AlphaGrindset
Virgio shuts down a year into raising $37Mn
Another consumer tech startup bites the dust :/
https://entrackr.com/2023/10/ex-myntra-ceos-startup-virgio-shuts-down-after-raising-37-mn/
13mo ago
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Curated from across
Another consumer tech startup bites the dust :/
https://entrackr.com/2023/10/ex-myntra-ceos-startup-virgio-shuts-down-after-raising-37-mn/
Get a tag(college/company) -> Open a startup -> Get Funding (even seed stage is fine) -> Burn money -> sell or shut down startup.
Fastest way to accumulate wealth in today's time.
Employees are like mere ko kyun phoda 🤣
When startups shut down, founders don’t typically make much money
In most cases they would make more money if they’d continued a corporate job
How oh how did they manage to burn 37 mil in less than a year?
Hoping they didn’t actually burn it, and they’re returning at least most of it
When freshers straight out of college get paid around 1 crore rupees, this was bound to happen
Virgio died a Virgin
What did Virgin do exactly ? Not clear it even had a product yet. Then where’s the learning to even determine it needs to shut down ? And if there’s no learning yet and no thesis either , then why the fcuk did they raise 37M ? And which idiotic VC led these rounds ?
raised a $37 million from Prosus Ventures, Accel and Alpha Wave Global valued at $161 million
I understand second time founders have less risk but the new fad in the ecosystem is 10mn + pre product which is bad for other startups when such ones fail so publicly
Amar is a first time founder. Didn’t start Myntra on his own.
Tells us that previous success doesn't translate to future success no matter how experienced you are. Just today was talking with a bunch of dudes about Anil Ambani and how he went from the richest dudes in the country to bankrupt.
Luck and getting cheated in business plays a major role in your success
He’s bankrupt with a net worth of 2B. I’d like to br that bankrupt myself.
There’s now a list of 4-6 startups that have shut down and announced closure in December. Why is this happening
Year is ending in another 1 month. A rough year for many startups winding off Which startups do you think will wind off in next, 6 months? Which startup should be saved and get VC fundings for continuing operations as Dhandha mode
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