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Bangalore: A startup based in Bangalore declared that it would grow earnings at 7.5% per year for 20 years as it had decided to put all investor money in a twenty year fixed deposit with ICICI Bank.
‘Grazzle’, a startup founded by two IIT Bangalore students on campus,
had raised the funds from Great Oak Pension Fund – a Norwegian
government pension fund.
“We had no idea what we wanted to as regards business and had no
intention of raising any money,” Tadapit Kumar, one of the co-founders
of ‘Grazzle’, said. “The only thing we had closed so far was our name –
‘Grazzle’. But then this Pension Fund from Norway met us on campus and
almost forced us to take money from it.”
“After getting Rs. 1000 Crores from the Pension Fund, we promptly spent Rs. 50 crores on taking out some national level front page ads in ‘The Times Of India’ and have invested the rest in fixed deposits,” he continued. “We are thus one of the few startups in India actually making money from day one.”
http://my.fakingnews.firstpost.com/2016/02/20/startup-plans-to-grow-at-7-5-a-year-pre-tax-after-putting-all-investor-money-in-an-fd/
Bangalore: A startup based in Bangalore declared that it would grow earnings at 7.5% per year for 20 years as it had decided to put all investor money in a twenty year fixed deposit with ICICI Bank.
“After getting Rs. 1000 Crores from the Pension Fund, we promptly spent Rs. 50 crores on taking out some national level front page ads in ‘The Times Of India’ and have invested the rest in fixed deposits,” he continued. “We are thus one of the few startups in India actually making money from day one.”
http://my.fakingnews.firstpost.com/2016/02/20/startup-plans-to-grow-at-7-5-a-year-pre-tax-after-putting-all-investor-money-in-an-fd/
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