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Prateek Nawal
Disrupting the way Credit Card works for Start-ups
Prateek Nawal is a prominent figure in the financial services sector as the Co-Founder and Director of FinGurus, a company based in Bengaluru, India. He has over eight years of experience in finance and business management, holding an MBA in Finance and being a qualified Company Secretary. His expertise encompasses various areas such as Company Law compliance, legal document vetting, project financing, and corporate structuring.12
Role at FinGurus
At FinGurus, Prateek plays a crucial role in managing operations and driving business development, particularly in the Indian and UAE markets. He has been instrumental in expanding the company's services across a diverse client base, which includes startups and SMEs, providing tailored financial advisory services. His responsibilities also include overseeing Virtual CFO services, advisory roles for mergers and acquisitions, and transaction advisory for startup founders.13
Background and Experience
Before co-founding FinGurus, Prateek worked as a CFO for Solutions Infini Group, where he contributed to the company's early growth and international operations. He also has experience as an Audit Specialist focusing on SOX compliance, taxation, internal audits, and business development.14
Current Ventures
In addition to his role at FinGurus, Prateek is involved with MagikFin, another venture aimed at solving financial management challenges through innovative solutions. This dual role highlights his commitment to enhancing the fintech ecosystem in India.3
Prateek Nawal's contributions have significantly impacted the financial advisory landscape, making him a key player in the industry.
Highlights
My current product-led startup MagikFin wasn’t the first idea I wanted to work on when I came to Bengaluru with my friend-cum-partner, Sourabh.
In fact, we started three businesses before Magikfin happened 😁
After coming to Bengaluru, Sourabh Jain (Babel) and I have started an accounting firm.
We went door-to-door to get our first few clients for the firm (that’s a story for another day!)
Then, we got a crazy idea to open a cafe (Kullad Cafe) which became the talk of the town in our locality.
But we had to sell the cafe during the covid-induced lockdown since we could not meet fixed expenses with our little savings.
A few months later, I started a consulting firm, Fingurus, with Sourabh, Raman, and CA Pankaj.
It was a pivotal turning point in our careers.
We scaled the firm to 3 countries, employed 60+ people, and worked with some of the most reputed clients.
At that time, we deeply understood the startup and business ecosystem in India and figured out a critical problem – compliance management for founders.
So, with my 3 co-founders (my partners from the time of Fingurus), I turned this problem into an idea and gave birth to a product-led startup, MAGIKFIN.
It’s been a remarkable journey so far – full of ups and downs, countless failures, and some critical learnings that will stay with us forever.
But if there’s one thing I’ve learned since landing in Bengaluru that I’ll keep with me forever, it’s this: dream big, work hard, and keep your spirits high.
The universe has a way of rewarding those who never back down 😀
What is your first business/ income story? Share your experience in the comments 👇🏽
What are your legal rights if your employer asks you to pack your bags without giving a proper reason? 👇🏽
Let’s first understand the grounds upon which an employee can be considered terminated:
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Expiry of a fixed-term contract or mutual separation
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Resignation by the employee
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Retirement or superannuation
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Layoffs
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Termination for “cause”
• established breach of the employment contract or internal policies • involvement in criminal offence • inability to fulfil the material obligations of the job • misconduct • poor performance • loss of confidence by the management • continuous absenteeism
🔹 Two crucial labour laws govern termination rules in India
The Industrial Dispute Act, 1947 (Central) The Shops and Establishments Act, 1954 (State-Wise)
But here’s the real problem 🛑
The Industrial Dispute Act applies only to “workmen” (people working in managerial or administrative positions are EXCLUDED).
On the other hand, the Shops & Establishment Act provides general guidelines for termination, like giving certain days of notice or salary in lieu of such notice.
This leaves employees in a state of uncertainty and vulnerability 👇🏽
Wherever labour laws are silent about any issue, the terms and conditions mentioned in the employment contract will prevail.
Since labour laws don’t define a standardized format of the employment contract, a company is free to design the contracts as it deems appropriate.
Consequently, the employer can terminate any employee by invoking a clause from the employment contract, either by giving a notice or salary in lieu of notice 🚫
🔹 Can an employee take legal action against the company?
The employee can sue the company on the grounds of:
- underpayment of severance pay (dues payable at the time of termination)
- denial of a fair opportunity to present their case
- violation of any clause within the employment agreement
But litigation involves significant expenses and time commitments, making it difficult for an employee to sustain the case in court.
Hence, it’s advisable for employees to:
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Read the employment contract carefully before signing it
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Avoid accepting verbal commitments
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Keep an eye out for potential red flags, such as unjustified terminations of colleagues
What can founders do to make these ‘goodbyes’ look less ugly and more friendly? 👇🏽
#startups #employees #companies
