Yeah Right!
From the FAQ
"When the company is formed we set up a bank account. When the bank account is set up we deposit a check for the full amount of our commitment ie. 5 Lakh directly into it. A company secretary is brought in to distribute funds from the company checking account as per the budget instructions. Adjustments to the budget can be made at board meetings. Founders do not have direct check writing control of the bank account."
You need to buy an extra laptop, wait for the next board meeting and/or get approval from the "Company Secretary".
"Founders do not have direct check writing control of the bank account!"
Sounds like a great way to run a startup!
And they have the audacity to call it "The Indian version of YC".
I doubt PG and co sit around approving line items and writing checks every other day! AFAIK they hand over the money at the beginning and that's that.