Bruh moment. Accenture 1 VC Backed 0

Another consumer tech startup bites the dust :/ https://entrackr.com/2023/10/ex-myntra-ceos-startup-virgio-shuts-down-after-raising-37-mn/

I am seeing a lot of layoff related posts everywhere from news articles to LinkedIn.. Is the Job market really that bad now? Or just the media is projecting that way? If it's really bad, which department you think is the most affected? How's layoffs specifically in India? Or is it layoffs in US but more hiring in India due to cost cutting? Are layoffs in technology/engineering dept as in for developers or some other departments? Your thoughts please..

The startup is Accel and Elevation backed. The company raised seed funding because the founder and team is from IIT- Kharagpur, and Accel + Elevation have people from IIT-Kharagpur working in their team. The founder has no prior work experience, no manners on how to speak with anyone (office boy, or women employees) keeps firing people who don’t agree with him, insists on being in the office for 12 hours because he pays us. Hiring criteria is - 1. Single people, so no distraction. He asks are you single or in a relationship (in the interview) 2. No married people 3. Hire women only if they can stay in office till 5 AM (US based startup) 4. Everyone has to be in office for 12 hours compulsory for all 6 days of week He boasts on how the VCs will save his ass even if the product fails, has said that worst case scenario I will make money because I know company will be acquired. He hires domain experts, makes them create playbook and train juniors to do the work, and then fires them saying "We have to stay lean, and this is a bad market". He did this with 3 departments already. How are the VCs not asking him basic due diligence questions? He is now raising 8 million follow up round.

- Accel gearing up for eighth India fund, aiming for $600-700M by end of 2024 - First major VC fundraise after 2022's funding winter, signaling potential market thaw - Firm's stable team and strong track record expected to attract significant LP interest - Accel known for early bets on Flipkart and Freshworks, seeks to maintain early-stage edge - Company culture praised for alignment and handling of failures, but some sector gaps noted Source: [The Arc](https://thearcweb.com/article/accel-india-fund-flipkart-freshworks-venture-capital-1lhpqpT5OmDbBxTs)

In a landmark deal, Silicon Valley powerhouse General Catalyst has acquired Venture Highway, a seed-stage investment firm with a track record of backing winners like Meesho and Mobile Premier League. The Deal: - Rare instance of consolidation in the Indian VC market - VH to be rebranded as General Catalyst India - GC plans to invest $500 million to $1 billion in India over the next three years - Acquisition driven by desire to build strong local team and tap into local LP network But the move also raises important questions. Will this trigger a wave of consolidation in the Indian VC market? Will other global firms follow suit and snap up local players to gain a foothold in the country? And how will this influx of foreign capital shape the trajectory of India's startup ecosystem? As the dust settles on this landmark deal, one thing is clear: India's startup scene is entering a new era, one where local innovation and global capital are increasingly intertwined.

Always long on India 🇮🇳 Image Credits: The Arc

ReshaMandi, a startup that raised over $40 Mn in equity funding, is facing insolvency pleas and has allegedly coerced employees to join another company, Genzr Solutions Private Limited, leaving hundreds of former employees awaiting salary dues. - ReshaMandi's downfall was attributed to rapid expansion across various verticals, revenue inflation, and financial mismanagement, including inflated revenue, fake vendors, and loan defaults. - ReshaMandi's founders and management personnel have joined Genzr, a seemingly unrelated company, raising questions about the acquisition and the funding received from an unrelated source. - The failure of ReshaMandi has raised concerns about VCs investing without adequate due diligence and the accountability of investors and founders for the company's financial situation and treatment of employees. Source: Inc42 - https://inc42.com/features/inside-the-upheaval-at-reshamandi-a-questionable-2nd-innings-after-a-40-mn-collapse/

https://www.moneycontrol.com/news/technology/bhavish-aggarwals-ai-startup-krutrim-turns-unicorn-after-raising-50-million-12129991.html

Heard from a little bird that General Catalyst's deal of acquiring VH has fallen through? Can someone confirm? Also what do you think of VH in general? I feel expensive bets with low single digit stakes. Personally, the folks especially Associates are way way too cocky and only believe in Faff

https://entrackr.com/2024/06/exclusive-unacademy-in-talks-to-merge-with-orchid-schools-owner-k12-techno/