Good company, great people just stuck with wrong target market

Strategy & Operations

Corporate Strategist

Engineering Manager

Founder

And here i was dm’ing people for strategy roles in xto10x 🥲

Great org to work for. Hope they are able to navigate through this.

Growth Manager

Software Engineer

All. Tech layoffs happened last Aug as well.

Software Developer

Saiky ka gyan deta hai bhai.. I don't know how people fall for him.

Product Manager

It was/is a joke business.  
  
 I tried to buy their management consulting services advertised all over their site. 
  
 They told me they are exclusive to the sequoia portfolio for the entire year (wtf) 
  
 Then they tried to sell me OKR software. Waste of time. 
  
 Licked sequoias boot and went broke.

Yeah, their GTM is completely broken. That’s the easiest way to fail.

Investor

Mostly recent hires who got fired. The reason given was due to funding winter there aren't enough consulting projects! LoL

That’s true. Founders have become thrifty and are ready to extend timelines of critical projects if it spares up some cash for them.

Brand Marketing Manager

I no longer feel the tech entrepreneurs have any long term plans when they start a new venture. Either they do it because they can raise funds when they're still famous or simply they do it to stay in the news.  
 People may join these companies out of necessity but any one who stay there for more the 2 years is a either a fool or a psycho.

Consultant

This comes 2 weeks after the appraisal cycle with 10% standard hike and multiple promotions. The management doesn’t see the macro economic scenario change in next 1 year. Consulting/strategy role r...

Welcome to Indian Startups's Private Community

This comes 2 weeks after the appraisal cycle with 10% standard hike and multiple promotions. The management doesn’t see the macro economic scenario change in next 1 year. Consulting/strategy role referrals would be appreciated.

Binny Bansal’s xto10x lays off 40% workforce

Binny Bansal’s xto10x lays off 40% workforce- Grapevine

Tata nexarc asked 20% of its employees to leave organisation in next 90 days. They have been informed that their resume has been floated to other TATA group companies

Tata nexarc layoff

Welcome to Office Gossip's Private Community

2 Engineering Director's and a Marketing Director left in last 2 months. 
CTO, CGO, CHRO have put down papers and are leaving soon. 
A Sr. Engg Director has also resigned.
A couple of SDE's joined and are leaving within the month of joining and more older SDE's leaving too.
These are voluntary exits despite the current layoff and downtrend.

Mass exodus at Upstox

Heard that there has been some senior management connect, where in due to financial constraints & lack of new round of funding. Some folks will be asked to leave. 
This is a complete 360 from the conversation they had in Mar’23 where in an appraisal was on the cards

Another layoff at BYJUs

Just wanted to give some updates now that it has been 1 month since the last post

1) Senior Leadership from Tech (3) , a senior director from Product , Finance Head have all resigned. Strategy team has been dissolved. 
2) There are more people in the pipeline and will get more clarity by month end.
3) Everyone over the CTC of 60 lakh has been asked about the revenue that they bring in and based on that, their position is being reconsidered.
4) All contract workers have been terminated. Interns have been told that they won't be receiving PPOs.
5) Senior Management Has been asked to take 20% paycuts. 
6) Even at Junior level, people have been asked to take pay cuts or resign.
7) Lots of tools used in tech are being removed and AWS subscription has also been revised.


Meanwhile HRs have been celebrating on slack channels that Yubi has been ranked in Top 25 companies for career development :/

Rampant Negativity at Yubi Part 2

Heard from people I know at Bain that they are laying off.
This is mostly the first time an MBB is doing layoffs (earlier they would silently fire, or delay onboarding) 

A friend got impacted. Seems like this could be 10-15% of their consultants. Unprecedented.

Layoffs at Bain India. At least 100+ people will be affected

When I think I should leave my job and start searching, Grapevine pops one of these scary items 😭

As per internal company sources: This is big like 500+, lots of folks cut in platform teams, brand teams, marketing teams, business teams, product and tech. Wish everyone there all the best. This shall too pass!

Layoff at BYJUS as mentioned by articles

Hired lionel messi to promote brand and cuts employees to save costs.  
  
