Struggling IIT graduate battles high Bengaluru rent despite securing 120 crore for startup venture
Chatting with OkCredit CEO Harsh Pokharna's Eye-Opener Rant
OkCredit's Bitcoin-like Broke CEO
Here's a shocking peek into the life of Harsh Pokharna, the enigmatic CEO and co-founder of OkCredit. Despite minting ₹120 crore in 2019 for his startup, Pokharna confessed to being broke, living on a paycheck-to-paycheck basis, and struggling with escalating rents in the heart of the Silicon Valley of India.
In his provocative social media posts this week, the IIT Kanpur alumnus took a jab at venture capitalists, accusing them of intentionally keeping founders in their financial trenches.
The CEO's Millionaire's Nightmare
Pokharna co-founded OkCredit with Gaurav Kunwar and Aditya Prasad in 2017. The Bangalore-based bookkeeping app has made waves in the scene, but Pokharna's bank account remains light as a feather. Despite raising ₹120 crore Series A funding, Pokharna admits he had no savings, still battled hefty rent payments, and lived hand-to-mouth in 2019.
"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 Silent Struggle of Entrepreneurs
According to Pokharna, he's not alone in this predicament. He has observed numerous entrepreneurs living like college kids, despite pocketing millions for their startups, and grappling with survival.
As per the OkCredit CEO, it's the venture capitalists who keep founders in financial distress.
"VCs WANT FOUNDERS TO STAY POOR. A founder with money becomes dangerous," he asserts, emphasizing that founders with financial might also gains the courage to build their dreams on their terms and challenge investors' decisions.
Capitalist Conspiracies or the Real Deal?
In his fiery social media post, Pokharna deplored the hypocrisy of venture capitalists. "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.' Meanwhile, the same VCs have no problem throwing millions at serial founders who have beach houses and retirement funds," he raged.
Pokharna encourages fellow founders to remain unafraid and unshamed by financial duress. "Don't let anyone shame you into staying poor. Build your dream. But build your freedom too," he suggests.
Insights reveal that venture capitalists may strategically maintain financial control over founders to guarantee compliance with their expectations and minimize threats to their influence[2]. Furthermore, limited personal liquidity[1], high operating costs[2], and a focus on company growth[1][2] instead of personal wealth might exacerbate financial woes among founders.
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- Despite raising a significant amount of funding for OkCredit, its CEO Harsh Pokharna admitted to living paycheck-to-paycheck, battling hefty rent payments, and having no savings in 2019.
- In a provocative social media post, Pokharna accused venture capitalists of intentionally keeping founders in financial distress by withholding personal liquidity.
- Pokharna believes that founders with financial resources have the courage to build their dreams on their terms and challenge investors' decisions.
- The OkCredit CEO observed numerous entrepreneurs grappling with survival despite pocketing millions for their startups, living hand-to-mouth like college kids in the heart of India's Silicon Valley.
- Venture capitalists may strategically maintain financial control over founders to ensure compliance with their expectations and minimize threats to their influence, contributing to financial woes among founders, according to insightful analysis.
