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.
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.
Holy shit That is huge This must include a large number of startup teams they acquired Brand acquirers h...
Another startup that could have been something had it not been for the bull market and Tiger investing unnecessarily. Over $66Mn raised, and now it's over.
Copy cats. App should have been called Poo
I had an offer with Virgio but it’s been put on hold twice. They are pivoting from fast fashion to circular fashion. My head is spinning in circles. Should I hold out for the joining with bated breath ? Bhai log. Advice do please.
