Kush Agarwal
@kushgrwl
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I invest Time and Money in mine and others businesses. ।। शुभ लाभ ।। Businessman, Mentor, Angel Investor. 🍋🌶️
Ahmedabad
Joined June 2013
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Good folks at delhivery have launched their porter competitor from my city of Ahmedabad today.
I'm a loyal customer of porter and my ops are dependent on it. Good to see Delhivery entering into this and choosing Ahmedabad for their launch.
Best of luck.
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Why Boat is not a sustainable company as per it's DRHP:
85% revenue is from marketplaces Amazon and Flipkart. The marketplaces have created them and they can kill them. This has been acknowledged as a risk.
Boat operates at expense ratio of 10% of net sales which is unrealistic
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My first EV.
The Volvo c40 recharge.
First in the city of Ahmedabad
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Just went through Mamaearths DRHP, another example of an Amazon/Flipkart discounted brand.
However they have tried to show a better DRHP position than Boat. But here's the reality:
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Yesterday on my flight back from Paris, the person sitting next to me was from Portugal. He recently married his girlfriend and they both chose India for their honeymoon. Booked everything 2 years back.
I was shocked why they would choose to come here in peak summers.
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For everyone who says manufacturing is easy, listen to this long rant. And this is only a normal Tuesday.
Since morning I have been running around my factory to figure out why workers are sitting idle.
We are in peak season and have deliveries on our head...
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Don't write off kejriwal.
He's playing for 2034. There will be no Sonia, Modi in 2034.
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A friend once told me that garment manufacturing business in India has become a way for generating unsecured loans to customers.
Changed my entire perspective towards business since then.
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Open challenge to
@PiyushGoyal
- have a 30 min zoom meeting with me do discuss indias e-commerce problems and solutions.
You have been blocked by lobbies since 2019 against meeting me.
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Tomorrow when share market opens -
Paytm hits upper circuit after selling non core business to Zomato
Zomato hits upper circuit after buying non core business from Paytm
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We did Puja at our bakery today with our family and now we will formally launch it.
Will post details soon.
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Loan given at 36% to someone I knew.
I don't like to talk more on this but a few people know what I'm talking about.
RBI asks Sachin Bansal’s Navi to stop issuance of loans due to excessive interest being charged. 90% of Navis portfolio is unsecured loans
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Another machine recently commissioned at our shirts plant.
This machine does all the button holes in shirt placket automatically.
This increases our production and quality levels as it eliminates human judgement errors.
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Latest automated machine commissioned at our shirts factory.
This will give us better output and quality.
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Bangladeshi turmoil will have huge repercussions in Indian textile industry.
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Government let's adani use cash to repay 6000 crore debt but we are forced to use UPI for small purchases.
Bring back the 2000 note
Demonetisation was a failure.
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This market is a big bubble. Why do I say so? Because Unicommerce is at 2400 crore market cap.
Only dumb money can make that happen.
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This 10% is due to buying done by marketplaces through their illegal arrangments and gives Boat a arbitrage in form of fees paid by competitors on the same marketplace.
Boat has only incurred 4% advertisement and promotional expenses on net sale which is unrealistic.
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The only moat boat has is in hands of the marketplaces. Every few years there's a new market leader in these marketplaces.
Boat will be the worst performing brand stock in history.
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Thrilled to announce the start of construction for our cutting-edge grain-based ethanol plant in Gujarat.
#sustainableenergy
#ethanol
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Most Indians don't know that Mr. Narendra Modi attends weddings only if the family is donating a sizeable sum for girl child education schemes.
In Gujarat it was called Kanya Keswani Nidhi Yojana.
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@ganeshunwired
Agra and Jaipur.
Bhai when dinner was served, he finished 1 bottle of water after eating chicken curry of Air India.
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Keeping a factory outlet sale of our surplus tshirts, jeans, Kurtis, shirts etc from tomorrow.
999 for 3 jeans, 399 for 3 Kurtis etc.
Last year we were sold out by day 4.
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Earlier today I signed a Memorandum of Understanding with Gujarat Government as part of pre Vibrant Gujarat ceremony for various projects with a cumulative investment of Rs. 2000 crores.
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@Mugdha_Variyar
Huge customer base who don't drink even water in a restaurant that serves eggs.
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For all it's Hype, what's the revenue of Zudio?
I dug a little and things are hazy. But I'm estimating it at 50 lakhs per store per year.
This brings it to not more than 230 crores as per current store strength.
I don't know how they will make money in this.
