Saala this space only is cursed - exact same fucking scam as Zilingo, Fashinza etc

Fashinza got into scam? Do you have any news on that?

Consultant

Investor

At one point, I was dying to join them. Dodged a bullet!

They implemented few measures to adhere compliance requirements and movement of goods. But they had a lot of dark grey areas in business. I've seen it pretty closely. It's been a mess for almost a year and half now. Old employees leaving and I heard a founder left too

Sales

Product Manager

Welcome to Indian Startups's Private Community

From the morningcontext article about Bizongo. Seems like another B2B startup with malpractices.

Operations Manager

From the morningcontext article about Bizongo. Seems like another B2B startup with malpractices.- Grapevine

Any Idea about whats up with Bizongo?

Growth Manager

I keep hearing issues about quality revenue/corporate governance of B2B commerce companies such as Zetwerk, Bizongo, Ofbusiness, ApnaKlub, etc.
Any view?

B2B Commerce Issues

Heard Groyyo is cooking numbers? Is it true? Can any VC guy confirm?

Came across this post by a VC - and he mentions a startup that is similar to zilingo and mentions that the startup is ‘pulling similar tricks as Zilingo’ - cooking the books. 

Does anyone have any insight about what is actually happening at Groyyo?

Subtle Dig at Groyyo?

Founder’s Office

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

So finally, someone spoke about this fraudulent startup AstroTalk. How they operate and how they take advantage of gullible people, is completely explained in the video. These kinds of startups need to be busted on LinkedIn and other social media platforms so that no one calls prey for such cheap tactics. This is just another BYJUs in the making. The cofounder is an IIT IIM grad. Shows how greed can even pollute the minds of even highly educated people. Really don't understand how the VCs can be so fucking dumb, funding them with 165 Crores!! Shocking but it isn't surprising since the Indian Startup ecosystem is filled with such scam artists.

Scam called AstroTalk - BYJUs 2.0

Jab tak hum jaise log IIM/IITians ki G chaat te rahenge tab tak ye hume chutiya banate rahenge. 4 din baad tum chutiye sab bhool jaoge fir kisi naye IIT/IIM led startup ko linkedin par praise karoge jab tak wo bubble itna bada na ho jaye ki use criticise kar pao…fir kisi anonymous platform par aajakr “OMG SO FUCKING DISGUSTING” bold doge kyuki linkedin par to tumhari gaand thandi ho jati hai kisi ko criticise karte hue…aur ye cycle bas chalta rahega…so moral of the story is, tum hi log chutiye ho wo nahi.

Product Designer

Medikabazaar - Another B2B fraud found

Business Analyst

Welcome to Office Gossip's Private Community

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?

Software Engineer

Investors rope in Deloitte at Groyyo to shut down its B2B trading business

https://economictimes.indiatimes.com/tech/startups/tiger-global-alpha-wave-rope-in-deloitte-to-evaluate-b2b-startup-groyyos-trading-business/articleshow/104804537.cms

Another Indian B2B company going down according to Economic Times. B2B GMV fraud clean up continues finally!

Absolutely sad to see the state of the startups, most of them.
I am a founder myself, and this is a post with equal disappointment with myself as much as it is for anyone else who relates.
Look at all these companies that have raised shit tons of capital, and now make a fraction of money that has been invested in them.
The raised money is spent on outsized, non business sense making acquisition costs, only to keep repeating it till the tap runs dry.
Then when all stakeholders get bored, the service quality plummets, the employees are fired and whole sectors are admonished as being bad.

But, my question is, which sector where large sums of money was invested in early days have come out with flying colours. Fucking nothing !
Edtech, proptech, agritech, ecommerce etc. etc. etc. kuch bhi nahi. 

Is there any sector where a startup which has raised in the 100s of millions in the first 5 years have actually built a sustainable business at any scale ?
Then scaling down, isse acha, scale slowly.
The worst part of this whole drama, is pushing the innovation wheel backward and destroying customer sentiment.

