What is happening with Medikabazaar

Hey Folks I got an offer for the product role at Medikabazaar. I am looking for some insights on the points below: 1) How is the product culture and learning curve? 2) Is it a product driven company? 3) How is the work culture? 4) I have heard they didn't give up a hike for 2 years. Is it true? 5) How much compensation can they give for the PM role? It would be really helpful if I can get your views on this.

Company was inflating GMV by 60%

- Medikabazaar, a B2B marketplace for medical supplies, is under scrutiny after a PwC forensic audit revealed discrepancies in revenue recognition. Co-founder Vivek Tiwari is expected to step down as CEO but will remain on the board. - The company, valued at $650 million, has raised $194 million to date. Its major investors include Creaegis, Lighthouse India, HealthQuad, Rebright, and Ackerman. - The board, led by Creaegis, found that Medikabazaar may have inflated its 2023-24 revenue by 60-65%. This prompted an external audit by PwC, which is ongoing. - Allegations suggest that Medikabazaar overstated revenues from its largest business segment, medical equipment sales, primarily through a partnership with China’s United Imaging. - If proven, the revenue manipulation could trigger clauses in the shareholder agreement, potentially costing Tiwari and co-founder Ketan Malkan a portion of their equity stakes. Source: The Arc

How is the work culture at Medibuddy? Asking specifically on the tech and product side of things People who are there or have worked do share your thoughts

There have been so many openings lately and I have applied to a bunch with product team referrals but haven't heard from them even once. (Ex-Unicorn PM with 2.5+ yrs experience applying for PM - 1 / APM -2 roles)

Reliance Store aka Jiomart laying off 📴 insider from Gurgaon said that.