease agreements, according to industry exception is Blinkit , which is backed by parent Eternal 's $2 billion war chest and plans to expand its network to 3,000 stores from 1,544 dark stores as of June 30. Rivals Swiggy and Zepto , with cash reserves of $600-700 million each, have slowed down. Swiggy 's Instamart added just 42 dark stores in the June quarter and has 1,062 such micro warehouses on its network, while Zepto paused expansion after reaching around 1,000 stores. ET reported earlier that Flipkart Minutes was also proceeding cautiously on this count Quick commerce players had been spending heavily for the past year on scaling up in a market that is expected to more than triple in the next two to three years. However, this growth and expansion push has led to significant cash burn. The quick commerce market is estimated to expand to $30 billion by 2027-28 from $8.2 billion in 2024-25, as per BNP Paribas 'Last year, quick commerce companies entered a land-grab mode… offers for commercial spaces were frothy and these stores take a few months to mature and break even. For a lot of new stores, there is still time before they mature and the competition is easing off… so a lot of negotiations have started off,' said a Gurgaon-based quick commerce executive, who did not wish to be for such commercial spaces in central locations are higher than for warehouses operated outside city limits by ecommerce companies such as Amazon and their recent earnings, both Blinkit and Instamart highlighted that most of their growth came from larger cities and that they can continue to grow without adding a large number of new stores.'Even in this quarter when we opened (in) a lot more cities, less than 5% of the overall growth came from the expansion areas that we were not serving earlier,' said Blinkit CEO Albinder Dhindsa During the June quarter, the company's gross order value increased 140% year-on-year to Rs 11,821 Jha, CEO of Swiggy's Instamart, also said that in terms of the network footprint, the company was at a level where it was comfortable with the growth headroom. 'Our next network expansion will be based on the need for the existing geographies and it will not be necessarily to expand into the white spaces. The overall expansion is such that it will allow us to grow 100% without the addition of a lot of stores,' Jha is currently present in 124 cities, and in the April-June period it clocked Rs 5,655 crore, up 107% which is preparing for an initial public offering (IPO) , has also been taking several measures to cut its cash burn. The company has $700-750 million in cash, according to people in the know. It is expected to soon close a $250-300 million primary capital funding from General Catalyst and Avenir sent to Blinkit, Zepto and Swiggy remained unanswered till press said that while a slowdown in expansion may result in near-term margin expansion for some players, it puts them at risk in the medium-to-long term if competitors densify aggressively.'The measured approach may expose companies to further pressure if network reach or delivery speeds begin to lag in the rapidly growing segment,' an analyst with a domestic brokerage firm said on condition of analysts have also underscored the importance of retaining cash reserves.'In our view, (Swiggy's) quick commerce contribution margins should improve sharply in the coming quarters with improvement in average throughput per store… cash balance is already down from around $1 billion in Q3FY25 to $620 million after Q1FY26,' HSBC Global Research said in a note on Friday. 'If capital expenditure and working capital investments do not fall sharply in the coming quarters, we worry cash exhaustion could continue to be significant.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store