India, July 16 -- A Mumbai-based investor has criticised an entrepreneur for buying a new car and moving into a bigger apartment shortly after his startup received Rs.5 crore funding. Mrunal Jhaveri, founding partner at Ice VC, said that he had to have a "very uncomfortable" talk with the unnamed founder after his extravagant purchase.

The topic of founders and funding came up thanks to an ongoing social media discussion about how much entrepreneurs should pay themselves.

"A founder got Rs.5 crore in seed funding last year. First thing he did was buy a new car and move to a bigger apartment," Jhaveri said in his LinkedIn post yesterday. "I had to have a very uncomfortable conversation after that."

Seed funding is the earliest stage of ...