🎉 Funding Announcement 🎉
We are thrilled to announce that we’ve raised over $1.5 million in our seed round! This milestone was led by
@matrixindiavc
, with participation from esteemed angel investors including Vasant Sridhar (Founder of OfBusiness), Narasimha Reddy (Founder of
When I joined IIT Bombay in 2013, the biggest stress that I had was how would I survive here, competing with all the top JEE ranks. For context, IIT Bombay's CSE program closed at AIR 59 (General) and almost all the top JEE rankers joined there.
Thread 👇🧵
To all the Indian parents reading this, a few points to note:
1. The job offers above Rs. 1 crores are secured by a handful of students, usually < 10 such students.
2. Mostly these job offers are from the CS department. Maybe a few in Electrical Engineering.
3. These are all US
There is GST on cancer medicines and chemotherapy as well. GST is levied on health insurance premiums too.
People don't die of cancer. Most of them die because they can't afford the expensive medicines. GST just makes it worse.
Nothing is worse than being kicked out by your landlord just because someone else paid them 10% higher rent.
Don't listen to Finfluencers. Being able to live under your roof is a privilege. If you can afford a house, buy one. Just ensure that you don't get into a debt trap.
50 yrs back aspiration of a middle class to have own house.
Even today aspiration of a middle class is to have house first.
One of the reason why many middle class remain middle class.
In every family tree, there is 1 person who breaks out the middle-class chain and works hard to become a millionaire and changes the lives of everyone forever.
May that be you in 2024.
Happy New Year!
This is the best video I saw today.
So many people tell me that I live a boring life because I don't party, I don't smoke, I don't drink, I don't chill at clubs, I don't have a large circle of friends, I don't watch movies, I don't have a music system at my home.
Well, that's
An easy way to stay wealthy is to not increase your spending proportionate to the increase in your earnings.
After my startup acquisition, I suddenly had a huge amount of money in the Bank. Most 26-year-olds would have spent it on fancy things:
Here is what I did:🧵👇
@ninad101
A professor won't look at these things while grading the answer sheets. A company who has come for placements won't look at the fees the candidate paid for coaching. The world works on outcomes and merits.
There is a reservation in JEE Advanced, but there is no reservation once you are inside the IIT. As a result, there is a huge amount of stress on the students who have gotten into IITs via reservation, especially those, whose ranks are 10 or 100 times more.
I was listening to the Founder of a luxury bags brand when someone asked him - "How do you reach out to these rich people who purchase your bags?"
He replied, "We don't sell to rich people. We sell to the middle class who wants to appear rich".
That blew my mind!
1/2..
This is not a rant against reservation. I am no one to decide whether it is good or bad. I am just putting the facts as they are, trying to throw a perspective on why IITs see so many suicides and stressed students.
In my 4 years of B. Tech, I have not seen a single student being mistreated by anyone due to their caste. In fact, at IIT Bombay, every general category student is paired with a roommate from the OBC/SC/ST category to ensure that the students blend with each other well.
If I, who got a rank of 33 and a score of 293/360 faced stress, just imagine the stress of someone who has scored 170/360, trying to compete with someone who has a score of 332/360.
My rank was decent. I was ranked 33 in JEE Advanced. About 15 lakh students appeared for JEE Main. 1.5 lakhs qualified for JEE Advanced. So 33 is not bad. But even with that rank, I had the stress of competition.
Now imagine, if you put both of them together in one program and ask them to compete with each other for grades. And imagine, if the courses in the first year are majorly an extension of the JEE Advanced syllabus (Physics, Chemistry and Maths). Who do you think is going to win?
Providing reservation up to a certain point and then from there on, letting the person compete on merit, is clearly not the best way to provide "equal opportunities for all". You can see from above where it goes.
If you are in the 30% tax bracket and have parents who don't earn, here is a simple and perfectly legal tax hack for you that will save you thousands.
