Never heard of it though, reading this I guess it was a crypto transaction startup but not many people use crypto to buy goods even in Western developed nations, India is far behind

Welcome to Indian Startups's Private Community

Purple Pay shut down

UX/UI Designer

Purple Pay shut down- Grapevine

Welcome to Office Gossip's Private Community

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

Welcome to News Discussion's Private Community

They raised a Million Dollars I suppose . I liked the platform at the start , there were enough people looking for internship there but the problem I suppose is too many internship platforms doesn’t work . Also there is no brand loyalty among users (generally new graduates) to stay associated with a platform when the sole purpose is job search . Could have taken a leaf out of Grapevine 😃😃

BlueLearns shuts down

Product Manager

Hey guys, 

With a heavy heart and after 10-11 months of constant work I am shutting my startup down. Thanks for all the love and support.

What happened was I was able to build the product but couldn't raise enough funds to get the required gov. licenses to go live. I did build a demo mode to let people test out what the app was supposed to be and got more than 250+ sign ups.

For everyone who signed up and where asking me for the invite code sorry but please do test out what it was supposed to be. Use invite code- QWERTYUIOP to access the demo mode. All data will be deleted with in the end of this month so no worries.

Thanks again for all the love and support and let's see what I can build tomorrow.

Invite Code - QWERTYUIOP

Manage all your finances in one place, from tracking spends, budgeting & checking your bank balances all in one.

Pocket - Do More With your money

Shutting it down

Nice to see the openness. Can't imagine how tough it is, to have been derailed by incorrect signals during the bull market. I think they're genuine people who unfortunately could not get it to the right place.

https://www.linkedin.com/posts/mayank-bidawatka-028b2a1_i-had-promised-updates-and-heres-another-activity-7189226150538240000-MmcI?utm_source=share&utm_medium=member_desktop

Koo founder shares on why they can't pay salaries anymore to employees

Operations Manager

2Mn DAU👀

https://www.linkedin.com/posts/aprameyaradhakrishna_heres-an-update-from-mayank-bidawatka-and-activity-7214158389881262081-KZNn

Koo is shutting down!!

Software Developer

Welcome to Software Engineers's Private Community

Lot of Developers are leaving the company (specially frontend) because of low salaries, limited scope of work and Return to office policy. 
Company is silently creating an atmosphere where developers are leaving on their own. 

Company is also not planning to provide any good pay raise in the upcoming appraisals.

Time to leave the company :(

Developers leaving Razorpay

Welcome to Fintech India's Private Community

Regulatory risk is making me a little uneasy staying at PayTM now. I will obviously stick around to see if I get rewarded for the risk I am taking but I just want to understand how do you all think about regulatory risk?

How do you deal with uncertainty around regulatory risk?

Got to know today that Paytm is planning to shut down a couple of products. Accompanied by 30-40% layoffs accros teams and verticals and reducing the tech force to less than half, it feels like Vijay is done with the payment business. There is no clarity on the PA license either and VP level folks are being asked to put in papers.

Paytm on maintenance

Product Owner

Shopflo laid off 28% of the team today - still don’t understand how this company exists and is hoping to make any money.

Having no idea what to do next, they’re desperate to travel to US now to try and capture market there - reminder that this is a market with Fast and Bolt, both massively funded, shut down completely 🤡

Shopflo layoffs

Investor

After securing $66.4 million across seven funding rounds.

koo Shuts down 🙂👏

koo shutting down

Software Engineer

I had an offer with Virgio but it’s been put on hold twice.  They are pivoting from fast fashion to circular fashion.  My head is spinning in circles. Should I hold out for the joining with bated breath ? Bhai log. Advice do please.

Virgio

Digital Accessibility Technologist

Hard-core banglorean here.  

Seen dunzo grow from when it was a WhatsApp group in Indiranagar to when it became a verb. What happened to dunzo? 

Call it not understanding what I have read or just plain lazy,  I am not able to fathom what happened to a company that was the OG of its industry and grew with 0 marketing and solely on the product and how it happened. 

Anyone care to simplify it and explain?

Dunzo for dummies.

Sales Manager

Project Manager

Since I am Done-Zo with Dunzo, AMA anything. Here to spill all the scoop that’s happened.

Ex-Dunzo employee. AMA.

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 😅

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

Growth Manager

https://www.ndtv.com/business-news/byjus-faces-total-shutdown-if-insolvency-proceeds-says-ceo-byju-raveendran-6141875

Byju’s on the verge of shutdown

Chartered Accountant

VC here. Doing this for fun.
Don't take all views seriously.

Comment a startup's name, I'll share if it's promising or whatever I know

Analyst

After Warren Buffet's exit from paytm, the share is down by more than 60%. Did he have an insider info or is he truely GoAT ?

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

A subsidiary of Paytm, it has been hit by a string of exits in Senior leadership in last 6 months
CFO: Amit Kapoor, gone
Head of Mutual Funds: Nisharg Golash, gone
Head of Product: Manish Reddy, gone
Head of Growth: Sourav Choraria, gone
Head of Marketing: Divya Chakravarthy, moved internally
Head of Compliance: Sudhendoo Gandhi, moved internally 

You can search these people on LinkedIn to verify.

This is a result of an increasingly toxic work culture where performers are penalized with more work while slackers make merry. This culture is driven from the top with current senior leadership who haven't left the firm have survived by the virtue of sycophancy.

Instead of firing people, they are being asked to resign so that the company is not in news.

I've personally seen this in co's rev teams, a new CTO has been hired from within Paytm. Employees are given 'negative ratings' in appraisal, which the CEO called 'an HR experiment'.

Purple Pay shut down

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