Founders couldn't Figure Out fund raise
This influencer with a massive following on YouTube laid me & my team off within a week of hiring since apparently they have deferred their Series A. Bro, why didn't you figure it out before I joined. They bumped off Sourcing, D2C sales head, Finance, Offline Sales head, etc as well. Apparently - they still have the HR head drawing the salary of probably more than 50L pa since they need to build 'culture' for a team size of less than 25 ppl now. Business model: D2C business launching products in partnership with Influencer to leverage their following
Bhatakti_Aatma
Stealth
10 months ago
Lol..
Also the co-founder is from Trell. Plus had a start up focused on Cryptocoins during the hey days..
Jokes aside, they may be honest & can become big, it's just that my + few others' experience was shit. I even had to follow up a few times for my pay post lay-offs. Hope they learn something from this, become matured & 'figure out'
Look at the bright side, its just a week of your life gone.
And what a life lesson in return!
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"Figuring Out with" fellow couldn't figure out basic decency. Don't you do the hiring post-Series A and not before that. 🤔
Bhatakti_Aatma
Stealth
10 months ago
Bro had told me that they have sufficient bank balance. Series A term sheet is on the verge of closing etc. I know founders paint optimistic picture always, but this sounds like way too much now. They could have just deferred the hiring by a couple of months if things were so uncertain.
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Sorry that this is happening to you
They really should’ve toned town hiring if fundraise was a question
Unfortunate, given it would’ve been clear much more in advance
Bhatakti_Aatma
Stealth
10 months ago
Exactly. What irks me is the incident happening sooo soon. I brought team-mates with me, and I'm responsible for their situation now. It sucks to be jobless, especially during this festive period.
I like the house of X idea but it need serious execution.
Classic example of Podcast dekhne se dhandha nahi banta.
@Bhatakti_Aatma fee bad for what you and your team had to go through.
Bhatakti_Aatma
Stealth
10 months ago
Right. The idea sounded exciting to me. They were hiring folks with relevant experience. And that's why I was gung-ho about joining & doing the execution part. After this burn, don't think I'll be looking to join a seed stage start up now unless I see their bank balance!! Won't just take the founders word on face value anymore.
Ajmonk96
Stealth
10 months ago
What's house of x idea?
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TheOatmeal
Stealth
10 months ago
Perfume wala hai na ye?
Bhatakti_Aatma
Stealth
10 months ago
Ha
RS's/House of X's reputation is already down the drain. No wonder they are not raising.
They partnered with GrowthX for hiring and were blacklisted pretty fast for unethical practices - both with candidates and hiring partners.
RS is just a talker. Operates more like a sweatshop owner. Do not trust "founders" like these. These people are not technologists, just cheap hustlers trying to fit into the ecosystem and take everyone for a ride.
Bhatakti_Aatma
Stealth
10 months ago
What!! Heard about this for the first time.
People do criticize him since he takes all credits for success in his dad's business.
Don't know what's true anymore & if I can even identify the truth, mera toh ek hafte me kaat diya bhai ne
Ye Jo gyaan chod deta hai wo real life me follow nahi karta bilkul bhi, pata hi tha
Bhatakti_Aatma
Stealth
10 months ago
True. I was watching his podcast with Mensa founder (Ananth) wherein Raj asked how do u build reputation for early stage start ups. Among other points, Ananth pointed out "how you let go off people matters a lot"
RS nodded his head & I'm just thinking now he wanted to "gyan chodna" in his podcast & hasn't learnt a bit.
He is a creator not a founder. Obviously he doesn't know how to run tech startups or run a company for that matter.
Hopefully he learns at a faster pace than he releases podcasts 😂
President_Trump
Stealth
10 months ago
Writer of Do Epic Shit doing shit all around
Bhatakti_Aatma
Stealth
10 months ago
RS k bohot connects hai.
Elix
Stealth
10 months ago
Why do you join such bad founder companies? In your case, greed comes before due diligence it seems. Don't crib now
Bhatakti_Aatma
Stealth
10 months ago
Hain? How is this greed? I liked the vision & joined it. I understand orgs do go through ups & downs but didn't expect the cost-cutting so soon.
Elix
Stealth
10 months ago
Due diligence includes looking beyond the narrative. Job of a founder is to tell stories to everyone
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Some new folks on the startup ecosystem recommend me to leatn entrepreneurship from Raj Shamani !!! Pity 😂😂😂. Such following he has among dumb college kids !!!
Demon
Stealth
10 months ago
It was poor on founder's part to hire you, but thinking from their side, this might be a term sheet withdrawal issue. Rich people are losing money left and right and are withdrawing termsheets from many startups.
For a founder, a term sheet is generally a surety that money will come to account after 3 to 6 months of legal and accounting work and they start working. In rare circumstances, funding process stops after termsheet. Its not like a UPI transaction.
Itachi777
Stealth
10 months ago
Recently came across a reddit post exposing their shady marketing tactics. Have created a post where to highlight that as well
