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| Employees say TinyOwl splurged and grew too fast. |
November 5, 2015, NewsCrunch
TinyOwl co-founder Gaurav Choudhary says he has been taken hostage by Pune employees of the company, where he had gone to shut down the office.
The employees say they won’t let him go till he makes their settlement in cash.
Media Nama, which has a detailed on the spot report of the ongoing drama found Gaurav Choudhary on the verge of crying. It quoted him saying he did not feel secure in the office though he was under police protection.
The employees responded with derisive claps and said they also did not feel secure.
It’s ok for startups to fail, but they have an obligation to anticipate downturn and meet their obligations.
TinyOwl raised over Rs 200 crore since 2014 and burnt it in record time.
They spent on customer acquisition to keep competition at bay, which was fuelled by easy money. Employees say they also splurged and grew too fast. The offices were swanky especially in Mumbai, and employees say CEO had never been to their Pune office.
TinyOwl was also probably hit by lack of experience - Gaurav Choudhary passed out of IT