Bangalore based self-help and existential crisis handling startup – “No Clue” was refused funding by a major international venture capitalist firm after they realized that the startup office has no foosball table.
The startup was founded by two engineering graduates Ramesh and Suresh who had no clue what to do after graduation. “We founded the company after we passed out from our engineering colleges and still have not figured out what to do with our life. Even though we were not sure what to do, our parents kept on pushing us to get more funding than Sharmaji’s son’s startup and hence we raised three rounds of funding so far”,says Ramesh Yadav the CEO and co-founder.
Things were going fine for the two friends and their startup with three rounds of funding, when they came to know that company will require at least a b-plan to go for IPO when they decided to make their weakness their strength and leverage the fact that nobody have any clue. “We realized that it was not us but an entire generation of millennials out there, engineers, doctors, mbas etc. undergoing existential crisis, some as young as 3 years old and hence we decided to tap into this market” says Suresh Agarwal the COO and co-founder.
However, the biggest challenge for the company materialized when the fund house which has decided to fund their Series D, decided to pull the plug in the last minute when the representative from the fund house asked the founders for a round at foosball and saw the founders scratching their heads.
“Foosball table is a must in any Indian Startup. It shows character and quality. Our instructions are clear from the top, we should not invest in any Indian startup which has no foosball table. Added to this its mandatory to have the photo of the table in the “About” section on the website and 80% of the leadership team to know how to play foosball. Organizing foosball competition once in a quarter gets brownie points. Its recommended that any one of the founders should be present at the table at any given time.” says a representative of the fund house.
When asked how the company managed to raise 3 rounds without a foosball table, a company representative clarified (by rolling her eyes) that “those where Indian VCs and hence there was always a work around, while these international fund houses are so stringent about all these rules. However, we have decided to go ahead and get a table and hire and HR manager to run the events. One gotta do what one has to do.”
The company has already placed the order for the table, but due to high demand in the country, it will get delivered only in another one year. Meanwhile the leadership team in “No clue” have no clue what to do and is prepping to get the fund house to release 20% of the money by showing a carom board instead. Wishing all the very best to the team for the same.