 What a fucking high IQ C suite the company has🤣 piece of shits, thats why never work for Indian companies. No morals

AI Engineer

https://www.consultancy.in/news/4231/bain-company-fires-over-150-consultants-in-india-offices

Current recession giving ‘08 vibes to consulting companies in India:

- Accenture Strategy considering layoffs
- Deloitte (Consulting) considering layoffs 
- Mckinsey - already have done non-consulting layoffs
- MBB - expected to push out joining dates for new hires by at least ~6 months (most likely new joiners who were expecting to join in July-Aug 23’ to join only starting Jan 24’)

Slow pace of new projects, ramp down of existing big clients, massively over hiring in 2022 (key reason) has led to most people being on the bench.

Wouldn’t be surprised if the ‘Up or Out’ model comes into action more aggressively for the upcoming appraisal review cycle(s).

Brace for impact!

(all unconfirmed, heard through ‘grapevine’)

Consulting layoffs

It seems that senior management at Paytm was not satisfied with the first round of layoffs that they had done in Aug and there is a second round of layoffs which is underway for OND quarter.

Each CBO and product head has been given a target nos of people they have to reduce every month. Let's see what spin is given here - half yearly appraisal process is my guess

Paytm - Another round of layoffs

Data Scientist

Heard that Paytm is planning to layoff 10% of entire work force. Across all levels.

Heard cases that folks who were hired at market premium less than 30 days ago are now being asked to leave the organisation. 

And the layoffs will be hidden under the guise of mid year appraisals. #PaytmKaro

Layoffs coming up at Paytm

Welcome to Product Managers's Private Community

I’m from Tier-1 MBA college & have 1.5years experience in product management. 

My current company is laying off 50% of PMs from their workforce. My current CTC is 22LPA. 

Please let me know if there’s any opportunities in any company

Referral Request

Welcome to News Discussion's Private Community

A subsidiary of Paytm, it has been hit by a string of exits in Senior leadership in last 6 months
CFO: Amit Kapoor, gone
Head of Mutual Funds: Nisharg Golash, gone
Head of Product: Manish Reddy, gone
Head of Growth: Sourav Choraria, gone
Head of Marketing: Divya Chakravarthy, moved internally
Head of Compliance: Sudhendoo Gandhi, moved internally 

You can search these people on LinkedIn to verify.

This is a result of an increasingly toxic work culture where performers are penalized with more work while slackers make merry. This culture is driven from the top with current senior leadership who haven't left the firm have survived by the virtue of sycophancy.

Instead of firing people, they are being asked to resign so that the company is not in news.

I've personally seen this in co's rev teams, a new CTO has been hired from within Paytm. Employees are given 'negative ratings' in appraisal, which the CEO called 'an HR experiment'.

All is not well at Paytm Money

Software Project Manager

Got to know from my skip manager that there will be another round of layoffs starting Monday.

Another layoff round at AWS India

All because someone forgot about their running EC2 instance. 😂

Cloud Architect

Welcome to Software Engineers's Private Community

Week back there were posts by linkedin engineers that linkedin is hiring SDEs and anyone can as referral and today they laid off 700 people.

Like whats happening man!!! Is the company dumb or what?

LinkedIn Layoffs India

(1) Reduce cost of human capital -> (2) Post better EBITDA numbers in earnings calls -> (3) Get big bonuses and sell your equity if its value is rising -> (4) Hire a lot of people again so that you can repeat this cycle again to profit

Someone from my connections told that Flipkart have consulted Bain/BCG ( don't remember exactly) and are planning to fire 10% of the workforce

Anyone heard something?

Flipkart Firing?

Analyst 

I have been hearing from multiple friends across organizations in India. Lay offs are not in news but happening silently across boards. Companies are on cost cutting mode. Interesting year ahead

Silent layoffs happenings across organizations

Thank you for sharing this. 
  
 Was not knowing about silent layoffs happening. 
  
 But one interesting thing I have observed is that many organizations are now deliberately making the work environment more pressurised and/or toxic to reduce the headcount so that they don't need to layoff people.

Software Test - QA

HR is having 15-20 meets everyday, anyone can confirm with their calendar. 

Multiple HRs multiple laid off people. Zero severance. They are pressuring people to resign and saying you have to resign today itself! 

Market is going to get flooded with Paytm folks. 

Worst regret is that management and CEO made bad decisions and flunked compliance / risk. But after crackdown by RBI they are making employees suffer. 

It is heard that this will continue to go on till months. 

There should be a course on how to behave and work like a CEO.

Binny Bansal’s xto10x lays off 40% workforce

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