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Just to answer your doubts. Yes, a 20% layoff happened.
These two points were exactly discussed in the company event called "State Of Firm(SOF).
Offer letters were rolled back too, cost to existing employees is also optimised,
Co-founder cannot be a person who can commit if layoff will happen or not, if Jio/Reliance asks for layoffs and costs optimisation he has to do it. Although, co-founders tried to push that at the end it happened.
This was tweeted by Farooq Adam co-founder at Fynd
Read this tweet reply, they aren't laying off according to it
They did a lot of hiring last year 😕
I think this memo got really famous and he just shared it. Don’t think the intention of the founder is to downsize.
I don't think so. Co-founders won't mention about layoffs publicly.