Ethics is such a crucial element of Corporate Sustainability
How do we know that the projected earnings and the historical financials are reliable?
Now take the case of GoMechanic.in where the founder Amit Bhasin himself made a brave attempt to admit his mistakes and what they are doing for course correction. He said He said that he, along with his three co-founders, “got carried away” while trying to grow at all costs and made “grave errors” in judgment.
70% of the workforce has been retrenched.
Founded in 2016 by Amit Bhasin, Kushal Karwa, Nitin Rana and Rishabh Karwa, GoMechanic is an automobile repair startup that connects car owners with repair service providers in their area. It also sells original spare parts and accessories for automobiles on its website.
GoMechanic is backed by investors such as Sequoia Capital, Tiger Global Management, Orios Venture Partners, Brand Capital, Chiratae Ventures, and Elina Investments. It raised $42 Mn in Series C funding from Tiger Global, Sequoia Capital India, and others in June 2021.
It was another instance of weak corporate governance at a heavily-funded startup.
Fictitious garages, selective payments to certain garage units and discrepancies in revenue and user metrics
In this high-pressure world of start-ups, the pressure to raise the next round at an even higher valuation, often sees lines between black and white to be blurred and founders from brilliant backgrounds also err
We were taught Ethics as a core subject in our MBA and when you observe , ethics does not stymie growth but rather prolongs it – look at the Tatas – you never will dare to question their reported numbers and they are leaders in businesses in which they operate
And this is where the HR function can add immense value through being a conscience keeper of the company. HR professionals are in a strategic position to ensure that their organizations maintain cultures that demand ethical behavior.
What do you think
#startups #leaders #ethics