I'm on a WhatsApp group where at least a dozen founders in BLR have said they now can't make payroll due to the 250k limit on withdrawals
Holy shit didn’t think it would’ve a ripple effect here as well
Hits companies in india really hard.
Most startups register in USA when raising money due to better laws and simpler transactions.
You need to fly out to the US to set up an new bank account, so most startups in india will stick to one bank.
SVB was one of the simplest bank accounts to get set up when an Indian resident.
The economy went down? Yes. Did it affect all kinds of companies? Yes
Did the banks fire any one? No Did the Railways fire anyone? No Did the media agencies fire anyone? No
Did Large Tech companies and IT fire people? Absolute...
Not the way it works. It's a function of how fast an industry grows -> The faster it is, the more you have to hire i...
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.
2001 was a Dot Com collapse. 2008 was a banking collapse that hit IT too. This year first it was the Tech companies and now its the Banking, Financial Sector that is getting hit, making it the worst of all recessions. And its expected to...
Got to know through my network that Brainly india has asked the entire team from their MD to all junior folks to go. Reason - sudden change in strategy.. they didn’t let the product even launch.. the team was in full swing prepping.. imp...
