Is Upstox running out of funds?
Cleared all the rounds and even sent the HR the documents they asked for. They also said I would have to relocate to Mumbai. However it's been more than a week and they haven't rolled out an offer letter. HR said that since they invested so heavily in IPL, they are trying to reassess their budget for this quarter, that's why it's taking so long. Should I be worried? I have a feeling that I even if I get an offer they might try to lowball me/lay off later.
Do you have any other offer right now? Upstox lowballed during Jan, so I ended up not taking the offer
TrueMalice57
Stealth
a year ago
Not really, I've been applying to a lot of companies daily, but none of them have reached out for interview. Even if some do, they expect immediate joiners/people who are serving notice period.
Btw can you share your lowball offer? And was it for sde 2? Considering the Mumbai rent rates I really don't want to go below a certain number. Atleast in my current org I'm saving almost everything I get due to WFH.
It was for sde-1 15l ctc. They had initially told me that I'll. Have an option btw blr and Mumbai
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Stay away from Upstox. It is an unofficial 6 day week.
Founders have no concept of a product strategy nor a vision. They have survived the last 2 years and grown just based on marketing. One of the founders who is the wife of the CEO has pushed the company into spending most of the money (500cr+) into IPL. Now all the users acquired through this have been leaving Upstox in hordes and are gone with the wind. There is nothing to show for it now.
Although there is slowdown, among Zerodha, Groww, Angel and Upstox, only Upstox has managed to lose market share YoY at 5%+ and has slipped to 4th position from 2nd (official NSE active user data). More of the slide is yet to come.
Now there is just pure politics. CEO in an article this month said that IPL marketing did not work out as we did not have the products which the acquired users were looking for 😂😂.
CTO, CGO, CHRO, VP-New Initiatives, and a couple of senior engineering directors have quit during the last 2 months. Bangalore office is being scaled down and might be shut down to save costs.
Lot of people in higher management are leaving upstox. A friend told about it this.
What's your current experience, CTC and expectation?
TrueMalice57
Stealth
a year ago
Yeah I've noticed that, which makes it all the more surprising that they have budget issues.
I have almost 3 yoe in my current company (never switched before). CTC is around 16 (most of it is fixed). On leetcode I've seen upstox offering 25 fixed for sde 2 so that's what I'm keeping as my minimum, especially since I'll have to relocate.
Runaway from the upstox. Almost all leadership folks are leaving including the CTO. Also their sde-2 budget is 30 all fixed no ESOP / joining Bonus.
TrueMalice57
Stealth
a year ago
Oh I wasn't aware about the CTO. Do you know why is that the case?
You have already mentioned the things HR told you and at the same you need to look how they're doing in terms of business and what is there position. More or less management is clueless / incompetent in which direction company should go.
Ryotsu_
Stealth
a year ago
Think twice, comments here mention senior leadership leaving, instead the reality is they are “asked” to leave by the management. This includes CTO,CGO and many other leaders.
If they haven’t left now, many are on PIPs, who will leave the organisation soon.
No guarantee of job stability or good work like balance.
Not the best time to join, consider other options.
Startupjunkie
Stealth
a year ago
Good to know this..I was about to apply for a role
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