Continuing from Part 1 which bit emotional, here’s another unique experience of handling money!
In 2014, I started ActOnMagic with 7 lakh INR in savings. By 2015, my wife had also joined the company, driven by the promise of a to-be-obtained purchase order that, unfortunately, never materialized. That same year, our company’s bank account dwindled to a mere 4,000 INR. Despite this, we managed to raise 40 lakh INR in an angel round, got featured in The Economic Times, built amazing products, and partnered with industry giants. We survived and even raised another 20 lakh INR from the same investors. However, our business model eventually failed. It was such a roller coaster ride!
At one point, I reached out to many founders, hoping to find a way to sustain our cash flow. By late 2017, several of our competitors were being acquired. It felt like options were running out, but founders from calm.io, 47Line, and CoreStack were incredibly supportive, offering invaluable moral encouragement. I am deeply grateful for their time and wisdom.
Just when we had nearly exhausted our funds, an acquisition offer came through. After a few discussions, we secured a great deal. One of the main reasons we all chose to join Netmagic was the visionary leadership of its founder, Mr. Sharad Sanghi, and the opportunity to launch a multi-cloud business in India. The day we saw multiple crores deposited into our account was surreal! and I was really flying!
When I expressed my gratitude to our sponsor, their response was simple yet profound: “Madan, you deserve more.” Such a heartfelt acknowledgment made me feel incredibly loyal and inspired. The sponsor was a true people-first leader with a pure, old soul.
This deal brought immense joy and relief to our team members and their families. We worked even harder to make the multi-cloud business launch a resounding success, and we were fortunate to connect with remarkable people within the company. The Japan team appreciated our work and culture, and together, we built exceptional products and solutions.
Despite having crores in our account, once we paid taxes and returned investors’ funds with respectable returns, we realized it wasn’t as much money as it initially seemed. The greatest reward from the ActOnMagic journey wasn’t the financial gain. Instead, it was the exposure we, the founders, gained and the extraordinary experience of founding, running, and exiting a startup. Even more priceless was the introduction to amazing leaders like Mr. Sharad Sanghi, Mr. Sunil Gupta, Mr. Shekar Sharma, Mr. JB and wise souls like Dr. Deepak Deshpande, Mr. Prasenjit Roy, as well as the dedicated sr. management teams in Mumbai and Pune.
Another amazing thing happened: we took my family—including my parents, in-laws, extended family, and child—on a pilgrimage trip to Shirdi. Eighteen of us traveled together, and for many, it was their first flight. The ActOnMagic exit made this priceless experience possible. We are here on Earth to make the world a better place. Material wealth is merely a byproduct of living a joyful and dharmic life.
Three Key Takeaways:
- Financial ups and downs are an inherent part of the entrepreneurial journey. True wealth lies in the experiences and relationships built along the way.
- Support from mentors, peers, and team members is invaluable. Gratitude for those who uplift us enriches the soul and motivates us to do better.
- Material gains fade, but the wisdom and exposure gained through challenges and triumphs are everlasting rewards. Focus on living a life of purpose and service.