Create a gift deed and transfer your investments to your parents' name. If your parents are not earning, the tax on the
This is exactly what happens at the IITs.
In my batch, there were students with ~8,000 rank in the same IITB CSE program where JEE rank 1 was studying.
To put some numbers, JEE Advanced (2013) was a total of 360 marks, of which, I scored 293 and the Rank 1 scored some 332. That's a difference of ~40 marks (10%).
It's quite the opposite.
A lot of IITians, lawyers, doctors and CAs make crores, while so many influencers are unemployed and struggle for survival.
A fair comparison would be to compare the top 1% of IITians, Lawyers, Doctors and CAs with the top 1% of Influencers. Even then,
"How did this dumbfuck influencer make crores while so many millions of IITians, lawyers, doctors and CAs are unemployed"
Hilarious to me still that people still don't understand basic supply-demand economics.
You need to be irreplaceable, simple as that. If there is only one
Let's now look at the score of someone who got a rank of close to 8,000. As per JEE data, someone with a rank of 8,000 scored ~170/360. That's a difference of ~45% from JEE rank 1. Which means that the rank 1 scored ~double the marks.
Again, this isn't a post in the support of, or against reservation. I am just trying to put a perspective and back it up with numbers. I am in support of providing equal opportunities to everyone.
A rank of 8,000 is certainly a great achievement given that the denominator is 15 lakh candidates. But even then, the difference in marks of a rank 8,000 and 1 is insane! 170/360 vs 332/360.
This means that if you sell equity in your Business worth Rs. 100 crores and say you invest all of that in a property, you walk away paying ZERO tax. Yes, you heard it right - ZERO tax.
There is a simple rule called Section 54F of the Income Tax Act. It says that if you incur a Long Term Capital Gain and you invest the Sale proceeds in a Residential Property, the amount that you invest in the Property will be tax-exempt.
@GabbbarSingh
10 years ago it was 2012
2010 topper Jithendar Reddy went into Academia
2011 topper Prudhvi Tej is an IAS
2012 topper Arpit Agrawal is at Tower Research
2013 topper Sandeep Reddy went into Academia
Fake news?
The catch? Only 1 Property per shareholder is allowed. And so, many Business owners put their wives, parents, sons/daughters, etc., on the cap table. This allows one to split the gain of Rs. 100 crores into say 4 people and purchase 4 properties of Rs. 25 crores each (easier!).
Slightly contrarian take on what Mr. Narayana Murthy said.
I'll work not 70, but 80 hours a week. But then I better get the upside of it.
If it's 70 hours for an employer who's paying me the same as someone else working 40 hours a week, I'm out!
Shocking that people don't understand that the price of the real estate also appreciates.
And most importantly, there is a cost of peace of mind. As a house owner, you don't have to worry about being kicked out by your landlord because someone is offering them a 15% higher rent.
A friend bought a flat for 1 crore in Pune
A loan of 60 lakhs was taken out, 40 lakhs was paid in cash.
Flat for rent.
The rent is 30,000
1 lakh per annum for maintenance.
So out of 360,000 rent, this leaves 2,60,000
Tax-Interest Separate.
That means the annual return was 2.6%.
Nope. The first step is to be born. Prepare for JEE for 2 years. Then spend 4 years at IIT, studying hard. Then leave a $150k job offer to start a startup. Almost go bankrupt. Then grind for several more years. Hit $1M in revenue.
Then probably someone will come and acquire you.
In growing Businesses, one makes money not by profits, but by equity. If you sell a portion of the equity in your Business or your entire Business, if you have been holding your shares for more than 2 years, you incur a Long Term Capital Gain.
@ninad101
I have paid several times more. Paid more than Rs. 5 crores as personal tax in the last few years. You want a copy of the tax return?
Also, I have employed more than 165 people.
If you had not purchased the property, you would be down to Rs. 76 crores after paying tax. From this, if you want to reach Rs. 115 crores over 3 years, you need a CAGR of almost 15%. Which asset class will give you a guaranteed 15% CAGR over a 3-year period?
