Harsh Pokharna, CEO and co-founder of OkCredit, says he was “broke” and residing paycheck to paycheck in 2019 regardless of elevating ₹120 crore for his startup. In social media posts shared earlier this week, the IIT Kanpur graduate blamed enterprise capitalists for retaining founders in dire monetary straits.
Harsh Pokharna, CEO and co-founder of OkCredit, opens up about his early struggles.(Instagram/@harshxpokharna)
He additionally provided a chunk of recommendation 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.
OkCredit’s ‘broke’ CEO
Bengaluru-based Harsh Pokharna launched OkCredit in 2017 together with co-founders Gaurav Kunwar and Aditya Prasad. He says that in 2019, his startup raised ₹120 crore.
Regardless of this, Pokharna was mainly broke, had no financial savings, struggled with skyrocketing rents within the Silicon Valley of India, and lived “paycheck to paycheck”. He claims that he’s not alone on this scenario and that many different entrepreneurs “live like college kids” regardless of elevating tens of 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.
Confused about survival
The IITian CEO claims he has seen this identical situation play out many times with totally different founders, who don’t get to take pleasure in private advantages of the tens of millions they’ve raised for his or her 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 occur? In response to Pokharna, it’s due to enterprise capitalists who wish to preserve founders in poverty.
“VCs WANT FOUNDERS TO STAY POOR. A founder with money becomes dangerous,” he defined, including that founders with cash additionally get the boldness to “build on their own terms” and disagree with buyers.
A rant in opposition to VCs
“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 in opposition to VCs, the CEO of OkCredit mentioned: “Apparently, money only kills ambition when it’s in your hands. Not theirs.”
He then suggested all founders to face up for his or her rights – “don’t let anyone shame you into staying poor. Build your dream. But build your freedom too,” he suggested.
In response to Tracxn, OkCredit has raised $84.9M in funding from buyers like Lightspeed India, Tiger World Administration and Y Combinator. The startup helps small companies with day by day bookkeeping and accounting, permitting them to gather their receivables quicker.