Deets on Phablecare

Just read an article on scams at the company. This is becoming all too common now. I'm afraid of the impact it will have on the startup ecosystem

The health-tech company raised $25 million in 2022. Now their operations are shut, website deactivated. They haven't paid their employees for over 3 months. They encouraged employees to resign and brought their count down from 2000 to 200. They even played a facade to showcase they were afloat by hiring people in Jan 2023, and moving to a larger office space. The employees allege the company had promised to clear the dues. This was backed by the Kalaari capital and others. What's happening with health tech?

Amid this layoff season phonepe show a good response from the investor and raised 350$ mil at a valuation of 12$ billion.

Heard that they had 7 floors and now only one floor left. 1300+ peoole let go in 3 months

Google has today announced layoff in India as part of their global layoffs

TLDR from article: - 5K+ investor-partners have not received their instalments from Growpital - The headcount has reduced from 100+ to less than five, the website is shut down - Besides running the CIS scheme ‘illegally’, Growpital is also said to have fake projections But adding some more info: - A friend had met Growpital when they were raising a round. Everywhere in the media, Vineet Gupta's name is mentioned. But Prashant Pitti was the pitching founder at the time. - There was a report that one of the Tier 1 VCs had even funded them, but never came in the news, maybe deal fell through - Now very conveniently, none of this is shared by media as context. Just strange.