90% downround Pharmeasy
Horrific scenes in the Indian startup ecosystem. From being on the verge of an IPO to raising an emergency round which shall lead to the sudden death of employee ESOPs. Crores of wealth destroyed for the employees. A chain reaction of horror is about to unfold for late stage startups.
BiryaniEnthu
Stealth
a year ago
Shit weren't they profitable?
deepjinx
Stealth
a year ago
Thryocare's acquisition has got them cursed. Desperate moves as they're unable to repay the loan to Goldman.
BiryaniEnthu
Stealth
a year ago
It was one my accounts for logistics when they were a small warehouse in 2018. Sad to have seen this graph come down
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Barbaadeshwar
Stealth
a year ago
CTC= fixed pay. That's your main course. Sometimes you get variable pay, that's dessert. Sometimes (more chance of an asteroid hitting Earth) - you can eat for free at the restaurant for ever, that's ESOPs.
cuckingfunt99
Stealth
a year ago
Do feel bad for hardworking employees but only to a limited extent.
All these guys on massive packages funded by VCs genuinely working hard at their jobs - working weekends - burning the midnight oil are not realising most of their businesses dont have a sustainable business models or unit economics?
Everyone's just fooling themselves.
Qwerty2398
Stealth
a year ago
Poor employees... fooled by yet another org. Nest way to cheat someone is to apeeal to their greed. Emplpyees would have been shown how valuable their esops are. They would have beennpaid less salary and more esops.. all gone..
Bc. They were offering pre ipo of Pharmeasy on Dezerv. Wonder if people got their money back.
deepjinx
Stealth
a year ago
https://officechai.com/startups/after-raising-rs-12800-cr-from-investors-over-8-years-pharmeasy-is-now-likely-worth-just-rs-4800-crore/
Please enlighten me how it is sudden death for employee ESOPs?
I understand it is sudden death for founders, but if in future company grows back to its earlier potential it is not a sudden death for employee ESOPs
10x dilution due to new issuance of shares (from rs 55 to Rs 5)
Doesn't happen for the ESOP pool. Hence employee esops are worth oh so less now.
Or so I've read.
From what I heard, founders were good. Good times of 2021 made them take bold decisions
Lol their subsidiaries are hiring for finance and paying decent as per industry standards, seems like the internal finance team has already hauled ass knowing everything gonna go kaput
