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/
the direct impact of such shady startups, is true talent will never join another startup. Only two kinds of people will join one -
but i kind of feel happy when VC people get screwed. ...
Agri tech / social startups are grey areas. I am certain a lot of investors have probably lost money.
Jail mein dalo salon ko
Apart from a few good ones here rest are toxic-ologists 🥲. Startup ecosystem is rosy from outside only (folks who kn...
50% layoff at a Bangalore based health tech startup. Founder had no shame or guilt. Has raised funding recently but chose to fire people again. This is the third layoff in the last 1.5 years. Terrible management, declined variable pay. ...
HealthifyMe is the Startup. They are having other PR articles to cover this shit now