Also, a property gives you a rent of 2.5% per year. Net would be around 2% after paying maintenance and other repair expenses. Across a 3-year period, you end up with Rs. 106 crores total including the rent. Include appreciation, and you easily end up at Rs. 115 crores.
A lot of Business owners exploited the hell out of this hack and paid no taxes in business/equity sale. So, this year, the Government has put a cap saying that tax exemption would be applicable only for a maximum amount of Rs. 10 crores.
By the way, I have counted 3 years as the period because you are supposed to not sell the property for 3 years otherwise your tax exemption would be cancelled as per Section 54F.
The rich get richer because they invest their money in cash-flow-generating assets. The middle class gets poorer because they spend their money proving they're rich.
An average X user doesn't understand the value produced by an average IIT top 100 ranker or an average IAS officer and that's why writes an average meaningless Tweet.
An average IAS officer produces a 1000 times more value than the average IIT top 100 ranker
Their pay is 56,100 INR per month
The reality is that earnings is often massively delinked from social / financial value created
If the Long Term Capital gain amount is more than Rs. 5 crores, you incur a total tax of 24%. This is calculated as a 20% base with 4% CESS and a 15% surcharge (0.2 x 1.04 x 1.15).
Now imagine, you just sold your Business for Rs. 100 crores and suddenly you owe Rs. 24 crores to the Government, assuming that you started your business out of nothing. Would you pay it? Is there a way to reduce the tax burden? How?
This is perfectly legal and is allowed by the Government. So by no means is it tax evasion. This is a legal method of saving tax, just like Section 80C, 80D, etc.
This means that if you sell your Business for Rs. 100 crores, you can buy a property for Rs. 100 crores, but you will get tax exemption only on the first Rs. 10 crores. For the remaining Rs. 90 crores, you have to pay 24% tax.
You can invest Rs. 30 lakhs in a residential property and not sell it for 3 years and you will not have to pay a penny of this Rs. 4 lakhs worth of tax. In 3 years, if the property appreciates to Rs. 33 lakhs, you can sell it and pay no tax on Rs. 30 lakhs.
Some data to give a perspective:
1. A salary of $120k in the US is NOT top 1%. The top 1% of people in the US earn > $800k. Source -
2. A salary of $120k is not even top 10%. Refer to the screenshot below. Source -
3. More than
BTW, this is also applicable when you sell your stocks or Mutual Funds. There is no minimum cap. Let's say you had invested Rs. 10 lakhs in Equity Mutual Funds some 20 years ago. Now, they are worth Rs. 30 lakhs. Your gain is Rs. 20 lakhs and tax would be ~Rs. 4 lakhs.
At my previous startup, I cracked deals as large as $1.5M (Rs. 12 crore) per year. These were Indian clients who agreed to pay such high amounts.
Want to crack such deals for your SaaS? Prepare your product for such large enterprise clients.
Here is how:
1. Data Security:
Of course, this is one of the reasons why people purchase such luxury properties. Not everyone purchases them for this reason only. Some might purchase just because they have the money and they like the property. Or for other reasons.
Here is a tax-saving hack that can save you a lot of money every single year!
Let's say you have invested Rs. 10 lakhs in equity Mutual Funds. After 1 year, it grew to Rs. 11 lakhs. Then again after 1 more year, it grew to Rs. 12.3 lakhs. If you decide to sell it by booking
@nehanagarr
Startup Founders and Investors don't make money by profits. They make money by Capital appreciation. The thought process is "burn Rs. 200 crores more if you want. But can you grow the revenue from Rs. 1000 crores to Rs. 2000 crores?"
This way, the value of the shares doubles by
@hoopoe_is_here
Food preferences have nothing to do with the caste of a person. If you don't like Zomato, walk to the restaurant and get your own damn food.
@rbkayz
An average X user doesn't understand the value produced by an average IIT top 100 ranker or an average IAS officer and that's why writes an average meaningless Tweet.
