Startups today mean high growth and big funding. It wasn’t like this before.

Indian slumdog millionaire built his empire on lies

Ambarish Mitra’s $ 1bn startup Blippar, filed for bankruptcy.

Brief:

  • 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.

NDBJ Insight:

  • 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.