Not surprised. They have a shitty model. Probably going to shut this FY or next unless they turn things around 180 degrees and fast. Similar case for others they've mentioned in the article as their competition.
Worked at a company which did rev financing earlier, pivoted after a few months, the founder was right it seems, he told me this model won't work, all other players will pivot soon
I literally told them their model has no use for a large section of MSMEs and small scale ventures.
And for the ones that fall under their criteria, they would rather just get loans or other options rather than jumping through all their hoops and routing money through them.
Such fundamental flaws, how do these people even manage to raise money is beyond me.
What about other players in the space? GetVantage, N+1, etc.
I remember applying there and had a first round interview too.
The interviewer was 15 minutes late, only joined after I pinged the HR.
I could realise that he was in a fussy mood, prolly was asleep.
It was after I got laid off, I was looking for a step-up role, but had applied to my previous title.
He explicitly told me that he they expect people to stick for at-least 2-3 years and the fact that he can’t guarantee that I’d move vertically/grow into the next role.
It doesn't work because the duration of installments isn't fixed...some months are good so you(borrower) repay more(so you're being punished for good growth😏) and some months' revenue is less so you return less and that's why it's a reverse model !
Term loan with floating rate of interest and fixed timeline is best for both parties..
Exactly, regular loans from banks and NBFCs are way better options. Especially when you consider their nonsensical escrow process.
This company culture is worst. There were total approx 150 employee. Due to bad culture 30 people already put papers....
Shopflo laid off 28% of the team today - still don’t understand how this company exists and is hoping to make any money.
Having no idea what to do next, they’re desperate to travel to US now to try and capture market there - reminder ...
Hearing another mass layoffs on the cards at a fintech startup that is into lending, insurance and mutual funds in Bengaluru, which had laid off about 20% in June last year !
Navi?
Lending is going downhill across the board. Just reflective of the where the rates are. Any and every business that c...