The only tax liability would be on the Rs. 3 lakhs of appreciation of the property. That would be ~0 due to the indexation benefit. So overall, you save your Rs. 4 lakhs of tax.
@shahrukh_chem
Not at all. I did my coaching for just 2 years. Most of my friends who are top 50 rankers did coaching for at most 3 years.
Conversely, how many people who go for 4 - 6 years of coaching get rank 1?
Best part? My parents have moved to Mumbai and stay with me.
PS: I have also invested on my health. Have lost 7 kgs in the last few months by cutting down on unhealthy eating habits.
Only 1 property per shareholder is allowed for a maximum of 2 properties. If you already own 2 residential properties in your name, you cannot take the benefit of Section 54F.
In FY23, Zerodha made profits of almost Rs. 3,000 crores! And the best part? They are completely bootstrapped without any external funding.
My own startup was bootstrapped and profitable. We never raised any external capital. Here is how you can also build your business
One good thing I did when I joined IITB was to make a commitment myself that I won't ever ask for money from my parents from this point onwards.
In my first year, I did a lot of side work to earn. Solving JEE question papers for Plancess, Creating content for Toppr, Freelance
Indian founders don’t learn marketing and sales as kids.
Vis a vis West where kids start part-time jobs by the age of 14-15.
Most Indian youths start their first job right after college at the age of 22-24. Our youth misses 8-9 years of skill building in customer service,
Mumbai
I moved to this amazing city in July 2013 for my B. Tech. Have been here since then. The city, being the Financial Capital of the country, gave me the opportunity to build a SaaS Business for the Financial Services Industry. All the big banks and financial institutions
I never took a penny from my parents since I joined college. Here is my journey of earning more than Rs. 50 lakhs in college.
Back in 2013, when I cleared JEE Advanced and joined IIT Bombay, I was quite grateful to my parents for their support and for helping me get the
This is highly highly exaggerated and misleading.
A typical IITian studied for no more than 8 - 10 hours a day during their IIT JEE (JEE Advanced) preparation days. I'm saying this from my own experience and experience of countess IITian friends. On rare occasions, had to study
@GabbbarSingh
I just spoke with Arpit Agrawal (IIT JEE 2012 rank 1). He's a dear friend. Confirming that this is a fake news!
Arpit is working at Tower Research New York.
My sisters keep on telling me to "increase my standard of living", but I love myself as I am, in these normal clothes. I don't have to pretend to be wealthy by wearing expensive clothes.
It is better to be wealthy than to appear wealthy.
@viraj_sheth
It's quite the opposite.
Millions of IITians, lawyers, doctors and CAs make crores, while so many influencers are unemployed and struggle for survival.
@thekaipullai
Reliance is not into Pharma - so many large Pharma companies make a ton of money.
Reliance is not into Automobiles - Hyundai is getting one of the biggest IPOs out there.
Reliance is not into Airlines - Indigo did over $1B in annual profits in FY24.
There are countless other
Back in 2016, I did a 3 month long internship in the San Francisco Bay Area and was extended a reasonably good Pre-placement offer.
I decided to drop the offer and rather stay back in India. Best decision of my life. India is the place to be in.
I could start my Business
@darkandcrude
More than Engineering college, IITs are generally a "center of excellence" where smart people assemble to learn from each other. It had to be given a name. So they called them Indian Institute of "Technology".
BTW, things that you're referring to - food delivery, cab, etc., were
Apart from the above 2 expenses, we changed nothing. As I write this, I am wearing pyjamas bought from Decathlon worth Rs. 700 (~$10) only.
We live a simple and peaceful life. We don't want the headache of buying expensive things, only to get unnecessary stress.
Entrepreneurship is overrated. A stable job is underrated.
