A middling startup founder started a new life as a venture capitalist for tier-II cities. But the ambitious project seems to have turned into a misadventure as numerous investors and investee companies are feeling cheated and crying foul.
At an event organised by the Punjab Angels Network three years ago, India Network chief Rahul Narvekar was seen notifying aspiring unicorns that all they had to do was notify an investor, “Here is an idea, you give me INR10 lakh, you have a chance to obtain back INR1 crore.” That was it — nothing else mattered. Intricate details could be brought in later; “build your CTO to build a presentation,” he informed them in his convincing tone.
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