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🎉US startup - Frontdesk : Fired over a 2-minute call 📲

Layoffs affected full-time, part-time workers, and contractors, leading the proptech startup, Frontdesk, toward imminent closure.


CEO Jesse DePinto indicated plans for state receivership as an alternative to bankruptcy, without the startup commenting on the report.


Established in 2017, Frontdesk managed over 1,000 furnished US apartments and secured $26 million from investors like JetBlue Ventures and Veritas Investments.


Despite aiming to raise fresh capital, the startup failed in its attempt, while still posting job openings, displaying optimism.


Global tech companies terminated over 425,000 employees in the last two years, with 36,000 job cuts in India during the same period.


Approximately 2.6 lakh employees faced layoffs in the global tech and startup sector in 2023, attributed to adverse macroeconomic conditions.


Layoffs persist within Big Tech firms and startups globally, a consequence of prevailing global economic circumstances.


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