He promised small-town investors big startup returns. They say the money just disappeared
Tier-II and III cities wanted a gateway into the startup economy. A smooth-talking startup evangelist offered it, raised crores, and then left behind a trail of complaints
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 telling aspiring unicorns that all they had to do was tell an investor, “Here is an idea, you give me INR10 lakh, you have a chance to get back INR1 crore.” That was it — nothing else mattered. Intricate details could be brought in later; “make your CTO to make a presentation,” he told them in his convincing tone.
At an event organised by the Punjab Angels Network three years ago, India Network chief Rahul Narvekar was seen telling aspiring unicorns that all they had to do was tell an investor, “Here is an idea, you give me INR10 lakh, you have a chance to get back INR1 crore.” That was it — nothing else mattered. Intricate details could be brought in later; “make your CTO to make a presentation,” he told them in his convincing tone.