This is an after thought from what happened at Mojocare and Gomechanic.
I too have been at a startup that was upto similar stuff. Was really large at one point, until everyone figured something was off.
For me, the first year or so I never got a hint of things. But over time, as I became closer and more trusted by the founders, things became quite clear. Creation of invoices for the sake of it, recording transactions that were anyway happening in the offline world, as transactions on the platform. Basically buying invoices by giving back businesses some of the VC capital as incentives. It was all messed up.
I always thought of doing something once I figured it out, but ended up not doing it. My only action was to find new roles, and leave as soon as I could. I remember discussing with friends - should I reach out to journalists? The answer we came to was that it's too risky, even if done anonymously. AND, that people we know would lose their jobs if the reality came out.
Eventually, it did come out. More people lost their jobs, because in that 1 year they ended up growing more and hiring more. Maybe if I'd been a whistleblower earlier, a lot of money could have been saved, so many jobs would not be lost.
A thank you to the people who have been braver than I was.
Not sure what the right thing to do is. But honestly, the corruption problem seems to be bigger than just 1-2 startups a year making news
could it be a messed up bubble?
Honestly, I think it is These were founders from amazing institutions (tier 1 everything, dream child for a parent)
To think they were so open to faking it, and everything that I've heard afterwards - makes me really question if this is a systemic problem
Like, how do you curse corrupt politicians and then become a version of that yourself?
Now that I read your hints, I am in a company like that, right now. I have (been told to) made invoices just to meet target numbers, a lot of offline transactions done through manual invoicing (never make it to the platform).
They have had 4 rounds of layoff in name of cash crunch, but team parties, 5star hotel stay of founders have not gone.
But I can’t name the company. It was 250 member, now barely 100.
Though good part is, after last layoffs, almost everyone is seeking jobs right now. Everyone knows this is not going to stay for long. Office vibe has nose dived.
This is surely one of those second hand Car trading companies. Droom, Ola Cars etc. It's notorious in that industry.
Was it OYO?
So it was Zillingo
What is it about?
AND, that people we know would lose their jobs if the reality came out.
Now that the reality came out a bit later, do you think these folks were better off not knowing the truth back then?
Objectively speaking, I'd prefer to know and open up truths as early as possible (independent of it's short term outcome). It can improve the predictability of my future and thereby better life decisions.
I was into a founder’s office. Working closely with the leadership team of a funded Agri-tech startup (Which shall strictly remain anon in this post)
Does it happen to others the same way as it did to me?
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Looks like you had a ‘Haat’ time working there
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