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Just for reference. Amazon charges 18% only as referral fees. Other fees and advertisement are additional. Charges on return additional (boat has 20% returns)
So why boat is charged less than 18%?
Can Amazon take this advantage at its own whims?
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I'm sure lot of people have heard or watched a young "self-made" founder on
@nikhilkamathcio
podcast.
Now go and read this masterpiece by
@akm1410
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Came to Mumbai in rains to sign long term offtake agreement for our upcoming dedicated ethanol plant with oil marketing companies.
We have been alloted 5 crore ltrs per year in this agreement.
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Interestingly 36.48% of Boat is owned by a Cayman Islands based shell company.
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Flipkart Marketplace has advanced them 76 crores! Never seen such practice from the marketplace.
Appario has also advanced a lot of money.
Impressive.
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With grace of Lord Ganesha and blessings of elders I got married to
@stuti_2305
on 14th June 2022.
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Mamaearth is only incurring 4% (15 crores on approx 400 crores online sales) as comission fees from marketplaces, this is on net revenue after returns. While most marketplaces charge more than 15% in their category, its clear like Boat, mamaearth is also dependent on marketplaces
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I have seen a few posts of
@protosphinx
raising issues of manufacturers.
I would like to add 1 point.
I know many Indian companies who want to buy at 120 days credit in India but pay advance in Bangladesh and China.
Then they complain India is expensive and doesn't have quality.
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A few years back Reliance bankrupted Homeshop18.
Same thing is now happening at Dunzo.
Reliance is a failure in such sectors.
Sadly no media will report on this.
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I am mentoring a scientists startup in defence industry, he tells me three things which india doesn't possess that every superpower possesses.
1. Chip Manufacturing
2. Jet Engines
3. Material Science
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who are discounting the selling expenses of such brands and artificially giving them sales boosts. Like boat, mamaearth has also not mentioned the same as a risk factor. If marketplaces charge them at par with other sellers, their revenue and balance sheet will completely change
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Found out that 1 fabric is too thin compared to our usual fabrics, so it's going through normal learning curve to adapt to it. Even cutting is taking time!
In another factory main production manager is facing family health emergency so he is MIA..
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3 failed IPOs and all end up on Shark Tank.
🦈 Introducing the Newest Shark:
@1kunalbahl
! 🦈
We're thrilled and elated to announce that our co-founder, Kunal Bahl, is joining
#SharkTankIndia
as the newest
#Shark
! 🦈✨
From co-founding
@snapdeal
to backing some of India's most promising startups with
@TitanCapitalVC
,
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There is 1 urgent order for which industrial engineering was not done, so it can't be put into full scale production, turns out fabric was processed for only 20% of requirement due to calculation mistake, now we have to wair for balance fabric and then rush for production...
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Mamaearth has filed a RHP and is planning for IPO on 31st October.
The IPO will be mainly subscribed by QIBs (mutual funds) due to SEBI guidelines, and will have a lock in of a year.
I had analysed their DRHP in Dec 22, here are my thoughts on their RHP and current business
Just went through Mamaearths DRHP, another example of an Amazon/Flipkart discounted brand.
However they have tried to show a better DRHP position than Boat. But here's the reality:
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@Mugdha_Variyar
They have their individual choice of not consuming.
I have even met Jewish people who won't touch a cut fruit.
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Playing taarikh pe taarikh in Gujarat high court in a small matter since 4 months.
Judges are super busy and they can't do anything to help.
Officers know this very well and that's why they deliberately harrass and take advantage.
Trapped by 1 such officer since 2 years now.
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How long amazon will extend this benefit to them and an absence of disclosure from the DRHP is a very big red flag.
Now coming to online/offline sales mix, this is clearly a vanity they wanted to show to differentiate themselves from Boat.
Mamaearth claims to have grown their
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5 years back I started sharing my knowledge on selling via Shopify to friends who sold on Amazon and Flipkart.
1 of them suggested me to open a whatsapp group for these discussions.
Just saw that group is now of 200 members and purely serious discussion.
No bakwaas!
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This listed FMCG major who fired all executives who touched its D2C brand is seeing the writing on the wall.
30 crores of losses were hidden by fired team and shown under receivables.
10 crores was spent in last financial year in legal fees, only to enter into arbitration..
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Bedsheet is my familys core manufactured product. When I started I was trained in bedsheet business. Due to GSP Plus by EU to Pakistan in 2010s our exports to EU reduced and we had to re engineer the entire business for American market
We manufacture bedsheet in many thread count
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Those who want to understand dismal state of indian eCommerce should study Unicommerce RHP
They have only 2700 active SMB sellers with 50% retention ratio!
