Thread by @SaadJamal4786

I never thought I'd share our fundraising news as a rant on Twitter. But, if you're an Axis Bank customer, you should be open to possibilities.

This thread is addressed to you who dreams of AtmaNirbharBharat. Something needs to be changed & I can't do it alone.

#supportSaad

1. Within 1st year, we raised our first capital from Mr. U.R. Unnithan. A Serial Entrepreneur, @HarvardHBS Alum & Distinguished Alumni of @ICTMumbai1933. Gold Medalist MBA from @NUSingapore. He's joining our BoD to help us with GTM in India, SE Asia, US & UK in the coming years.

2. Fundraising gives a tremendous boost to any Founder. I'm a 20 y/o from Uttarakhand. Currently 4th year UG student. You may understand how difficult (read impossible) it is for me to sustain operations & pay the salaries of the team w/o funds.

3. I consulted with the Axis Bank team about the foreign direct investment. Once, they confirmed, Unnithan Sir transferred our first tranche of funds on 30th July. Shortly, Axis confirmed receiving funds.

Guess, when did We receive our funds?

4. Let me give a brief context, our investor, Unnithan Sir is based in Malaysia. He transferred funds in USD from @Citi Bank Malaysia. Since it's a foreign currency, there's an intermediary bank, Citi Bank New York, is involved too.

Citi Malaysia <> Citi NY<> Axis Bareilly

5. Within a week, the Axis Bank Bareilly branch confirmed that they've received the funds. They'd credit the funds to our account after some formalities.

But...

6. You won't have been reading this thread if Axis had delivered on their promise.

This isn't a simple transaction but an FDI & hence there are some rules & regulations to follow & comply with @RBI and MCA. 
They need to be updated with the investment & change in Shareholding.

7. Banks need to verify KYC/AML status of Remitter (Investor) & ours. For inter-bank communication, banks use a live secure swift (Telex) messaging System. In our case, it follows the following information flow:

Citi Malaysia <> Citi NY<> Axis Bareilly

8. For the last one month, I've been coordinating with Axis Bank, Citi Bank & our investor to process this transaction.

I'd have loved to do banking all day had I been an employee over there.

It's not good for my mental health too.

9. Citi Bank Malaysia has sent Axis Bank two telex messages confirming the KYC/AML & other details as needed by Axis Bank

I don't know what's wrong with Axis Bank but they're yet to "receive the Telex message"

They also had the audacity to say that Citi is lying or fooling me🤦‍♂️

10. Citi Bank has shared enough evidence which makes it obvious that they've shared Telex messages.

Now, Axis says that they'd sent the payment back. It's an automated process.

Unnithan Sir is traveling. He can't initiate another transfer till Oct 1st week.

11. We can't operate this long w/o funds. This may be fatal to Serri's survival.

Then they mailed me this.

Email in the 1st SS.

His regular follow-ups in 2nd SS. You don't need to read. There is enough greenry for you to understand who was following up with whom.

12. Here, I lost my patience. Instead of cooperation, they're playing the blame game. I replied with another mail on the same thread.

13. I've been working more for Axis than Serri for the last 1 month. It has been an excellent test of patience.

I really appreciate the cooperation with Axis Bank however please understand I need capital to run my company. I can't pay my team with 'cooperation'.

My last mail:

14. I sincerely request @AxisBank @AxisBankSupport @RBI @Citi to please look into the matter & help us receive our investments.

Banking systems are supposed to support the Aatma Nirbhar Bharat.

15. I'm sorry if I said something I shouldn't have. I've lost my patience. I'm about to lose funds. But, I won't lose my hope. We'll make India proud.

Serri is an initiative to enable the education system for World-class education we all deserve & dream of.

16. It'd be unfortunate if this dream shatters due to inter-banking inefficiencies.

This shouldn't have happened & must not happen anytime with anyone. 

I can't do this alone. I need you. Please RT so that we reach more & higher authorities take some action.

#SupportSaad