Psychedelics would have been legal sooner if he stuck around lol

Product Owner

Founder

More often than not, they have bribed Forbes using money which was supposed to be used for product building

Welcome to Indian Startups's Private Community

The quickest way for scammers to gain trust among VCs is to feature in Forbes falana dhimcana of the year list. Run away from startups run by Forbes 40 under 40 guys.

Software Engineer

The quickest way for scammers to gain trust among VCs is to feature in Forbes falana dhimcana of the year list. Run away from startups run by Forbes 40 under 40 guys.- Grapevine

Welcome to News Discussion's Private Community

A bunch of people just were nominated for Forbes 30 under 30. What’s the deal with 30 under 30? 
Does it matter? Is it paid? What’s the judgement criteria? Would love some comments

Forbes 30 under 30

1. Forbes 30 under 30, is kinda sold out 
 2. Has pretty bad track record (at least in USA), of the featured founders to be frauds

Software Developer

Today raised $22m series B.

No revenue. 

Video streaming app with Less than 1m daily users in india is valued over $100m... So every random person in india is worth over $100? Lol.

Competition, Chingari, Rooter, both in trouble. Eloelo has worse engagement than both (I looked on data.ai)

Definitely faking numbers to investors, why else would anyone invest.

Eloelo is probably a scam

Investor

Nothing more soothing than chatgpt created cancer (content) to go with self portrait. #LinkedinLunatics

Narcissist at work.

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

Welcome to Office Gossip's Private Community

The entire Great Place to Work is a scam, right? One of those 'you pay, you claim' memberships. Can someone enlighten me?

Great Place to Work?

Marketing Creative

Important to short any company or person that appears on a Forbes list

Analyst

1. hiring very expensive law firms with kick back. 
2. Buying the office space and then hiking the rent to the office around 5x and made money.
3. Fake invoices
4. hiring friends companies for consulting
5. setting up shell companies for hiring
6. Buying Forbes 30 under 30  slots with VC money


Make this list more exhaustive. 

I want to say to these founders : bhai kisko chutiya bana rahe ho... And after all this, they have galls to become Gyan chodeswar on LinkedIn, podcasts etc.

List of different ways through which founder has routed VC money for personal gains

Welcome to Business Roles's Private Community

I will go first - It's hectic as hell,  but if you are passionate about the problem that specific startup is solving-  

it is really rewarding and exciting. But that's just my opinion not everyone,  not everyone feels the same way about crazy work schedules and WLB which early stage startups tend to have.

Please share your thoughts and experiences!

What do you all think of early stage startups?

Growth Manager

Company name - Chat360

It's pretty small and inconspicuous, but if I save even one person from joining this organisation, I will consider it worth it. Based on first hand accounts from 3 very reliable sources who are confirmed employees.

A very basic chatbot platform, being marketed as a Gen AI first product. They don't even have basic NLP and claim to be Gen AI. 

The founder & ceo is completely directionless. This is his side hustle, but while interviewing new hires he claims that he is the full time CEO (this is not true, he is barely available and always busy in his main business which is a car dealership) 

The co-founder is an IIT-grad, and due to the Founder's absence is basically running the show though he has zero business acumen. He constantly bitches about the founder to senior employees.

Of course, with such a toxic back story, it is hell to work here. No unity in the team, lot of back biting and bitching, public humiliation on WhatsApp groups, constant blame game. Basically, a shitshow. 

Do not, do not, do not join this place. Avoid it like the plague.

Toxic startup

How is this startup Rigi ? Heard they're doing 40-45Cr GMV/month and Profitable.

Program Manager

Something I've found very frustrating while pitching to investors, platforms and funds is that so many of them actually just bait and switch.

They pose like gyani people earnestly looking for investments or helping entrepreneurs, but when you speak to them they start selling you their services.

Fundraise is apparently just a step away, need to signup here first, or create xyz report first, or do outreach to xyz number of people, or do market research and fresh pitch deck creation, or hire xyz consultant/agency to get to the "next level" - basically a bunch of barriers you need to pay to clear despite having a profitable business with paying customers. 

Fact of the matter is there are plenty of people raising money based off of pitch decks with no MVP , or even just the right conversations with the right people. But they are rare and hard to find organically. Requires lots of networking and connecting dots over months and years.

The point is, this selling in the guise of securing investment is tiresome and a waste of time for most entrepreneurs. They probably do get a few suckers occasionally which helps them stay afloat I guess.

Some of them might even take your ideas and start building something of their own or back someone to build it under them. Once you start pitching, the deck starts floating around in VC groups and networks mostly beyond the reach of the average entrepreneur.

Considering all this, just keeping one's head down and bootstrapping forever in peace seems like a better approach.

Disingenuous behaviour in startup ecosystem

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 🧵

Journalist

Tiger, Elevation and Matrix backed fintech startup has started layoff.  CTO has left and they have started firing in business roles with the largest cuts in tech. 

- Bad product fitment and loses money on every account
- Core team has started leaving
- Even got an opportunity to see their office space available for rent
- Classic case of poor culture and no actual product
- Founders travel to USA/london on trips
- Horrible place to work as a girl

Got this from one of their devs.  


STAY Away!!

JODO - Silent layoffs Started!!!

Product Manager

Diversity split is still sad though, less than 10% female founders

Inc42 has found that over 60% of Indian soonicorn founders do not hail from IITs, and over 77% had a non-IIM background.

The quickest way for scammers to gain trust among VCs is to feature in Forbes falana dhimcana of the year list. Run away from startups run by Forbes 40 under 40 guys.

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