look news india
Layoffs: For the last few months, there has been a round of layoffs in different companies. Meanwhile, news is coming that Reshamandi, a startup company in Bengaluru, has fired about 80 percent of its employees. Although this layoff has happened a long time ago, but the news of it has come to the fore now. In January 2023, about 500 employees worked in the company, but by the end of 2024, the company laid off about 400 people.
Why did layoffs have to happen?
The biggest reason for this layoff is said to be lack of funding. The company wanted to raise Series B round of funding for a long time, for which many efforts were also being made. When the company did not get funding, its direct impact was seen on the employees. Some reports even say that the company has not yet paid the final salary of many of the fired employees.
How much funding has the company raised so far?
The company has raised equity funding of about $40 million so far. The company has received this funding from Creation Investment, Omnivore, Venture Catalysts and some other investors. Apart from equity funding, the company has also raised a loan of about Rs 300 crore from some investors and banks. When the company faced difficulties, in June 2023, the company asked its employees to work without salary and after about 3 months there was a big layoff.
What does this startup do?
Reshammandi startup was started in 2020 by Mayank Tiwari, Saurabh Agarwal and Utkarsh Apurv. Utkarsh left the company in 2022 itself. It is a B2B fiber, silk and yarn marketplace. Now it is being told that the founders of the company are starting a separate company. On the other hand, the money of Reshammandi investors seems to be sinking and the employees of the company are also empty handed.