Unicommerce is the barometer if someone's wants to test if marketplaces are neutral, fair and promote competition.
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Modern Day Loan Sharks and LIC Uncles have assembled in their suits and boots at a mela called Global Fintech Festival.
They will sit and discuss how they were able to pich extra fee from consumers by selling them unwanted products.
RBI, NPCI will enjoy this circus.
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I was surpised when
@suumitshah
DMd me to have my store shifted from Shopify to Dukaan.
We just had a 90 minutes discussion on D2C and D2C tech.
Looking forward to solving D2C tech problems through
@mydukaanapp
#DigitalIndia
#makeinindia
#D2C
#OnlineMarketing
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Mamaearth has not given a break up of their top sales channels but used to show how Mamaearth used to be a top seller. It was possible only on account of being a platinum seller who gets charges next to nothing to sell on Amazons platform.
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Guess who came to meet me today for the first time ever.
Glad meeting you
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Recently connected a startup with my connection in a large government organisation.
The startup had a product that could enhance transparency.
The babu told me we cannot use any product that makes things transparent. Get me some things that can make it opaque.
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Adani Kutch Copper plant facing problem as HC ordered to return back the land to villagers.
Somehow public won't understand that copper and aluminium projects in India will face all kind of issues.
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Some products are on stitching floor but are missing certain fabrics which will be attached to it.
In short, our fabric planning team made bunch of mistakes and we are still trying to figure out what the problem is, while we also battle absenteeism of managers.
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Spent my Sunday helping my wife bake bread loaves, burger buns and cake.
I could only help in measuring and mixing the ingredients.
We plan to open her bakery soon.
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@narayananh
@albinder
now bangalore based d2c brand managers will have a budget to sponsor such twitteratis to make requests to albinder
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Another alarming figure in mamaearth is the 70 crores salary which they are paying for their operations, there seems to be something fishy here.
All in all, india DTC won't be able to hit public markets unless they create and organic business.
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Update.
I'm being forced to work in night shift (without pay)
Even my old mother has been put to work in the packing department.
I have received strict order from my boss to report at work at 9am till 6pm tomorrow at the Ahmedabad Farmers Market.
As usual, it's going be unpaid work for me.
Usually I prefer chilling in Sunday, but can't afford to not follow boss orders.
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Due to a mistake in planning in another product, our fabric is getting wasted, this is reducing our cutting quantity to 30% per marker, so now 2 challenges, increase cutting, arrange more fabric.
Another product fabric is available but stuck in cutting queue
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Fabric sourcing and manufacturing is not easy especially for a multi product set up like ours.
All the fabrics mentioned are different types, from vendors in multiple cities, both woven and knitted, fiber dyed, fabric dyed, printed.
Ranging from polyester, PC, cotton and rayon.
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Today finally received the paper bags for our bread loaves.
Till now we had no option but to wrap the loaf in plastic.
From today, we are plastic free from our packaging.
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A big retailer in India today refused to unload a consignment.
They recently changed their warehouse and by mistake my team mentioned the old address in invoice.
Now we have couriered "original invoice" to them so that they can unload the goods later.
Is it 1924 or 2024?
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On my rant posts so many startup friends have commented that I need to organise things better, suggested their saas products etc etc
But none of them can be implemented in my organisation.
Answer to that is in the meme.
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@Iyervval
Not to forget his hand in helping amazon skirt FDI regulations by giving his name to a company called Cloudtail through an investment arm catmaran which is again held by a shady trust hober mallow.
Cloudtail did 40k turnover in its last year of ops.
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Replugging my analysis of Boat DRHP. No wonder boat withdrew it.
Why Boat is not a sustainable company as per it's DRHP:
85% revenue is from marketplaces Amazon and Flipkart. The marketplaces have created them and they can kill them. This has been acknowledged as a risk.
Boat operates at expense ratio of 10% of net sales which is unrealistic
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I'm ready to subscribe Twitter Blue if
@elonmusk
sets up his India plant in my industrial park on outskirts of Ahmedabad.
RT for karma so that Elon can notice this.
@IndexofGujarat
@IndianTechGuide
@marinebharat
@rsliveIndia
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offline sales to almost 35% in current half year (255 crore) compared to less than 30% and 20% in last 2 years.
But, its just a vanity, offline business doesn't mean they are generating same margins as offline trade won't discount them, a quick look at some numbers shows reality
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What did East India Company do?
