Rahul Yadav's 4B Network, what a scam! one of the best articles out there
At the heart of the current crisis at the proptech startup lies a flawed business model, sham prospective buyers and higher-than-usual payou...
https://themorningcontext.com/internet/how-rahul-yadav-bungled-info-edge-funded-4b-networks
After a while, even the company’s employees got in on the scheme. “There were targets, 50 visits a week,” says a third former executive, asking not to be named. “Employees had close relationships with brokers. With the company pressure and to earn the incentives, they had to show fake walk-ins. Some employees
also sent their family and friends via these brokers. Everyone made money.”
“Everyone was getting incentivized for generating walk-ins, not closing deals.”
That wasn’t all. “Broker Network offered free cab services for these walk-ins,” says the third former executive. “Weekends are a crucial time for site visits and brokers would just take these cabs and move around for a few hours. There were so many bogus visits over the weekend just for the free cab services
Gems_Bond
Stealth
2 years ago
Damn that's unethical behaviour of the highest order. Also, a lesson for all investors to do regular audits and keep a track of all metrics, most importantly the burn.
CryingPan
Student
2 years ago
Where to read without paywall 😅
Damn. Even the employees got in on the scheme. Ye to poora hi fraud scenes
Fool me twice
What a guy. Come back a few years after Housing, gets well funded, pulls off a ridiculous scam and will again disappear for a few years
Catch you in 2026 next
Gems_Bond
Stealth
2 years ago
Thrice, not many know that he started a second startup after Housing. Apparently that was founded by the Bansals.
1337C0d3r
Stealth
2 years ago
Can someone share a pdf of this article or a paywall-less link?
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cuckingfunt99
Stealth
2 years ago
Can someone please post the text of this article here?
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