Mumbai Startup's Rapid Growth Stalls, Founder Battles Debts
A Mumbai-based startup, founded 2.5 years ago in a 'slightly conventional space', is now facing challenges despite initial rapid growth. The company's annual business has reached ₹6 crore, but profits are modest at 3-4%. The founder, who turned down a lucrative job offer to run his own business, is now grappling with personal loan debts and slow growth.
The founder, a 31-year-old entrepreneur, started his venture with ambition, setting a target of ₹50 crore. Initially, the company saw impressive growth, recording a turnover of ₹5 crore within just six months. However, scaling operations has proven challenging, despite raising ₹1 crore through debt. Currently, the founder's personal finances are strained, earning about ₹1 lakh per month in Mumbai. Long hours are a norm, with the latest being 10:35 PM. The founder feels stuck due to uncertainty and the weight of personal loan debts, with the company's growth stagnating at ₹6 crore annually.
The startup's journey, while promising, has hit a roadblock. The founder's decision to turn down a ₹40 lakh-per-annum job offer in favour of entrepreneurship has led to personal financial strain. Despite the challenges, the founder continues to work tirelessly, with the company's annual business now standing at ₹6 crore and a profit margin of 3-4%. The future remains uncertain, with the founder seeking a way forward amidst slow growth and debts.
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