A LinkedIn post about a tweet about the founder of Theobroma.
My response about privilege.
The blowback that followed.
It got me thinking.
How little people understand entrepreneurship.
Especially for first-generation founders.
Some quick figures:
90% of startup founders in India are first-generation entrepreneurs.
90% of startups in India fail.
Even if first-gen founders fail proportionally, that’s 9 out of 10.
But we all know it’s probably closer to 99 out of 100.
Let me explain why.
(Disclaimer: I am an extremely privileged, Brahmin, cis, hetero urban educated male who speaks Marathi as his mother tongue, living in Pune. Whatever I say about first-gen founders, multiply that hardship 100x for those without privilege.)
When you start a business, you need capital.
Not just the kind that shows up on a balance sheet.
You need:
- Survival capital: Money to put food on the table, a roof over your head, and pay bills. If you have dependents like kids, ageing parents, or a partner, it’s their survival too. One emergency like an illness, accident, or unexpected expense, and you’re done.
- Reputation capital: The wealth to repay those who trusted you enough to invest. In the early years, nobody gives you equity funding. Your startup money is likely self-earned (unlikely under 35) or debt acquired with begging, pleading, and promises.
Now, let’s talk privilege.
The founders of Theobroma had:
- A Cordon Bleu education in London.
- Experience working at an Oberoi property.
- Childhoods spent helping in a family-run bakery.
- A crore in startup capital from their father.
(No collateral, no interest, likely unconditional.) - Access to a commercial property in Colaba, Mumbai.
Pause here.
Do you know what that means?
Not just the Colaba location but the ability to live nearby, where running that business was convenient. Anyone who knows Mumbai understands the sheer privilege baked into that.
And the most underrated ingredient?
Time.
They didn’t raise funds for 10 years.
They stayed a single outlet for six years.
They ran losses for the first few years.
And they still stuck it out.
This sounds like grit and perseverance.
But it’s also privilege.
Could a first-generation entrepreneur with no fallback run their home for even six months without income?
Forget the Rs.1 crore loan, London education, or Colaba real estate.
So, what’s the issue here?
Not everyone who starts with Rs.1 crore turns it into Rs.3,500 crore.
True.
But who are these “everyone”?
People with a crore in interest-free loans, a Colaba property, elite education, and the safety net to fail without worrying about survival. Or consequences.
For them, Theobroma is an inspiration.
And yes, for others in that privileged cohort who failed, it’s a fair benchmark.
But most of us?
We aren’t them.
My issue isn’t their story.
It’s the framing.
The story of Theobroma is brilliant branding, solid execution, and incredible valuation.
I respect that. No, I really do.
I even love their brownies (top 10 in my life).
But to call it an inspiration to all entrepreneurs?
It’s not.
It’s a PR storm.
Recognise it.
Don’t romanticise it.
We don’t need one more personality cult in this country.
Let’s keep it real.
P.S.: I tried using a new, more staccato style of writing. How do you like it?
