Last 2 weeks have been rife with such news.
There is no fraud here.. thats my point.. he oversold an idea.. founder had a lavish life style beacuse the rules allowed him to.. unless the funding rules had explicitly stated what he can buy or not buy, its not fraud..
As for as users are concerned.. unless product doesnt work or doesnt work as promised then its fraud... in the recent case of a certain edtech.. they sold their courses as it a get way to learn.. it is not fraud unless they had said buying this course will get you a seat in an IiT..
@Qwerty2398 you’re talking about B. I am talking about M.
Fraud or no fraud.. either way am happy... greedy investors got screwed... although o assume they would have scammed too.. founders may have made money.. but they lost respect,atleast within their social circles... unfortunately some of the public got screwed but i guess thier sacrifice has been necessary for many others enlightenment...
There is no unethical start up founder... he sold an idea.. investors paid for it.. its business.. imagine you arr buying a plastic bucket from a street hawker, he will say lot of things like the bucket is unbreakable ... it will last foever.. etc.. you negotiate and pay for it.. you bring it home next day it will break. Does this mean he cheated?..
Hmmm, what about financial irregularities ser? Defrauding investors by funding lavish lifestyle? Defrauding users by misselling?
Ain't a crime.....unless caught
**Disappointing for users, embarrassing for the ecosy...
"BYJU’S grew considerably since our first investment in 2018, but, over time, its reporting and governance structures did not evolve sufficiently for a company of that scale. Despite repeated efforts from our Director, executive leadersh...
Largest shareholder saying this publicly, I wonder if there is any way of recovering from this point
ReshaMandi, a startup that raised over $40 Mn in equity funding, is facing insolvency pleas and has allegedly coerced employees to join another company, Genzr Solutions Private Limited, leaving hundreds of former employees awaiting salar...
