Bengaluru-based B2B startup ReshaMandi, which specialized in silk yarn products, has closed its operations and laid off all 500 employees.
The company's website has been down for over a week, coinciding with the resignation of its auditor, Walker Chandiok & Co LLP. The shutdown follows severe financial difficulties, including challenges in paying liabilities and operational costs. ReshaMandi's founder and CTO, Saurabh Kumar Agarwal, acknowledged the company's struggles, which led to the inability to complete financial statements for the fiscal year 2023.