Bengaluru: Vimal Narayan, CEO of Lossmaking Technologies was asked to stepdown after the company failed to meet the target it has shared with its investors.
“If it would have been a small margin we would have tolerated. But the company deviated from its own guidance by a whopping 80% (100 Cr loss Vs 500 Cr projected loss). We did not have much options other than asking Mr. Vimal to pursue his career interest somewhere outside”, said Rodger R, a member of the company board.
Mr. Rodger who is one of the venture capitalist for Lossmaking Technologies added, “We had lot of expectation from Vimal. His past record was quite impressive, is known for shutting down startups in six months. Do not know what happened here. He lost focus or the team he hired did not co-operate with him”.
“At the end, it’s simple. He did not meet the performance goals we had set for him, so we had to let him go”, told another board member maintaining anonymity.
Vimal on his part blames the business model of the company as the reason behind his failure. “Like our five fingers are not same, every startup comes with a different business model. Probably the founders here have not brain stormed enough on the loss-making ability this company business model has when they conceived it. I am surprised with such limited lossmaking ability, how they got investment at the first place?”.
However, Vimal feels there are enough startups in market place which he can help in rapidly shutting them down. “Already five startup founders have shown interest on my CV in LinkedIn. But I’ll be careful this time before taking my next offer”, told Vimal.