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News on Medial
Salaries stuck since April at PayMate as cash crunch deepens
Livemint
·
24d ago
Medial
PayMate, a Visa-backed B2B payments company, has been delaying salaries since April due to a cash crunch, attributed to aggressive global expansion and regulatory challenges in India. The Reserve Bank of India's directive destabilized its India business, compounding financial difficulties. As a result, approximately 100 employees have faced salary disruptions, with junior staff receiving partial payments and senior staff awaiting dues for months, including July salaries, which remain unpaid.
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Good Glamm Group Troubles: Employee Salaries Delayed for Second Month Amid Funding Woes
OutlookIndia
·
2m ago
Medial
Good Glamm Group is experiencing financial difficulties, leading to delayed salaries for April and May 2025. The company, which faces a cash crunch, missed funding expectations and seeks to raise capital at a reduced valuation. Employee payments, including those for former staff, are pending, causing financial strain. The situation has caused investor confidence to falter, leading to board resignations and leadership changes, casting doubt on the company's sustainability and growth.
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Dunzo delays paying salaries further as company faces severe cash crunch
Economic Times
·
1y ago
Medial
Cash-strapped quick-commerce startup Dunzo has delayed paying August salaries to employees, citing procedural requirements. Founder Kabeer Biswas assured payment next week, hinting at potential fresh funding. The company, facing a cash crunch and investor disputes, had previously promised August salary clearance by this week, and unresolved delays for June and July salaries. Legal notices from Google India, Koo, and Glance also compound its challenges.
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Good Glamm defers April salaries; former employees await final settlements
Economic Times
·
3m ago
Medial
Good Glamm Group has delayed April salaries and is yet to settle dues for former employees due to a cash crunch as fundraising is pending. The Mumbai-based company has been selling or exploring the sale of various brands to maintain liquidity. This includes selling MissMalini Entertainment and digital media subsidiary ScoopWhoop. Formed in 2021, the company has seen multiple senior-level exits recently and last raised $30 million from existing investors.
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ReshaMandi's uncertain future after $40 million loss
Inshorts
·
1y ago
Medial
Hit by a cash crunch and revenue challenges, ReshaMandi started laying off employees in June 2023. It offered employees a ‘chance’ to work without salaries for three months. The employees who did so found out that there was no cash for any of the pending salary payments. These employees are still awaiting their dues.
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Byju’s founder pledges homes to raise funds for staff salaries
Livemint
·
1y ago
Medial
Byju Raveendran, the founder of Indian edtech giant Byju's, has pledged his home and his family's homes as collateral to raise $12 million and pay salaries to the company's employees amidst a cash crunch. The move comes as Byju's is selling its US-based kids' digital reading platform and facing a legal battle over missed loan payments. Raveendran, who was once worth nearly $5 billion, has also raised personal debts of around $400 million, leaving him cash-strapped. Byju's recently reported narrowed losses and concluded an investigation into its overseas fundraising.
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Yet another startup stalls salaries and ops while waiting for funding
Livemint
·
1y ago
Medial
Indian B2B retail tech startup Arzooo has reportedly faced challenges with cash flow, resulting in delayed salaries, blocked payments to sellers, and significant layoffs since October. The company, which offers a digital platform for consumer durables and electronics, has seen a decline in employee numbers from 300 to 100. Arzooo previously announced a successful funding round but has not fulfilled stakeholder payments or communicated the situation to employees and customers. The company aims to achieve profitability in the first half of FY25. However, the financial situation has adversely impacted operations, with orders stuck and refunds delayed for customers.
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Byju's delays salary again amid rights issue battle with investors
Economic Times
·
1y ago
Medial
Employees at troubled edtech company Byju's have been informed of a further delay in salary disbursement due to a cash crunch caused by restrictions on fund usage imposed by warring investors. The delay is a result of an interim order obtained by foreign investors, which has led to the temporary hold on salaries until the restriction is lifted. Despite the challenges, the company remains hopeful that the financial constraints will be resolved soon, particularly as the National Company Law Tribunal refused to stay Byju's extraordinary general meeting to increase its share capital through a rights issue.
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Aakash and Byju’s merger application withdrawn
Thehindubusinessline
·
1y ago
Medial
Byju's and Aakash Educational Services Ltd (AESL) have withdrawn their merger petition at the National Company Law Tribunal (NCLT) hearing. The merger between the two edtech companies was part of a cash-and-stock deal worth $940 million, with Byju's acquiring AESL in April 2021. However, the share-swap deal has hit a roadblock as the founders of AESL have refused to complete the swap due to governance concerns. Byju's has also sent a legal notice to the founders. Byju's is facing additional challenges, including a cash crunch and an oppression and mismanagement case filed by investors.
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BYJU’S Slashes Product Prices, Revamps Sales Model
Inc42
·
1y ago
Medial
Indian edtech company BYJU'S has reportedly slashed prices and revamped its sales model amidst ongoing financial and legal challenges. The annual subscription for BYJU'S Learning App has been reduced to INR 12,000, while offline BYJU'S Tuition Centres courses are priced at INR 36,000 per year. BYJU'S CEO, Byju Raveendran, introduced a new sales strategy that links team salaries to weekly revenue generation. The company aims to have a workforce of 50,000 salespeople by next year. BYJU'S has faced a debt crisis, cash crunch, and legal cases, prompting these changes.
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WestBridge-Backed Otipy Shuts Down Amid Severe Cash Crunch
StartupTalky
·
2m ago
Medial
Otipy, a farm-to-fork vegetable supplier based in Delhi NCR, has ceased operations due to a severe cash crunch, leaving around 300 workers unemployed. Founded in 2020 and backed by WestBridge Capital, Otipy failed to secure additional funding and has not paid employee salaries for 1.5 months. The management plans to sell off assets to settle outstanding debts. The abrupt closure follows previous vendor payment delays and an unsuccessful foray into offline sales using electric carts.
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