What Sanjeev Bikhchandani stated in regards to the ‘certain to polarise’ epilogue from Ashneer Grover’s ‘Doglapan’

Sanjeev Bikhchandani, founding father of Data Edge, which runs job portal Naukri.com, stated in a Twitter thread on Wednesday that “taking an organization to scale, revenue and an IPO in India takes a decade and a half or extra”.

He was reacting to an epilogue from former BharatPe founder Ashneer Grover’s ebook ‘Doglapan’, which talked about secondary share gross sales by founders, with a sub-head that learn, “Do not be a martyr to your personal trigger: Founder liquidity first.”

Within the passage that Bikhchandani shared on Twitter, Grover wrote, “I’ve given extra cash exits to my angels and ESOP holders than another founder in India– not one particular person, nonetheless, was grateful sufficient to publicly stand by me (throughout his acrimonious exit from BharatPe). Individuals made 80-250x returns, and purchased houses and vehicles. I needed to actually beg some angels to promote in earlier rounds– they have been that grasping. Additionally, make it possible for all secondary gross sales can solely occur by means of you– by no means make the error of letting them promote within the open market.”

“We don’t need founders who need to promote secondary early. Actually nice corporations are the results of a bunch of individuals (together with founders) devoting a lifetime – Google, Microsoft, Fb are testimony to this,” stated Bikhchandani in a tweet whereas saying the passage is “certain to polarise”.

“We’re long-term buyers – our steadiness sheet capital is evergreen. Our fund has a lifetime of twelve plus two years. We’re due to this fact uncomfortable when founders need to do secondaries prematurely,” he added.

Bikhchandani, who has invested in tech corporations like Zomato and Policybazaar, stated that if founders encash some worth early by means of a secondary share sale, then their starvation to succeed could be sated and they might not strive “exhausting sufficient” to maximise worth for everybody.

“Taking an organization to scale, revenue and an IPO in India takes a decade and a half or extra. So buyers and founders should be affected person and protracted. We first invested in Policybazaar fourteen years again and we’re nonetheless there. We first invested in Zomato twelve years again and we’re nonetheless there. We’re long run buyers – our steadiness sheet capital is evergreen. Our fund has a lifetime of twelve plus two years. We search entrepreneurs who need to run the corporate for the remainder of their lives if wanted. We don’t need founders who need to promote secondary,” Bikhchandani added.