ReshaMandi Faces Complete Layoffs, Website Shutdown, and Auditor Red Flag

• ReshaMandi has laid off its entire workforce and its website has been down for a week, coinciding with the resignation of its auditor.
• Sources indicate the company is struggling to pay liabilities and operational costs, including salaries, for several months.
• The auditor, Walker Chandiok & Co LLP, highlighted issues like revenue inflation and fake invoices before resigning last month.
• ReshaMandi owes Rs 14.16 lakh to the auditing firm and has appointed a new auditor, Suresh Kapoor & Associates, in late July.
• Despite raising over $50 million, including a $30 million Series A round, the company is facing financial difficulties and is focusing on collecting pending receivables.

Source: Entrackr