Isse acha, raise less money inititally, build slowly, and only scale when the market is ready. Artifical growth makes no sense, unless you have a treasure chest that shall never run out.
Even in that case, spend the money on assets and not on random acquisition costs, direct or indirect.

As founders, let's do better, nahi ?

Rant or is it ?

Founder

Recently I was talking to a girl who was working a startup in BLR. She left the startup with some horrendous experiences. This startup was working from a startup hostel in BLR. Things she told me shook me. She was dating the founder.

So this founder who claims to be on his 2nd startup dates his own employees and then blackmails them.
The average age of his employees is 24. All these girls that he dates are not above 23/24

Apparently this guy has 2 court cases against him. One for fraud and one for a rape case. Both of them are not easily found online. He uses VC money to keep in under the hood.

The fraud case is about his first startup which was a stolen idea apparently. 

This guy’s whole life is fake.
He claims to be an IIT Madras dropout, but he's from some local college. 

There are rumours that one of the girls he dated tried to kill herself because he allegedly filmed them.

He also does not pay salaries for months to his employees but compensates by giving them expensive gifts.

He claims his parents are IAS officers but we checked and they are not. 

His last startup was around around AUTH and current one is around Fintech

Girls and boys stay away from working with such shady startups.

Tinder Swindler of BLR

Interesting, the whole story is about unknown man with unknown startup. Thanks for such an insightful post.

They’ve been mentioned in posts here previously, this is just an official update that something was wrong

Anybody knows more of what went on there?

Tiger backed Groyyo will have to shut down its B2B/trading business

Corporate Strategist

First, they had a layoff.
Lot of good people quit including great people
Then, they had a second lay off 
Some  great people in the leadership quit.
Middle management people are quitting every day.
Only engineers and other people who are not able to get jobs are remaining 
They shut down majority of US acquisitions
They are trying to sell some of them like Tynkr and Epic
Not able to raise funding till now even though trying since December 
Sales is down 90% 
New Inside Sales process is not working 
They are out of runway.

Byjus may shut down

What has startups done that has added value to a normal Indian's life? Other than a few.

Obviously, apart from fellow tech bros.

Startup Bros are net negative to society.

Normal Indians shop from startups founded by startup bros/sis: 
  
 Flipkart 
 Myntra 
 Nykaa 
 Meesho 
  
 Normal Indians pays for those shopping using PG founded by startup bros/sis: 
  
 Razorpay 
 Paytm 
 PhonePe 
 Cashfree 
  
 Normal Indians get those products delivered to their doorstep, again by startups founded by startup bros/sis: 
  
 Delhivery 
 ShipRocket 
  
 Normal Indians have lakhs of new job opportunities available to them, all thanks to startup bros/sis who are silently building for the greater good of our society.

Growth And Strategy

Bad Culture, Politics, etc. Give some names that one should avoid at all costs.

What are the worst B2B startups?

Dealshare shuts its B2B business, laying off 130 employees

Hi Folks, Can you please let me know which startsups or organisation we should not join 

Reason may be:

No Mission and Vision
Pathetic HR Policies
Burning investors money with 0 Revenue product
Random Hiring and Layoffs
Other reason you can mention
Dirty Politics
Dirty Appraisals and Promotions
If i missed anything mention in comments 

So that our geeks will not join pathetic place and save atleast current job

Do not join list

UX/UI Designer

Welcome to News Discussion's Private Community

What an absolute shit show
https://www.moneycontrol.com/news/technology/fraud-threats-sexual-harassment-zilingos-ankiti-bose-files-fir-against-co-founder-ex-coo-12706929.html

Zilingo CEO files FIR against COO & CTO

Zilingo is already defunct. A once billion dollar startup that is now literally 0. 
One of the major startup scams. Investors just kept lapping up the GMV growth.

And now when everything is over, co-founders filing FIRs against themselves.
Disappointing.

My only appeal to everyone: please call out if you're at a startup that's doing similar stuff. A lot of careers can get saved...

From the morningcontext article about Bizongo. Seems like another B2B startup with malpractices.

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