TLDR from article:
- 5K+ investor-partners have not received their instalments from Growpital
- The headcount has reduced from 100+ to less than five, the website is shut down
- Besides running the CIS scheme ‘illegally’, Growpital is also said to have fake projections
But adding some more info:
- A friend had met Growpital when they were raising a round. Everywhere in the media, Vineet Gupta's name is mentioned. But Prashant Pitti was the pitching founder at the time.
- There was a report that one of the Tier 1 VCs had even funded them, but never came in the news, maybe deal fell through
- Now very conveniently, none of this is shared by media as context. Just strange.