Another one bites the dust. Alpha Wave is too big, and this is fucked up for the ecosystem. They were really one of the heavy weights. Another big wallet with growth funding ability, just gone...
They have big pockets but very cunning and power hungry people. They promote cut-throat ruthlessness. They are being smart now and backing out early so that later they can wash off their hands form being one of the primary players to have destroyed the startup ecosystem. The OG falcon had at least little bit of honesty, business savvyness and heart. From the time it became alpha wave and some terrible incompetent people took up important roles, it has been a downhill.
Someone from alpha - be the whistleblower. But unlikely there would be anyone who has the guts to speak up. Their leaders have ensured to hire only weak yes-people.
Very well captured @Goddess Alpha Wave has made some really questionable investments in the height of 2021, 2022. It was tough to understand at some points, why in the right mind they'd be doing it.
Someone should speak up for sure... Stuff like this really damages the entire ecosystem. Good riddance.
Itâs not good riddance. Raita abhi failega. They are going to just pull the rug out from some of the startupâs that they invested after becoming alpha wave. It will be very tough for them to survive. But, the startupâs are not entirely blameless because they also did very questionable decisions and practices.
I am glad for them to leave but very upset about how many more folks will loose jobs.
Any thoughts on what made them do it ? @WittyFeed
This is huge
@TheOatmeal They've had some really screwed up investments They ended up investing heavily in startups businesses that were models of the past.
They behaved a bit like Tiger at one point in 2021, 2022; no deep valuations...
It's a people problem, this is not a reflection of the startup opportunity in India.
Absolutely. If you remember, Tiger actually very quickly changed their tactics and got their acts right. But alpha did not.
Yes, it is definitely a people related problem and not startup ecosystem. Alpha should always be remembered as the one who churned the ocean with their ghisa pita extremely dated management attitude and shamelessly using âalphaâ level personality traits. Some insecure leader was truly living out his âI am alpha and this is how alpha worksâ fantasy. They are unbelievable snobs, cringe levels and just not humble.
Btw @WittyFeed - you sure the news is about alpha wave? Nikhil has not confirmed or called out a name.
A founder friend (unicorn startup) told me that in the founder circle ,they call Alphawave as dumb money
AWI best trick was to convince the ME dumb money to part with 8B$. The GPs are set now with exorbitant pay. Flush with cash, they went about spraying money. Their main GP and his minion sitting out of London universally have terrible reputation in the ecosystem. No founder wants to touch their money if they can help it
Who is this main GP? Is it NU? More details please on the reputation you're talking about?
Was surprised at some of their portfolio companies. Not bcos alpha invested, but how did these companies take the money from alpha even after their reputation is so well known.
They are going to be come back to these companies and drill down the worse way to get their revenue back. Unlike some of the other guys, alpha will not write off. They will total nichodify now. Feel a bit bad for the company founders.
This is massive news for the ecosystem
Which companies did Alpha wave invest in?
When you invest in Cuemath, Agnext, , Bounce , Classplus, dealshare, khata book, mensa, Virgio and other crap that they don't even list on their website - aur kya hona tha.
Their early stage guy in the team is also accused of sexual harassment charges. Lot of good founders donât even want to raise money from them. Quality of the team is terrible and they add zero value to their portfolio companies. The quality of portfolio speaks for itself.
https://entrackr.com/2023/09/rario-burns-through-120-mn-in-15-months-future-looks-uncertain/
Tell me no corruption was involved in this ;)
Burnt through 60-70 crores per month (average) with 70 employees. Put the best combustion engines to shame.
Another startup that could have been something had it not been for the bull market and Tiger investing unnecessarily. Over $66Mn raised, and now it's over.
Copy cats. App should have been called Poo
They laid me off as an intern after promising PPO :(
What problem were they solving anyway
I am sure the bet here is not that BBK will become a billion dollar company. Or will it?
Biryani has more scope than fintech.
