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 fir...

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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

Dealshare founders- Grapevine

Dealshare shuts its B2B business, laying off 130 employees

Corporate Strategist

Does anybody know what’s the deal with dealshare at the moment? how’s their operations doing? Heard about some fraud as well?

What’s happening with Dealshare?

Founder

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

Headcount decreased from 145 to 80 with the target of bringing it to 50. Ceo is a dumbo with no clear understanding of product and future. They launched a new product called Verk which was an AI agent that could do tasks of all kind for you but in background they hired cheap labour to do those tasks manually. Total sham. They aggressively hired across verticals for it and when the bubble burst and investors whopped asses of Ceo and cto (who is a co-founder but just follows master’s orders) by asking them not to use funds raised for a different product to fund this new sham product, they fired people within 2-3 days. Extraordinary performers were let go of just because of office politics and bootlicking by non performing old timers. Btw some founding members also resigned citing future difficulties since this is the 7th pivot they are taking. Founder ensures no firings will happen and then fires folks the next day. Sham company. Beware before joining!

65% staff laid off at Contlo/SuperAgi

Product Manager

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Just found out that Dealshare isn’t doing great

Product Owner

IIT grad here building a venture backed startup. I think 99% of folks here believe that venture backed founders are super entitled and in a much "cosier" position than employees

Just sharing a few facts about our journey so far if it helps anyone improve their perspectives-

1) Paying ourselves 33% of our campus salary & 60% of what we are paying to our employees (Talking about Pure Base Salary here, not including ESOPs)

2) Insane stress - You basically have to raise money to build (esp if its deeptech because of the high fixed costs) and there are predefined metrics you have to always chase, sometimes just beyond yourselves. 

Your product will be copied if it's good because well, they always have more money than you. You work 7 days a week for insane hours, chasing metrics required to be "afloat" 

3) 99% of venture backed startups result in 0 liquidity gain for founders. So basically in all likeliness, everything is for a net negative return compared to if we took the campus job

So, when you wholeheartedly bash founders as if they are sitting On a goldmine while you are toiling for THEIR gold Treasure, just understand that more likely than not, there is not really any gold but rather an irrational hope they are clinging to

Also, Yes-we pay above market to our employees (100% hike for the last one) but the truth is some startups just Can't afford it. And ironically, there is a much higher looking down on these startups with meagurely paid founders rather than giants like Tech Mahindra paying peanuts to their employees while having a 1000% salary hike for the executives. 

Yeah, most startups need to do better but please appreciate if someone is atleast trying to do better because trust me, it's INSANELY HARD.. 

The number of posts I see about Flipkart making hundreds millionaires is way too less than the ones I see about pinpointing at every single mistake early stage startups do & I just wanted to express my opinion on it

Peace!

People way overestimate the life of founders

Oh no poor founders, they have to pay fair salary to their employees.

Software Engineer

A company called loop health started allowing remote work and hiring in early 2022 soon after receiving $25 million dollars investment. 
Founders are a great pair in the initial but as soon after investment of series A , difference broke out and one of the co-founders left the company in the name of sabbatical from backdoor out. He was visionary and had great product sense which the CEO got jealous of and stopped him at all the cost of investors recognising him. Anyway now the real unhealthy thing is not this story but due to this product the scope got messed up and customers started complaining and renewals badly hit to 60-80%. The competitor got them easily , one of the sales people said on call at a loop that loop company customers are easy to catch for competitors.
Now the real story is, the CEO wanted only the Pune office to survive and all remote employees to leave so he did a little magic ✨. Instead of laying off people, strategically not compensating anyone started layoff from the beginning of the 2023 this year by asking each outsider to resign and leave. The strategy was simple, 
Find weakness and make them accept simple mistakes as well and ask them to resign. At the same time, hire contractors at Pune to join and work. If any employee is strong or doesn't want to leave then make them contract employees and expect work in the same way.
This is not at all acceptable and the CEO is not alone on this. CEO, CTO , CPO involved plan. 
The problem with this approach is unfair practices, if someone makes a mistake they won't give any PIP plan. They just fire them in easy  ways to resign. CEO proudly says he wants great tennis 🎾 team but infact ceo is just a ball boy.

Loop is unhealthy!

Data engineer

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Navi Technology founded by Sachin Bansal is doing mass layoffs which started on Tuesday (11 July)

Mass Layoffs at Navi Technology

Damn no wonder they are firing 
 I know some average freshers who joined at 21 base last year  
 Overpaying for average talent always results in firing in startups,is what I have observed

Data Scientist

lot of negative rumours- founders quitting, monetization efforts not panning out, mass layoffs. What does the future look like?

How bad are things in Sharechat?

What are generally the metrics used during layoffs ?

Is it division by division or each employee is vetted for his performance and contributions ?

Do high salaried folks generally targeted even if they have good performance and history with company ?

With the overall bleak atmosphere in startup ecosystem and lack of transparency in this process from employers wanted to know how are decisions made. Most say it is performance based in news, how true is that ?

Layoff Parameters

How true is this https://www.livemint.com/companies/inside-dealshare-s-search-for-an-identity-11696948090641.html#lnkn2tontvc56lq0gmh

In just one year, the social commerce online grocer has reinvented itself multiple times to survive. What gives?

Inside DealShare’s search for an identity

Dealshare

Layoffs are happening at Sharechat starting today.
Each division is being asked to join a call and they are being announced.
First call with product org - around 50 folks were impacted

Layoffs at Sharechat.

They moved to a new massive swanky Office 3 months ago. Team parities were happening even last week. And they do this in last week of the year spoiling the new year plans of hundreds of folks!

Channel Sales

Latest scam in the indus valley

Growth Manager

This is an interesting trend fully driven by VCs/board

(Co)founders laid-off

Apart from a few good ones here rest are toxic-ologists 🥲. Startup ecosystem is rosy from outside only (folks who know, know :))

Private Equity

Painful to see so many startups run out of money/ shut down. Is your company doing good?

Founders are not shitposting on the socials, so that’s good I think 😅

Welcome to Product Managers's Private Community

Heard on Twitter that social media app ShareChat is going BUST.

- At ~$42m revenue, it's valued at 120x rev
- ~95m DAU in rural India
- Founders cashed out $10m in secondaries. 

Is this true?

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