Just curious, how did he justify the company funds for buying Heroin? There would’ve been some sort of a paper trail.

They have local vendors, some of them deals in cash.

Backend Engineer

Growth And Strategy

Addicts are known to steal and do stuff to fund their addiction. The leadership guy needs help,  not judgement.

Founder

Product Manager

Program Manager

Brand Marketing Manager

Just got to know from a friend who's a higher up HR at DealShare, one person from their leadership does heroin on company funds, he even asked this resourceful guy to procure.  Indian Startup inves...

Welcome to Office Gossip's Private Community

Just got to know from a friend who's a higher up HR at DealShare, one person from their leadership does heroin on company funds, he even asked this resourceful guy to procure.

Indian Startup investors are a joke.

Another day, another startup shenanigans

Another day, another startup shenanigans- Grapevine

Dealshare shuts its B2B business, laying off 130 employees

Corporate Strategist

Welcome to News Discussion's Private Community

Dealshare funds have been blocked from use. Something major off.

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/

Corporate Governance Trouble at Reshamandi 🧵

Journalist

I know sometimes we refrain from saying too much about our company. But exes can usually be talked about, since there's not much holding back.

Maybe it helps someone else avoid a mistake you did, or gain a new learning :p 

Shoot.

What's a secret from a previous workplace you worked at? 🤫

Not my workplace, but true story. 
  
 giant american retail company (assume it's W*) hires one giant indian IT services company (assume it's H*) for some maintenance work now this H* company has offload this work to small Indian IT services company (assume it's M*) which has a employee named R* who's one assigned to actually do the work but R* is smartass he's scouting internet for freelancer to fix the issues. He gets one junior guy P* to work for few thousand rupees and shares his credentials, vpn provider etc and our P* now messes up , in the whole scenario there's no safety lot's of mess total grey zone. 
  
 From knowing this incident, I'm like no one gives any fucks about anything, only if people weren't so bad.

Welcome to Indian Startups's Private Community

1. hiring very expensive law firms with kick back. 
2. Buying the office space and then hiking the rent to the office around 5x and made money.
3. Fake invoices
4. hiring friends companies for consulting
5. setting up shell companies for hiring
6. Buying Forbes 30 under 30  slots with VC money


Make this list more exhaustive. 

I want to say to these founders : bhai kisko chutiya bana rahe ho... And after all this, they have galls to become Gyan chodeswar on LinkedIn, podcasts etc.

List of different ways through which founder has routed VC money for personal gains

Software Engineer

How is the work culture at Zepto in terms of WLB etc? Also any chance of layoffs or is it doing good compared to instamart and blinkit?

Work culture at Zepto

Nothing more soothing than chatgpt created cancer (content) to go with self portrait. #LinkedinLunatics

Narcissist at work.

After GoMechanic, now Mojocare is said to cook its books. Is this a trend? and which other companies are showing similar signs?

GoMechanic, Now Mojocare

Content Strategist

I got some friends at Jar and got to know in their lending business their only nbfc partner has backed out and for sure they are gonna cut cost, got my other friends offer revoked in tech, product managers are leaving and now even the funding is drying up 
Their founders are begging for funding from last 1.5yrs but nothing. Got to know from my product friend at Jar how badly he/she is trying to get out but suddenly they increased the np as the culture is so shit that no one is staying willingly

Jar is fu***d up

I was speaking to an ex-colleague and he mentioned how my previous employer, a lending startup, has been intentionally over-reporting disbursal numbers and under-reporting delinquencies in portfolio.

They conveniently chuck the NBFC partners who dare to ask questions and instead catch new fish. During my time I saw sales staff committing rampant frauds and making money on the sides from users. The founders conveniently turned a blind eye till there was new business coming in. They've seemingly moved on to the next level now.

The founders have top pedigree and already come from well off families. Makes me wonder how many such skeletons are buried across startups and what leads to such behaviour. Especially in the wake of what we saw with GoMechanic, Zilingo etc.

Frauds at startups

Business Operations

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.

90% downround Pharmeasy

Sharing my experience: I am a founder of a small startup where I am the only employee. Recently, I received an offer from a head of another start up asking for money in return for work. I immediately refused due to business ethics. I work in life sciences sector. Sad that people curse politicians and they themselves stoop to lows for money.

Kick back offer culture I start ups. Is this prevalent in India.

Medical Expert

Brace yourself everybody. Another big fraud coming and this will be bigger than what we have seen so far. Sequoia (Peak XV) portfolio company.

Finance Consultant

You can mention current/ex company. Or don't mention. Just say the scam. Let the common things be known.

What's a scam that your company does?

Hardly you find any startups where three founders have been fired by the investors. To all current and ex employees of Dealshare. Why do you think all the founders of the unicorn Dealshare were fired?  Was it because of some fraud or was it just performance based or was it because of dramatic change in direction by investors.

Dealshare founders

Operations Manager

Half day salary cut for every 3 days you're late is pretty freakin messed up.
Curious to know what other ancient capatilist policies do corporates have in place to exploit all of us?

What are some dystopian policies at your work place?

Nomura requires you to clock your time out when you use the restrooms.

Intern

Former Mooofarm Employees allege that the company's founders ignored widespread sales misreporting and misled investors with projections

How Accel-Backed Mooofarm’s Dairy Tech Promise Soured

Another one bites the dust!

Software Developer

Welcome to Software Engineers's Private Community

The company did around 10-15% silent layoffs in the last cycle by putting people in PIP. 
My Manager told me that he has pressure on him to put at least 1 or 2 people in PIP, make them leave the company and reduce costs.

Later, the company did as low an appraisal as 2%.

Senior folks are leaving specifically Frontend Developers.

Salaries of a lot of SDE-2 are below 30 LPA.

They have started new positions called Product Developers which will do the same work as SDEs but with a lesser package. PD-1 salary is around 10-12 lakhs and of Lead PD is 20-22 lakhs.

The company is putting itself in a position where it wants people to leave on their own.

There are almost zero perks in the company. 
The team outing budget is a joke which is 2k INR per person per year. That is 500 rupees per person per quarter. 

Also making office mandatory from November.

Razorpay is too smart!

Good thing. Anyways their frontend devs and PMs were doing everything on Twitter except tech.

I have evaluated a lot of startups as part of my work. My approach has changed from being optimistic to being suspicious of a lot of founders, even before the process starts. 

The sheer number of founders that I come across that try to game metrics/play around with data to make the startup look good. 

Most commonly:
1) Completely changing the definition of margins, repeat rates, etc. and never clarifying that they are using different definition. 
2) Often giving rebates/discounts to key stakeholders but finding ways to hide it from their P&L so that it’s not visible. THIS IS SO COMMON - lot’s of them start showing revenues, and then you will see another cost item rising at the same pace, and lot’s of times it will just be money moving around
3) Sometimes completely giving the wrong picture of how their product works on ground. You then speak with their customers, and they describe something completely else.

Things like these are eating up the ecosystem. These founders also end up fooling some VCs, and then capital get’s kept away from actually good founders who have good intentions.

There was a recent major investment in the commerce space, and that is another one such example of a startup doing this. Needs to stop.

Another day, another startup shenanigans

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Brace yourself everybody. Another big fraud coming and this will be bigger than what we have seen so far. Sequoia (Peak XV) portfolio company.

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