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.
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.
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.
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