Chiratae Ventures, Surge and others have found “financial irregularities” at the health tech startup, which laid off the majority of its staff on Friday last week.
We are breaking our regular production cycle to publish an important story today, which would otherwise have come tomorrow morning.
Another Indian startup seems to have been found cooking the books.
Investors including Chiratae Ventures and Sequoia India’s Surge sometime in March-April this year launched an investigation into Bengaluru-based Mojocare, which on Friday evening last week abruptly laid off most of its employees.
“A majority of Mojocare investors initiated a review of the company’s financial statements. While the analysis remains ongoing, initial findings have uncovered financial irregularities, and it has become apparent that the business model is not sustainable due …
Samiksha covers all things startups at The Morning Context. She joins us from The New Indian Express, where she wrote stories on the retail and food sectors. Prior to that, she had covered startups and written various business features in the Deccan Herald.
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samiksha@mailtmc.com
Bengaluru