120 million USD gone in 15 months
https://entrackr.com/2023/09/rario-burns-through-120-mn-in-15-months-future-looks-uncertain/ Tell me no corruption was involved in this ;)
Burnt through 60-70 crores per month (average) with 70 employees. Put the best combustion engines to shame.
TheOatmeal
Stealth
a year ago
VC ko pakdo isme
Probably hired fresh college grads as PMs and paid shit to to crypto bro influencers. Still can't believe they burnt 120mil. But what more can you expect from a NFT startup. Nft was a scam from day 1.
See more comments
Does anyone know about that other company in this space Fancraze. Same story?
Clarky
Stealth
a year ago
Alpha wave - the recent additions (last 3 yrs) portfolio companies are doing really bad. They did bring some new management and some exclusive useless consultant who has been giving the wrong guidance to these companies. It’s of course the founders mistake to not see the reality or have logical business sense, but, from the time this new management/consultants have come onboard post alpha’s rebrand from FalconEdge, the portfolio companies have been seeing a steady drop.
Not completely sure how deep their team in India is
It feels a bit like Tiger, they've invested in models that have a track record of going awry
Not sure how it works :/
Demon
Stealth
a year ago
How is burning 8 M a month possible in India for a company of this size ? Were they delivering coffee to desks using drones ?
SabChangaSi
Stealth
a year ago
Bro why the hate towards zepto 🤣
Industry insider here. The $120 Mn, majority from dream11 was not liquid money invested in the company. It was structured as bulk of it would be used to buy NFT rights in future. Some 10% of it was liquid cash invested in the company.
Don't think it bought any NFT rights this year. So they would not have burnt more than 10-15 Mn.
SabChangaSi
Stealth
a year ago
Thanks for this. It was needed
LooseGoose
Stealth
a year ago
Makes sense. I was assuming it went towards rights, trademarks and licensing.
But only 10% liquid cash? Seems very less imo.
See more comments
Paaji
Stealth
a year ago
V.C staff n Founder both are chor here
Paaji
Stealth
a year ago
I cannot say specifically on this one but this is quite fishy. There are many such fishy investments. They seem to be more common for a particular v.c
See more comments
TheOatmeal
Stealth
a year ago
Adarsh Palm
SabChangaSi
Stealth
a year ago
For all the employees.
I still can't believe they burnt 120 million usd. Like how can you that and go unnoticed until you burn all?
That's 9,94,78,02,000 Rs..... (994 Crores) 😅
aanhserk
Stealth
a year ago
Pretty sure they wouldn’t have received the whole 120million. This is probably a front for VC’s to show loss and take that money out.
Dinosaur89
Stealth
a year ago
Damn!
Oyo and Byjus ko bhi peeche chorr Diya! 🔥
Googl
Stealth
a year ago
Oyo ka bhi kuch scam hua tha kya?
Dinosaur89
Stealth
a year ago
Scam to bahut hue hai, but I meant in terms of burning through the funding so fast. At one time they were spending $2-3mil per month per country!
See more comments
Qwerty2398
Stealth
a year ago
smart people... #respect
