Siply’s Sousthav Chakrabarty took hundreds of investors for a ride

A tangled mess of related party transactions and misstatements have left the fintech’s investors looking for answers and contemplating legal action.

More than 200 investors took a bet on a banker-turned-entrepreneur who pitched a larger-than-life fintech operation. His pitch said all the right things, almost as if it had been refined by a keyword generator: financial inclusion, Bharat, frictionless savings and vernacular approach. And, best part, it coincided with a bull market. 

Turns out it was just smoke and mirrors. This is a story of a fintech venture where hundreds of investors wanted a piece of the high growth and multiples game of startups. Now, they have all been left high and dry, struggling to get answers.

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Sousthav Chakrabarty doesn’t …

Author

Harveen Ahluwalia

Harveen is a co-founder at The Morning Context, and leads our Internet coverage, overseeing a team of reporters writing on startups and tech. She has previously worked as a media, consumer and tech reporter at The Ken and Mint. At The Morning Context, she writes on startups, venture capital, consumer and media businesses—from e-commerce to healthtech to streaming.

Editor, Internet

harveen@mailtmc.com

Mumbai

Author

Ashwin Manikandan

Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.

Writer

ashwin@mailtmc.com

Delhi