Indian slumdog millionaire built his empire on lies
Ambarish Mitra’s $ 1bn startup Blippar, filed for bankruptcy.
- He claimed that he started from slums of Delhi. He didn’t.
- He claimed that he had founded and sold his first business in India. He just worked as a contractor.
- Also, he never built three large businesses in UK. No records were found.
- He lied about his education qualifications. He never studied at London School Of Economics or University of London.
From $ 1bn to zero:
- He raised $ 100mn dollars from investors.
- He opened offices in 10 locations around the world. He appointed his father as director of Indian operation.
- After a year of losing money it tried to sell to Snap Inc, but failed. It won’t even survive another week.
Are Delhi-NCR startups different?
Most Delhi-NCR startups are making huge losses. They are alive on successive rounds of borrowed money.
- Paytm is losing money.
- Zomato is ten years old and still in losses.
- Oyo’s loss for FY 18 was INR 4897 crore. They are tone deaf.
- Mobiqwik’s is second to Paytm in losses.
- Grofers lost INR 237 crores in FY 17.
- Jabong’s rise and fall.
- Early startups such as Apple built real things. They solves real problems. They did not just force down solutions.
- Indian startups are solving third world problems with first world solutions.
- Therefore, we have AI powered food deliveries, but hungry delivery boys. We have AI power bank wallets, but 75% of the population earning less than INR 5000/ month.