Indiabulls’ e-commerce platform known as Yaari recently announced that they will be merging and joining hands with Dhani services which is also a subsidiary of Indiabulls.
Indiabulls is an Indian conglomerate that mainly focuses on consumer banking and other related services. They provide various types of financing such as housing, consumer financing and even wealth management services. The group was founded 22 years ago back in 2000 and its head office is situated in Gurgaon, Haryana.
The group has also been diversifying their portfolio over the past few years as they entered the real estate field, construction equipment and infrastructure industry, pharmaceuticals and the LED lighting productions.
However, with this new merger, Yaari decided to let go off approximately 150 of their employees which takes up a majority of the company’s total workforce. The laying off took place over the span of a month as they decided to join hands with their sister company, Dhani Services.
Yaari is an e-commerce firm where its users can buy and sell products for a wide range of categories. Yaari promises a one-of-a-kind shopping experience.
Dhani Services on the other hand is an RBI approved non-banking financial institution. The company provides digital healthcare and other types of financial aid and other wealth management services.
An employee who faced the unfortunate sack said that the management took the step to cease the daily operations of Yaari and shifted everyone to Dhani services overnight. A few days after that, he was informed that he was being laid off. A few other employees also came out to say that that was the case.
Another employee that faced the sack said that many employees received WhatsApp calls from upper management wherein they said that the company was going through some troubled and difficult times and asked them to hand in their papers and quit the company.
The employees also said that they were not informed of this and the entire thing was just sprung up on them within the span of a few days. They also said that they received no official letter from the firm as the company feared that the employees could take legal action against them for it.
One of the employees denied their request to leave the company. They all of a sudden told him to move to a different city and gave him only a deadline of 3 days. When he asked the company to increase the period to make it fair, they said that his work ethic is subpar and put him on a performance improvement programme for a week.
