The low tide of funding has exposed the ugly underbelly of the startup ecosystem in India—financial irregularities, forensic auditing, glaring absence of corporate governance, acts of omission and commission. Is there a way to fix the system?
January 2023, Gurugram. “Tell me the difference between magic and trick,” the ‘magician’ starts the off-the-record interview by popping this question to the writer. It’s 7.30 pm, it’s pitch dark at Sector 62 in Gurugram, and the gusty chilly winds on Monday evening have made the bitter winter unbearable. “First, I will tell you what magic is,” says the second-time-founder who was dubbed magician during the prime of his maiden venture.