Vikram Pai, the CEO of Bengaluru-based e-commerce referral platform ReferRush, recently shared his journey of overcoming multiple business failures, financial struggles, and health setbacks while expressing his deep appreciation for Nikhil Kamath, the co-founder of Zerodha, and his initiative, WTFund.
In a heartfelt post on the social media platform X, Pai opened up about his entrepreneurial path, which included five failed ventures and a total financial loss of Rs 2 crore over six years. Despite the tough circumstances, he found hope through the support of Kamath’s WTFund, which recently selected ReferRush for its grant program.
“Six years. Five failed businesses. Two crores earned and lost. People jokingly called me Elon Musk. Half my body was paralyzed. I was left with just ₹4,000 in my account and couldn’t afford to pay my co-founder’s salary,” Pai shared on X. “Everyone told me to give up. Even my grandmother doubted me, and I was labeled delusional. My father thought I was just ‘playing business,’ and relatives gossiped. But I never stopped believing.”
Pai went on to describe how, at this low point, he had to make difficult decisions, even sending his last ₹36,000 to his co-founder to spend to fund his portion. Despite the setbacks, he was set on persevering and believed he could still succeed.
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Pai’s moment of truth came when ReferRush was selected as one of just nine startups from among 2,400 applicants to be funded by WTFund. The grant, which provides up to Rs 20 lakh funding along with mentorship and strategic advice, helped Pai and his team grow their business and turn the corner.
“Today, ReferRush is making ₹1.5 lakh a day, and we’re profitable,” Pai said. “We made our first ₹1 lakh from customers in four months. I’m very grateful to my parents, my co-founder Rohan, and to Nikhil Kamath for trusting us. The first five years of a startup aren’t about winning, but about honing your craft. I believe in the power of persistence. Never give up.”
Kamath’s WTFund initiative, which has been launched in partnership with Zerodha, aims to enable early-stage startups to scale by injecting them with funding of up to Rs 20 lakh. Apart from funding, WTFund also provides strategic advice and mentorship by experienced founders and business leaders.
WTFund picked 22 founders of 9 startups, including ReferRush, for its previous grant round among the second batch. In the first batch, WTFund had assisted 13 startups in refining their business plans and attracting potential investors and preparing them to become successful enterprises in the near future.
Pai’s tale is a touching reminder of grit and determination in the face of failure. His tale is one of inspiration to entrepreneurs who face their hardships, revealing how with the right attitude and intervention, even worst setbacks could be transformed into successes.
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