Just like a kaleidoscope, there exists several aspects, layers to entrepreneurship. Some are good, some are bad, and some are downright evil. One such extraordinary aspect was witnessed in the last 24 hours, when a co-founder of a failed startup was arrested for defaulting on payments.
And to get worse, another co-founder’s kids were threatened with VooDoo dolls.
Love or hate it, this is entrepreneurship, and on a closer look, we will derive that something is terribly wrong here.
Stayzilla Co-Founder Arrested For Defaulting On Payment
Last month, Stayzilla, India’s largest homestay centric startup abruptly shut down its operations. Their co-founder Yogendra Vasupal explained the reasons for the same and promised to bounce back with a renewed focus.
However, once a startup closes down, it has pending payments to their vendors, partners and customers, and it seems Stayzilla didn’t have a plan to make these payments. Or rather, they needed some more time.
But one of their advertisements partners, Jig Saw Solution & Advertisement from Chennai couldn’t wait any longer. They had a pending payment of Rs 1.56 crore from Stayzilla. Using their political connections, they somehow convinced Chennai police to visit Bengaluru and arrest Stayzilla’s co-founder Vasupal.
Vasupal’s Cry For Help Via Blog Post
Meanwhile, before getting arrested, Vasupal wrote a detailed blog, wherein he explained the harassment experienced by his family due to unpaid dues and pending payments. This blog was published by his wife yesterday early morning when Vasupal’s whereabouts were not being known.
He had simply disappeared after Chennai police came to his house.
In the blog post, he shared that Stayzilla co-founder Sachit’s family was being threatened with abuses and VooDoo dolls. And he shared the desperation.
The Other Side of The Story
Jig Saw Solution & Advertisement firm, which is demanding the pending payments of Rs 1.56 crore from Stayzilla has claimed that Vasupal and Sachit, both the co-founders of the company, had deliberately and intentionally delayed his payments, even after repeated reminders.
Aditya, owner of Jig Saw said, “These startups get funding, they spend carelessly, they live a hunky-dory life and keep…