ReshaMandi has laid off its entire workforce and its website has been down for a week, coinciding with the resignation of its auditor.  Sources indicate the company is struggling to pay liabilitie...

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- ReshaMandi has laid off its entire workforce and its website has been down for a week, coinciding with the resignation of its auditor.
- Sources indicate the company is struggling to pay liabilities and operational costs, including salaries, for several months.
- The auditor, Walker Chandiok & Co LLP, highlighted issues like revenue inflation and fake invoices before resigning last month.
- ReshaMandi owes Rs 14.16 lakh to the auditing firm and has appointed a new auditor, Suresh Kapoor & Associates, in late July.
- Despite raising over $50 million, including a $30 million Series A round, the company is facing financial difficulties and is focusing on collecting pending receivables. 

 Source: [Entrackr](https://entrackr.com/2024/08/exclusive-reshamandi-faces-complete-layoffs-website-shutdown-and-auditor-red-flag/)

ReshaMandi Faces Complete Layoffs, Website Shutdown, and Auditor Red Flag

Journalist

ReshaMandi Faces Complete Layoffs, Website Shutdown, and Auditor Red Flag- Grapevine

ReshaMandi, a startup that raised over $40 Mn in equity funding, is facing insolvency pleas and has allegedly coerced employees to join another company, Genzr Solutions Private Limited, leaving hundreds of former employees awaiting salary dues.

- ReshaMandi's downfall was attributed to rapid expansion across various verticals, revenue inflation, and financial mismanagement, including inflated revenue, fake vendors, and loan defaults.

- ReshaMandi's founders and management personnel have joined Genzr, a seemingly unrelated company, raising questions about the acquisition and the funding received from an unrelated source.

- The failure of ReshaMandi has raised concerns about VCs investing without adequate due diligence and the accountability of investors and founders for the company's financial situation and treatment of employees.

Source: Inc42 - https://inc42.com/features/inside-the-upheaval-at-reshamandi-a-questionable-2nd-innings-after-a-40-mn-collapse/

Corporate Governance Trouble at Reshamandi 🧵

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Dunzo caps salary at 75000 per month. Any thoughts?

Dunzo in serious trouble

Software Engineer

There was some call around 9 AM today, some folks are laid off. Didn't know the % yet.

Meesho started layoffs !!!!

Software Developer

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'.

All is not well at Paytm Money

Software Project Manager

Unacademy will be laying off 30% of its workforce this week. The list of people who will be laid off has been finalised and received signoff from Gaurav & Roman. 

Sad State of Affairs.

Unacademy fresh Layoffs 😶‍🌫️

Growth Manager

Can we please share the companies which are laying off and kind of roles laid off?

1. Goldman Sachs -Consumer Banking 
2. Twitter -Marketing 
If you have any other companies also please post in comments

List of companies laying off employees in India

Product Owner

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Happened at one of the startups in Indiranagar which is into halal personal care products. Recently raised funds upwards of $50m dollars. Huge number os sales team had been asked to go.

Layoffs disguised as resignations

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I have been hearing from multiple friends across organizations in India. Lay offs are not in news but happening silently across boards. Companies are on cost cutting mode. Interesting year ahead

Silent layoffs happenings across organizations

Thank you for sharing this. 
  
 Was not knowing about silent layoffs happening. 
  
 But one interesting thing I have observed is that many organizations are now deliberately making the work environment more pressurised and/or toxic to reduce the headcount so that they don't need to layoff people.

Software Test - QA

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

Reason - the team wants to accelerate timeline to profitability 
To those affected really sorry this community is here for you!

ReshaMandi Faces Complete Layoffs, Website Shutdown, and Auditor Red Flag

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