How can you burn $460 million in two years?
Amp’d Mobile, a mobile company based in the Silicon Valley, recently declared bankruptcy about tow months back with a debt of about $100 million. The company had picked up around $360 million in funding over the last two years. Venture Beat has the story on how the company managed to so much money over the two years. (link). Valleywag, reports that the CEO used to go to office in a helicoptor.
Interestingly, this is almost equal to the amount of money which would be required to add the extra seats in all of the IIM’s if the 27% quota for OBCs is implemented. If the FM had all this money, maybe he wouldn’t have had to increase the service tax by a percent.