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AskMe sees exit of 650 employees

Sources say company is running out of funds; reports suggest monthly cash burn was more than $6 million

AskMe sees exit of 650 employees

AskMe, a hyper local businesses-focused internet firm, has seen resignations from 650 people across its 40 offices in India. Most of the employees who were let go were in the annual salary bracket of Rs 2.5 lakh-Rs 6 lakh. According to sources, the company, which is backed by Helion Venture Capital and Malaysia's Astro, is running out of funds. Reports earlier suggested that AskMe's monthly cash burn was more than $6 million. When asked about the resignations, the company said: "It's the beginning of the new fiscal year and we continue to increase our productivity ...