Buy goods from Indian weavers at higher prices to outbid other traders and European colonies.
Created special zones for their manufacturing and paid no taxes applicable to others.
Once monopoly was created, artisans and weavers exploitation began
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Ahmedabad based startup gets funding from Ahmedabad origin unicorn founder.
@priteshlakhani
Pneucons bags pre-Series funding from Ather CEO
@tarunsmehta
, others
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Logistic tracking in India is still broken or very expensive.
We wanted to track a yarn shipment which was loaded for Ahmedabad on 22nd Jan, but no movement till 25th Jan.
Now with hourly tracking we are putting pressure on the transport to meet our deadlines.
Cost Rs. 15 per day
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I have a weird feeling that soon Flipkart and Amazon will face hurdles by RBI and that will be the inflection point for ONDC.
Please dont comment asking why RBI and why now and why what.
3rd term has lot of surprises in store.
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Design Intern wants to enrol for a credit card to buy a MacBook Pro on EMI.
Had to give a lecture on financial prudence.
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Mamaearth trade receivables is more than 140 crores this year compared to 70 crores on previous year.
I would completely discount their offline business from revenue while valuing them unless their sales come at realistic pricing without marketplace discounts.
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@AdityaD_Shah
Spent the whole evening researching on Adani Power.
Internal accruals are good enough to find capex and M&A
They are creating FOMO for lenders now. No other group has debt taking capacity.
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This post has blown up.
Just to tell you, the electricity at my home and at my factory is not through Torrent Power, but it's by
@UGVCL_official
Thanks to everyone at UGVCL, even they must be facing personal hardships, but they kept the power on!
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In order to show a fledgling non amazon, non online business, Mamaearth has managed to show offline revenue, but as online their products are discounted by marketplace, trade receivables clearly show that they are unable to generate cash from offline business.
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I dont understand it. If there is underlying demand, the demand would have already been fulfilled by the time of restocking.
Looks more like a publicity play for ad income from Sony.
We're working on restocking PlayStation® 5 at all our stores where it's gone out of stock already. Should be live soon 🙌
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CRED is giving cashback on UPI transactions which can be used to pay credit card dues.
Interesting, capturing premium UPI customers, their spending habits and creating data models.
Not sure what's the revenue model though.
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A very successful relative keeps telling me that textile business owners will never boast they are earning a lot.
He says they will always whine that they could have earned more or that the past earnings were good and now they are in losses.
Now I realise why he says that.
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Finally forced my wife
@StutiAgarwal23
to get active on Twitter and post about her journey.
Please follow her 🙏
She makes amazing artisanal breads and has started her cloud bakery recently.
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All my d2c WhatsApp groups are full with founders wanting to onboard quick commerce.
Blinkit and Zepto has created a huge demand on the supply side of their business now.
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We received an order for Israel in September, it was shipped out in December. Goods were expected to reach Israel by 1st March, today we got an update that they will reach by 15th April. The red sea shipping issue is a very big macroeconomic negative event.
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@truthin_tyagi
@itsTarH
1. Legacy brands who weren't giving them good offers get a new competitor.
2. Other sellers are shown dreams that if you want to be next boat do all this, advertise with us, reduce pricing but give more comission.
3. Amazon and Flipkart also do internal rivalry.
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@Ravisutanjani
Fuel and Alcohol are under VAT. They cannot claim ITC in services.
They both are highly taxed.
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Visited my factory on a Sunday after a long time because I forgot preparing things required for an important meeting scheduled tomorrow morning.
Personally I feel more productive work happens on Sunday. Even Bajaj Finance keeps a holiday and I'm not disturbed by them.
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A founder told me that he fumbled on a call with a big VCs team because they constantly asked him to talk in English.
Founder should have stayed strong and continued in Hindi.
Language is just a medium.
Have you ever faced such a problem?
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I hope sane folks realise my sarcasm.
This was just a dig at foolish critics and their opiate logics.
@VijayT1609
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Met a sourcing manager for a very large retail group of India owned by a very large name.
They want us to use their software for uploading product details if we manufacture for them.
And we need to pay yearly for their software upfront.
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Had the pleasure of getting audience with CM of UP Maharaj Shri Yogi Adityanath ji.
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Once in a generation opportunity for someone who sells tea on the street.
Why call him a bubble? Even he knows he should milk it as long as it lasts, because later he won't even get customers for tea.
Others want to milk him for his name for views.
Dolly chaiwala charges 5L for an appearance + flight for two + accommodation.
This bubble is going to burst soon.
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