In early 2015, there was a lot of buzz about how a startup had raised $200,000 within three months of its launch. The startup in question was Orobind – an ‘at-home’ personal fitness tech startup. Behind the glitzy headlines and all the hullabaloo was a story of rejection, a near-death experience and a strong resolve to make the idea work.
Founded by IIT-Roorkee graduates Satya Vyas and Shubhanshu Srivastava in December 2014, the startup was rejected 52 times by investors before getting their first yes. During this period, it came agonisingly close to going bankrupt at least twice. Co-Founder Satya Vyas recalls, “In 2014, when we were trying to raise funds for Orobind, no one was even considering us. It was a really testing phase.”
Looking back on how he managed to stay afloat and keep the team together, Satya says, “I saw every ‘no’ as a challenge. I was determined. But that being said, I also put a lot of rational thinking in place. After every meeting, I would sit in a coffee shop or some place that offered solitude. I would then dissect and analyse what made them say no. I would try and reason if the problem was with the idea, the way it was presented, or the sales pitch. And then, I would try and improvise.”
Once when Orobind was running out of cash, the investor that Satya was banking on said he needed more time to deliberate and decide. Satya immediately lined up one more meeting, which was very critical because if this second investor said no, it would have been all over for Orobind. “So before the second meeting, I just sat in a small tea shop at the corner of the street for 10 minutes. These 10 minutes were the loneliest moments I have ever experienced. When I looked up my mobile to see if I could call someone to calm myself down, I realised it was my own fight and I needed to deal with it myself. So all I did was have a cup of tea and walk into the meeting.” It was this meeting that led to Orobind getting funded.
Founded by IIT-Roorkee graduates Satya Vyas and Shubhanshu Srivastava in December 2014, the startup was rejected 52 times by investors before getting their first yes. During this period, it came agonisingly close to going bankrupt at least twice. Co-Founder Satya Vyas recalls, “In 2014, when we were trying to raise funds for Orobind, no one was even considering us. It was a really testing phase.”
Looking back on how he managed to stay afloat and keep the team together, Satya says, “I saw every ‘no’ as a challenge. I was determined. But that being said, I also put a lot of rational thinking in place. After every meeting, I would sit in a coffee shop or some place that offered solitude. I would then dissect and analyse what made them say no. I would try and reason if the problem was with the idea, the way it was presented, or the sales pitch. And then, I would try and improvise.”
Once when Orobind was running out of cash, the investor that Satya was banking on said he needed more time to deliberate and decide. Satya immediately lined up one more meeting, which was very critical because if this second investor said no, it would have been all over for Orobind. “So before the second meeting, I just sat in a small tea shop at the corner of the street for 10 minutes. These 10 minutes were the loneliest moments I have ever experienced. When I looked up my mobile to see if I could call someone to calm myself down, I realised it was my own fight and I needed to deal with it myself. So all I did was have a cup of tea and walk into the meeting.” It was this meeting that led to Orobind getting funded.
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