IITian struggled to afford Bengaluru rent despite raising ₹120 crore for startup
Harsh Pokharna, CEO and co-founder of OkCredit, says he was 'broke' and living paycheck to paycheck in 2019 despite raising ₹120 crore for his startup. In social media posts shared earlier this week, the IIT Kanpur graduate blamed venture capitalists for keeping founders in dire financial straits.
He also offered a piece of advice to all founders and entrepreneurs - 'VCs want founders to stay poor… So if you're a founder, don't let anyone shame you into staying poor,' the co-founder of bookkeeping app OkCredit wrote.
Bengaluru-based Harsh Pokharna launched OkCredit in 2017 along with co-founders Gaurav Kunwar and Aditya Prasad. He says that in 2019, his startup raised ₹120 crore.
Despite this, Pokharna was basically broke, had no savings, struggled with skyrocketing rents in the Silicon Valley of India, and lived 'paycheck to paycheck'. He claims that he is not alone in this situation and that many other entrepreneurs 'live like college kids' despite raising millions.
'In 2019, even after raising ₹120 crore Series A for OkCredit, I was broke. I was living paycheck to paycheck. Had no savings and was still worrying about rent in Bangalore,' Pokharna wrote on LinkedIn.
The IITian CEO claims he has seen this same scenario play out again and again with different founders, who don't get to enjoy personal benefits of the millions they have raised for their startups.
'I've seen it happen again and again. Founders raising millions, and still living like college kids. Stressed about survival,' he claimed.
And why does this happen? According to Pokharna, it's because of venture capitalists who like to keep founders in poverty.
'VCs WANT FOUNDERS TO STAY POOR. A founder with money becomes dangerous,' he explained, adding that founders with money also get the confidence to 'build on their own terms' and disagree with investors.
'If a founder dares to ask for a little personal liquidity to clear their loans, to finally stop living on the edge they're told they might 'lose their hunger,'' claimed Pokharna on LinkedIn. 'Meanwhile, the same VCs have no problem throwing millions at serial founders who have beach houses and retirement funds,' he added.
In his rant against VCs, the CEO of OkCredit said: 'Apparently, money only kills ambition when it's in your hands. Not theirs.'
He then advised all founders to stand up for their rights - 'don't let anyone shame you into staying poor. Build your dream. But build your freedom too,' he advised.
According to Tracxn, OkCredit has raised $84.9M in funding from investors like Lightspeed India, Tiger Global Management and Y Combinator. The startup helps small businesses with daily bookkeeping and accounting, allowing them to collect their receivables faster.
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