ED raids BYJU raveendran home @bengaluru under fema violations

https://m.timesofindia.com/india/ed-searches-byjus-ceo-raveendrans-office-residence-in-bengaluru-over-fema-violations/articleshow/99862610.cms

[2011- 2021] Employees at 22b $ valuation: upto 10K [2022 - 2024] Between this period byjus employees count went upto 50k and within a year came down back to original. [2024] Employees at 3b $ valuation: 12k So what went wrong in 2022 and 2023 ? The Answer to this is CORPORATE MAFIA You can identify them from their operation 1) At first couple of the members of the mafia will join any organisation as a leader. 2) Initially they will build good relationships with leadership and set imaginary sweet goals for organisational growth and sell lies. 3) They lay off / underpay existing loyal employees 4) Finally they replace existing employees with their ex- colleagues and friends who were comparatively less productive but more expensive. 5) They will take all the growth opportunities and share among themselves. 6) At the end the organisation cost increases but the actual goal is still far enough to be achieved ever.

Absolutely crazy stuff. To summarize what I read: 1) Byju's apparently transferred $533Mn to Camshaft Capital - a random hedge fund in Miami that was started by a 23 year old, with barely any investing experience. 2) This hedge fund is run out of a building that has an iHOP (yes the food chain). When asked about the whereabouts, nobody even recognizes if the fund actually exists there 3) This fund typically accepts only upto $50Mn. How come Byju's transferred $533Mn to them? 4) 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith -> All registered on this fund's papers 5) Now, Byju's lenders have filed a case against Camshaft in the US. Link to original article: https://www.bloomberg.com/news/articles/2023-09-12/byju-s-hid-533-million-in-hedge-fund-camshaft-run-from-miami-ihop-lenders-say#xj4y7vzkg

342 is the new low after ED in action sniffing Chinese currency 💲💵💵💲 Indian startups should comply better else many more byjus and Paytm debacle yet to arrive

Conduced suspecting potential tax evasion

1.EGM meeting starts at 9 am 2.Allegedly Byju/pro Byju supporter leaked the zoom call meeting. 3.Random folks joined the meeting. 4.Whistles, hooting and sharp noises for next 45 mins. 5.Participants are asked to leave: They bombard chat with “we want byjus sir”, “byju is the heart of the company” 6.Meeting gets called off 7. 4 key investors file a suit at NCLT at 1 pm

I'll go first. Narcissistic AF, named a whole product after his name!

A lot of folks working at startups seem to be "passionate " about their job. Some of them possibly, truly are. Some foolishly reverse engineer this passion because they're paid really well and they've been doing a good job and it's good personal PR to say "passion". A few reality checks. 1. Your cool Bangalore lifestyle is a result of investment risks/bets taken by VC's . 2. Your salary is as much about the market demand as it is about your " passion " and talent. 3. Startups will generally lower the bar for hiring processes to meet their demand for talent. Why need so much talent? Because the startup needs to spend that 100M$ Series C that just made them a unicorn. That's how they convince the VC to give more money. "We are going to 2x revenue by 2xing our salesforce and buying 10M$ worth of Saas that will increase our productivity by 5x. " And boom ...100M$ transferred into you SVB bank account. 4. You are as replaceable as a garbage bag on your dustbin. The HR is probably flirting with 10 other like you over linkedin. 5. The "values" this startup apparently espouses are mostly nothing but a honey trap and positioning to lure talent. It's great to have a nice tech job that pays well and allows you to gloat on twitter like a techbro but don't let it fool you into getting an inflated sense of entitlement. You're probably living on borrowed time....and money. :)

There are so many startups failing all around. Many which I thought were doing something great also have been duds. Some epic surprise failures would be dunzo, pharmeasy, etc. It looks like there will be many more such revelations in coming days 😐😐 Please share list of some stable and good startups (Series B and beyond) which I should be targetting.