'Never Let A Crisis Go To Waste': Myntra's Mukesh Bansal Shares Why A Startup Founder Should Not ‘Live In Denial’
Myntra's Mukesh Bansal said that the biggest setback faced by his company taught him valuable lessons. Living in denial doesn't serve any good, he shared.
In a recent interview with NDTV Profit, fashion portal Myntra’s founder Mukesh Bansal shared how he overcame a major setback as his brand hit rock bottom in 2013.
"We had no money left in the bank. We had a company with probably 300 employees, lots of customers, and we were going to hit the payroll in just 7–8 days,” disclosed the seasoned entrepreneur. “It was pretty clear to us—at least some of us who knew the full picture—that it's very difficult we’ll be able to make it,” Bansal said.
At the time, American investment firm Tiger Global provided $5 million, which gave Myntra six months to turn things around.
Myntra boss Mukesh Bansal shares about hitting rock bottom
"I think it boiled down to communicating to him (Tiger Global’s Lee Fixel) that we really believe in things. I think it's really working; we can make it work, we need to navigate the next few months somehow, and then the business will work out. To his credit, he believed that," Bansal added.
The Myntra boss revealed that setback was the biggest he faced in his long entrepreneurial journey of 25 years. He shared that first, it’s important to admit that your company is facing a rough phase. “Living in denial would serve no good,” he remarked.
Bansal suggests looking at an issue long and hard before making any move. During the pandemic period, his fitness startup Cultfit faced a similar crisis.
"Revenue went from 100 to zero overnight,” the founder said explaining that theatres and gyms were arguably the most affected sectors. "But see, there's this line which says, 'never let a crisis go to waste'. We got rid of the bad stuff, and doubled down on the good stuff,” Bansal added cheerfully.