Captain Fresh doing mass layoffs

- WayCool has initiated another round of layoffs within five months, cutting over 200 jobs to streamline its business operations. - This marks the third layoff exercise within a year, affecting employees across Chennai, Bengaluru, Hyderabad, and its subsidiaries. - The company has raised around $300 Mn in total funding, backed by investors like Lightrock, Lightbox, Lightsmith, 57 Stars, and FMO. - Sources indicate the layoffs are due to financial struggles, including delayed salaries and client payments. - WayCool aims to achieve profitability by simplifying and automating roles, with plans to complete its bridge round funding by August. Source: Inc42

Headcount decreased from 145 to 80 with the target of bringing it to 50. Ceo is a dumbo with no clear understanding of product and future. They launched a new product called Verk which was an AI agent that could do tasks of all kind for you but in background they hired cheap labour to do those tasks manually. Total sham. They aggressively hired across verticals for it and when the bubble burst and investors whopped asses of Ceo and cto (who is a co-founder but just follows master’s orders) by asking them not to use funds raised for a different product to fund this new sham product, they fired people within 2-3 days. Extraordinary performers were let go of just because of office politics and bootlicking by non performing old timers. Btw some founding members also resigned citing future difficulties since this is the 7th pivot they are taking. Founder ensures no firings will happen and then fires folks the next day. Sham company. Beware before joining!

https://www.wsj.com/articles/pwc-laying-off-1-800-employees-plans-restructuring-of-products-business-b5dfe7c1

CHRO and CMO at Freshworks have been shown the door. Employees were informed last evening. Surprised it's not out yet in public yet.

With big corporate giants like Google, Apple, Bain, Tesla, Amazon etc. laying off staff in the name of cost reduction, automation&innovation and restructuring while at the same time tech companies like Accenture not awarding any yearly hikes to professionals for 2 consecutive years now, where do you see the IT/Tech/Consulting industry heading towards in next couple years down the line? By when is the market expected to revive? Which companies are still committed to ensuring job security along with high pay standards or is that a thing of the past? Please enlighten me😊

People from mid and top management (with fat paycheques) across org laid off on friday & today. About 100-120 people affected. Source: Heard from a friend. + mentioned in the Cross org emails by mukesh

Frsh is doing it again. Comment if you know folks who have been affected.

https://www.reddit.com/r/FinancialCareers/s/Mgw1iOMZwh

"If you have to conduct layoffs, which is always a regrettable thing, there's kind of three things that are very important. One is to communicate well with your employees in order to help them understand why it is you're doing, and how. Second is to make sure that the employees who are part of the go forward, understand kind of what happened and are not like the ground doesn't keep moving. It's like, okay, we did that, we're moving forward, here we go. And then for the employees that you unfortunately have to let go, try to provide as much support for them as possible." ~ Reid Hoffman

Heard there are layoffs happening in cashfree in sales product and I think tech also. Bad scenes :(