Today, every 20-something-year-old wants to become an entrepreneur. They talk negatively about a 9 - 5 job on Social Media. I see so many YouTube videos where someone became rich overnight and is now vacationing in Miami
@hemal018
None. Pay tax only on the property appreciation above Rs. 100 crores. For instance, if you bought it for Rs. 100 crores and after 3 years, sold for Rs. 115 crores, then tax is only on Rs. 15 crores.
With indexation benefit, that would also be close to nothing.
@georgian3261
@GabbbarSingh
Jithendar and Prudhvi are seniors from my college and Arpit and Sandeep are friends, with Sandeep being my batchmate from college (same year as me).
You keep feeling better about your life :)
My 2 rules of money:
1. Focus on earning more, rather than on reducing the expenses. Beyond a point, you can't reduce your expenses.
2. Don't spend money on things that aren't a necessity, especially when you haven't built your earnings to a certain level.
Managing money is
Here is a good reason to never ever use a Debit Card.
A few months back, I saw an ad for a product on Instagram and bought it from their website. It was for some Rs. 700. I paid via my HDFC Credit Card.
Turns out that the website was fraudulent. The payment was made via a
My daughter was defrauded on
@bookingcom
on 16th Jan while blocking a hotel room for a friend. She got a notification from the hotel through the app, asking for card confirmation which is a usual practice on the app. On giving the card details, Rs. 94693 was instantly swiped.
This is actually a large Business waiting to be built. Managing the household, especially for working professionals is a tough task and often considered boring as well.
Solution: Build a Mobile Application that helps manage the entire household. The App should be free. To
Similarly I set up a family ERP system for our household
Now when my wife wants to spend money, she submits a purchase order approval form. If the proposed spend is above the limit of authority I’ve delegated to her, it gets escalated to me for approval
@Nik_Inamdar
He’s comparing a US Airport to an Indian Airport. It makes no sense to compare a US Airport with a rush hour local train.
Also, I don’t see what’s wrong in praising one’s own country.
If you're young, focus on investing in yourself and your skills rather than in the Stock Market.
Rs. 10k compounded at 12% will become Rs. 18k in 5 years.
Rs. 10k invested in a course that helps you learn the right skill can fetch you a job worth Rs. 100k a month or more.
Your
Saw this post today on LinkedIn and thought to write about how VC investing really works.
- VCs are ok with 19 of their 20 investments going to 0.
- VCs are ok with a startup not making any revenue for 5 years.
What they look for is 1 investment, which if it works out, becomes
My 7 streams of income
Back in college (2013 - 2017), I made a good amount of money, doing a lot of things. I made over Rs. 50 lakhs in the 4 years of college. In today's terms, that's more than $60k. This earning was from a combination of a lot of things including:
1.
@ashajadeja325
And then there are some NRIs who boast off their $150k job offers as Rs. 1 crore packages, not realizing the concept of purchasing power parity.
Sad to hear this.
As a thumb rule - Don't do anything that has an unlimited downside. This includes a lot of things:
1. Adventure sports
2. Rash driving
3. Giant swings
Unfortunately in our country, the safety standards are extremely poor and unregulated. Even if it's a
A tourist from Hyderabad died in a paragliding accident in Himachal's Kullu district. According to preliminary reports, the pilot allegedly failed to properly secure the safety belt of the tourist. Watch to know more.
#Unmissable
#ITNewsbyte
#paragliding
|
@nabilajamal_
I have never done any kind of stock trading in my life and I have never seen anyone make money by this. Almost everyone I know who did stock trading, has lost money.
Youngsters today see Influencers talking about how they made crores in Stock trading, and get excited. Remember -
When looking for a co-founder, look for someone whose definition of success is similar to yours. For instance, if you come from a small, middle-class family, an outcome of Rs. 5 crores might be huge for you. However, if your cofounder comes from a wealthy business family, for
@SanaSecurities
GAIL 5-year returns is negative 25%. Why would anyone wanting to preserve their capital via FD, invest in GAIL to lose a quarter of their capital?
Same is the case with many PSUs.