donna
Founder of Apna lives in US, flies first class, has hired his best friends at huge salaries. More in the link below!
Damn. This is serious.
11mo ago
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Damn. This is serious.
This represents the worst of the ecosystem All of it happened during the peak bull market. Creating a blue collar marketplace made sense in the bull-bharat era.
The rounds happened in a peculiar way too, most top investors didn't even get the chance to evaluate. It was all too quick. Tiger came in quick succession.
Ultimately, we're now saying "The VC's were terrible negotiators & left him with 50% board seats so they cannot fire him". Well, of course.
VCs created the hype. VCs face the brunt.
Do you see them surviving or are they going to crash and burn like others in the ecosystem?
Apna - nope
They’re too over valued
They have barely any revenues
Even if they come up with the best new business idea or pivot, fitting into this valuation is impossible
Wow. This is a weirdly detailed post:
I am not able to read the post. Can u name these 3 or 4 best friends mentioned ?
Yeah, I don't understand why they're criticising a founder's lifestyle, it's as if they don't know what it takes to be a founder. And what's wrong with having people you trust and are competent working for you?
The only complains I have is that it's grossly over valued and underdeliverling on its promises and vision. I've been in the company and he needs to setup a better work culture and try to bring about strategic alignment in the org.
The US bit is very commonly known within the ecosystem. I'd also heard once he's "run away" to the US. But I guess this is all with the understanding of stakeholders.
Search LinkedIn for Aryan Kenchin. Bigger problems, still not out in the news. Ye to tip of the iceberg hai.
Remember working as an intern for an older competitor when apna had just launched very early stage,and somehow they had raised a lot more money than the competitors combined which weree a lot bigger than that. I could never understand how can a company raise so much when their users and revenues are clearly a lot lesser than us. But then I thought maybe it's the story that they must have sold to the investors, fast forward around a year and they have raised a gazillion dollar at gazillions of valuation, yes they got bigger but not proportionally bigger than us and certainly not the kind of valuation they garnered when we know the paying power of the customers they serve. Still don't know how these valuations are made up when they are just another commoditzed app in the space
Assuming you’re referring to WorkIndia It’s crazy how much better their business is vs Apna despite not even 10% of the capital
Yeah, work india is a really good company, many of my seniors joined in the very early phase as the startup was incubated in our college.
Heard that the work environment is toxic and they are pivoting to a new revenue model. What's in store,
A thread:
Over the last 2 months, the Chief Business Officer, Head of Marketing, and Head of Enterprise have been laid off.
CEO has surrounded himself with 3-4 Yes Men/Women who have no expertise in the respective domains tha...
Seeking insight on a, once-exciting, unicorn
