Seems good times are over for the online retailer Yebhi.com, after the co-founders leaving the company, Nikhil Rungta, Chief Business Officer whom Yebhi had hired last year, has also left the company. The rumors of Nikhil resigning from the post were in the air, when we previously covered the story “[Rumor Hill] : Yebhi On the Road To Closure.’’
Though Manmohan Agarwal and Nikhil Rungta, both completely and strongly, falsified any speculations of Yebhi shutting down or Nikhil leaving the company, when Inc42 Magazine earlier spoke to them.The company simply denied thus ending the story as being a pit of rumors, but looks our investigation and information was not that wrong.
According to a source close to the devlopment, “Yebhi.com management was trying to get funding from last 6-7 months. But in January, investors told them very clearly that they are not going to give any more fund. On 28th January, 2 directors left the company and management decided to issue pink slip to almost 80% staff.”
“Vendors and ex-employees are crying for payments and salaries. Few employees are still waiting for their December salary and all of us are waiting for our full and final amount. Every week management is giving a new date to us but not clearing our dues. Vendor Payments – Generally payment term for vendors is 30 – 60 days credit. Few vendors supplied goods 6 months back but still waiting for payment,” said an ex-employee of the company.
The company had asked a number of its employees to leave immediately citing the reason that they were the most salaried employees among the team and the company wanted to reduce the company cost.
In the past few weeks, we have been approached by numerous employees from Yebhi who shared the same scenario within the company. At the time when employees were asked to leave, the company had assured that the pending salaries will be issued in sometime, however, employees are yet to receive salaries. Few of the employees have even sent the legal notices to the company for pending salaries.