CityMall conducted layoffs today.
It was a pretty tense situation at the office.
Nearly all engineering managers were laid off, most of the SDE-2s who were not the core engineering team and a lot of SDE-1s who had just joined this year. Even the interns were let go today.
Pretty scary scenario today. Just putting out an update. Apparently it was done to please the investors for the next series of funding. Can't say for sure though.
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Oh damn That is unfortunate
Sorry if you’re affected
Typical PE run company .fire the employees before next series of funding..show savings ..add that to EBITDA....show higher PF EBITDA...make every investor happy ...founders will be happy.....continue cash burn...and repeat the same during next series of funding..
What was your role? Also are you affected?
It is the worst company in the startup space. The founders are so casusal about layoffs that they dont even think a second about it. They are blocked by multiple top colleges just because they revoked the offers multiple times.
I have worked with them for 5 months and it was a total nightmare.
Yeah I was just in my fourth month with them. The founders were laughing while all of us were tense and considering our future options. A few of my colleagues from top tier colleges were hired and fired so I am hoping they get blocked from the instituitions.
Such startups should be blacklisted by both potential investors and potential employees. But that would only happen in a utopian world.
Rather than firing employees, they should be firing the top management especially the CFO who doesn’t understand their runway.
Majority of these startups are just running after one single North Star metric of valuation and can differentiate their head from their ass.
Yeah the co-founders are only running after the valuation while a boat load of money was being spent by the tech team because of the lack of optimization from both the dev and the ops side. Like I said in some other comment, it was an internal dumpster fire.
What all companies are hiring which you are interviewing for ?
I don't know for sure buddy. I'm still a fresher in a relatively niche field for a fresher so getting interviews is still very difficult for me. Have some fintech startup interviewing me this week and currently talking to HRs of a few others. Let's see where this goes.
I think I know you, keep purring your contribution speaks for itself. Don’t be disheartened. Better opportunities with a larger team awaits you.
Good luck
all the best for ur job search. Was it PMF issue, inexperienced leadership or over hiring? or a mix of all? What went wrong?
Thanks! I'd say it was definitely a mix of the first two. The product could be good but their business model is a bit broken and the product was operating under loss. The leadership is also not the best at taking some good decisions and this one clearly was a direction from the investors to get some results on their investements.