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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
From Wayo Logistics to All Things Luxury, several startups have collapsed abruptly because of the financial crisis facing Gensol, leaving hundreds of employees stranded without salaries.
“My job is gone; salary is gone. Just like that,” says Amit Gupta, a former employee of Wayo Logistics, an on-demand logistics startup officially registered as LMEV Logistics Pvt. Ltd. “Everyone is talking about the restructuring in Gensol Engineering. But what about the silent shutdown at other companies?”
He’s not alone. Over the past few days, multiple accounts have surfaced on LinkedIn talking about the mass layoffs and subsequent shutdown of Wayo Logistics. The company had more than 150 employees in March. Cut to April, there is no company.
“From 0 to 55,000+ gross monthly orders.
“From scratch to ₹2 …
Ghost directors, family members on the payroll and shadow operators—inside the tangled web of power and money at BluSmart and Gensol.
A letter from one of BluSmart’s largest investors reveals how the ride-hailing startup’s promoters withheld critical information from the shareholders and the board while providing consistently inaccurate financial forecasts.
With his back to the wall, the founder is exploring options that could benefit him much more than others. Even at the expense of the customers, investors, vendors and employees.
