Creator economy startup Rigi has laid off entire tech, ops and a part of the business team as a restructuring exercise
Affected employees were asked to exit the organisation citing business growth constraints.
This startup raised 100+ cr last year from marquee investors like Sequoia, Light speed etc.
The company also refused to give affected employees any severance or job support services.
Truly sad times for Indian startups.
Restructuring is inevitable but imperative that the founders do it the right way by giving severance etc - truly sad, especially for the golden child of the startup ecosystem.
What's the point of raising from all these Tier-1 VCs if you can't let people go the right way?
Golden child? Lol please
What have they even achieved so far? Haven't even heard the name except for funding and layoff news.
Rigi was betting big on the so called Finfluemcers who were selling stock market courses teaching people how to get rich. The people were getting poorer whereas the people who sold these courses were getting richer.
SEBI did a crack down and overnight things have changed it seems. May be, also a case of poor strategy by depending too much on one stream of income by Rigi.
Riggi constantly came at a crossroads with SEBI regulations. Their business was affected by the recent influencer regulations. I'm amazed that this is happening now and not earlier.
Lays off=7, thala for the reason
Everything is fucked up in that company. The only thing in their favour is that they have money. Will not recommend joining as a tech person. The person who is leading tech is a kid, who is not even on a SDE 1 level in a good company. Overall also the culture is bad and highly toxic. Poor work quality, unrealistic deadlines, and zero logical reasoning. The more late you sleep at night, the more you will be in good books of the upper management.
Just heard that 1K, an omnichannel grocery startup in gurgaon series B funded by info edge and alpha wave have laid off close to 60% employees and severance package is also not announced yet.
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