Harsh Pokharna, the CEO and co-founder of the bookkeeping app OkCredit has gone on an online rant, revealing his ‘paycheck-to-paycheck’ status in 2019 despite raising Rs.120 Crores for his startup.
Harsh began by saying that he had to live life like a college student with no money. Blaming venture capitalists for his plight, he accused them of forcing founders to ‘stay poor’ so that their hunger for innovation does not get killed.
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He then accused the VCs of throwing money like water on serial founders while tightening their pockets if a founder requested some liquidation for his personal comfort.
India’s startup market has indeed become a very tight ship for the founders, who, more often than not, have to dance to the tunes of the VCs in order to keep their companies afloat.
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The startup ecosystem needs to take a look at its flaws, with all the stakeholders agreeing to discuss the issue with openness so that the brains of ideas don’t have to battle everyday living struggles.
