PiQubes story is another fact that when startups fail they lead to derailment of careers and lives. There are just bare minimum operations, with three employees in the company currently. At present, they are working without pay and willingly so,said founder of PiQube, Jayadev Mahalingam. Mahalingam dismissed questions of shutting down and said that the company and their product is on an autopilot mode and they are still serving clients.
We are still looking to raise funds and get the company up and running,he added. The startup had earlier raised $500k from The HR fund in 2015. Piqube has helped in the recruitment of companies such as Society General, Your story, Citrus Pay etc. But many employees of PiQube alleged that they are waiting for their salaries since last year and there was no proper response from the management.
FAILURES CAME EARLY
The Chennai-based recruitment solutions company that was fi rst called Clockwork Interviews, founded in 2014. It won Paypal's Start Tank Incubation programme in Chennai on November 2014. In April 2015, it raised $500,000 from the HR Fund. However, a few months later by March 2016, PiQube began running out of funds.
Jayadev and their investor, The HR Fund, started mentioning to employees that the money was running dry, and that they needed their support until more funding came through. Initially, the employees were supportive, and agreed to stay on while Jayadev was speaking with various investors and was struggling to raise funds.
NO NEW INVESTMENT
Three months went by, and there was no sign of any new investment or the salaries. And that is when, employees allege, he started making distant promises about their salaries. Every time an employee asked what was happening, they were met with responses like funds will come soon or we are talking to investors and will soon raise funds, says a former employee.