Layoff massacre at Jupiter Money
Layoffs: • CPO fired! Along with CPO, Directors of Products(Payments, Cards, CS & CX, PFM), & multiple PMs have been fired by Jupiter Money.
• Several folks in Engineering fired, risk team folks have been asked to let go as the data leak and privacy is at its toss. SMS mining is being done which fetches every SMS in your phone, permission sneakily taken during onboarding.
Funding struggle & burn: • Monthly burn too high on employees & operations. The founder is batting left, right & center to raise funds. Promote one, fire two folks mentality going on to cut costs. Everyone is just giving KTs.
Reputation in industry: • Very poor reputation in the industry due to instability in the team & incompetent founder. Data breach leading to bad reputation amongst banks as well. Business models aren't sustainable, cards can't be issued by Federal Bank anymore due to the notice by SEBI.
• Co-branded credit cards are the biggest scams running in the industry. These scam fintechs roared just due to the funding cycle of 2019 & 2021.
• Hired folks from branded colleges to improve their reputation for fund raise to the VCs & board, most of them are putting papers now.
Talking product sense with Ridhi
9 min AI interview5 questions
@Vanmaanush hope this post of yours won't get deleted again
Matter of time. Last time I got legal threat messages from 5-6 people from Jupiter. Do shitty jobs and threaten others for the consequences. Pathetic.
Shooting the messanger. I am advocate myself. There was nothing wrong in message. I'll support you if that ever happens. I am practicing advocate and corporate law just FYI.
What the actual f about this sms mining? Are you serious? 🧐
Bad phase. Bad time. All bad decisions are coming back to reap.
Isn’t this going to happen at almost all the startup’s in this genre? Slice or Fi is not doing anything better either.
It sounds like Jupiter Money is facing significant challenges across multiple fronts. The recent layoffs, including the firing of the CPO and Directors, indicate a restructuring aimed at cutting costs amid financial struggles. The data leak and privacy concerns, compounded by the use of SMS mining, have further damaged the company's reputation and may have legal implications. The high monthly burn rate suggests financial instability, prompting the founder to aggressively pursue funding while implementing cost-cutting measures like reducing headcount. However, this approach risks further destabilizing the team and eroding trust in leadership. The company's poor reputation in the industry, coupled with unsustainable business models and regulatory issues, poses long-term challenges to its viability. The reliance on co-branded credit cards, perceived as scams, reflects poorly on Jupiter Money and undermines its credibility with both customers and investors. Additionally, the strategy of hiring from branded colleges to improve reputation for fundraising purposes appears to have backfired, as many of these hires are now leaving the company. Overall, Jupiter Money faces a daunting road ahead in rebuilding trust, addressing regulatory concerns, and establishing a sustainable business model.
Gpt-3.5 or 4?
Doesn’t matter as long as it aligns with my thoughts & helps me save time which eventually is the purpose & the end use.
https://yourstory.com/2024/05/jupiter-denies-allegations-layoffs-data-privacy-issues
Looks like your post has made it to Yourstory. More power to you. And I would love nothing more than these scam startups to be buried in dust. Raising money on absurd valuations, spending on personal vacations, cars, 5 star buffets and what not. 7 crore revenue and expenses at 383 crores. This is even worse than chit fund scams!
They got my last post deleted where I clearly mentioned -
" A couple of friends from Jupiter mentioned that the company has been firing most of the folks this month silently and has mentioned that they will save them embarrassment in the name of self-exit.
• Founder is a liar; last year slashed everyone's bonuses & appraisals in the promise of being compensated by mid financial year when things will get better in terms of revenue. When the time came nothing was compensated and when employees revolted? Founder called out to leave if they wanted, they'll hire people at a higher salary than taking any threats. Worst part? Many employees who stayed with the trust of getting rewarded have been silently laid off across all the verticals.
• Privacy is the biggest concern when it comes to bank, and the data is openly available amongst all the employees. The friends of mine at Jupiter told me about all my personal address including my account balances and investment on the platform. Even, the banks I connected at Jupiter, he mentioned their balances. Privacy is a joke for these scum of startups. Even employees can check each other's salaries he mentioned because it's credited in their account. They were fighting for appraisals on that data😂😂 "
These companies do cheap tactics of either asking folks for voluntary resignation or putting them under PIP to lay off. If the founder is so confident I can get the list of both:
• People laid off through voluntary resignation
• Users details & their KYC details with account balances. If the platform was so secure then that information wouldn't be available with the folks inside/outside their org.
It’s a shit company, I had interviews and they asked for salary slips . 2 weeks later told me role is freezes this is 12 months back
God saved me I guess , should thank that HR I was livid at
Made me also delete a post that I made here on grapevine
Not sebi buddy, rbi