In the two and half minute call, which was recorded and is now doing the rounds online, Garg said, “I come to you with not great news. 'Your employment here is terminated effective immediately.' 'If you're on this call, you are part of the unlucky group that is being laid off,' Garg told the staff during the Zoom video call on Wednesday, reported CNN Business. These 900 people got the rudest shock of their lives when the CEO made the announcement.

The firm also got a $750 million cash infusion from its backers THIS WEEK, which include -based digital-first homeownership company CEO Vishal Garg on Wednesday fired about 9% of his company's workforce on a Zoom call, according to a CNN report. CEO lays off Rs900 employees right before the holidays and ahead of the company’s public market debut. The layoffs are primarily taking place in the US and India, a report in Techcrunch quoted sources as saying.ĬNN Businessquoted Chief Finance Officer Kevin Ryan as saying this in a statement: 'Having to conduct layoffs is gut-wrenching, especially this time of year, However, a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market.' Those laid off get four weeks of severance, one month of full benefits, and two months of cover-up paid for by the company, Garg said. Your employment here is terminated effective immediately.” “If you’re on this call, you’re part of the unlucky group being laid off. “We’re laying off about 15 per cent of the company for a number of reasons - the market, efficiency and performances and productivity,” he says. The market has changed as you know, and we have to move with it in order to survive so that hopefully we can continue to thrive and continue on our mission,” Garg starts off in the now-viral video.

The firing comes right before the holiday season. Garg made a Zoom call last week to the employees of, a US-based digital-first homeownership company headquartered in New York. ’s Chief Executive Officer Vishal Garg recently fired 15 per cent of the company’s workforce-about 900 employees in India as well as the US-through a video cal.

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