Startup
India Accelerator drags SustainKart founder to court, alleges financial misrepresentation
(IA) has initiated legal proceedings against Kanthi Dutt, Founder of Hyderabad-based , for allegedly misrepresenting the company’s financial data.
The move comes after investors, including IA and various high-net-worth individuals, discovered inconsistencies in revenue and sales data presented by the company, while its Goods and Services Tax (GST) filings indicated significantly lower income.
India Accelerator invested $294,780 in SustainKart in 2023, to enhance its offerings and expand its market presence through a compulsory convertible debenture subscription agreement.
Investors allege that Dutt manipulated financial reports to portray a more favourable performance, seeking additional funding on this basis.
The alleged discrepancy has led investors, including IA, to seek legal recourse. The investors are demanding that Dutt return approximately $800,000, along with accrued interest, alleging that his actions breached fiduciary duties and constituted fraudulent misrepresentation of the company’s finances.
Additionally, Dutt is also facing legal troubles related to his fine jewellery brand, Tritiyaa. Co-founder Srija Tippala has filed an FIR in Hyderabad, accusing Dutt of forging her credentials and ousting her as the company’s director, replacing her with his mother, according to an Inc42 report. Tippala claims she was unaware of the changes until discovering them through an RTI application, shortly after investing over Rs 2.5 crore into the company
Recently, Shilpa Reddy, the celebrity fashion designer and former founder of SustainKart, clarified her position regarding the eco-friendly ecommerce platform. According to Deccan Chronicle, she stated that her values no longer aligned with the company’s direction, leading her to step away from the organisation.
She emphasised that she had distanced herself from the organisation over a year and a half ago and no longer had any affiliation with the company or its co-founder, Kanthi Dutt.
Founded in 2021, SustainKart offered a diverse range of organic and sustainable items across various categories, including beauty, wellness, food, home decor, fashion, and pet care and claimed to feature over 1,100 brands with 93,000 SKUs. It recently shut down its operations.
Startup
India’s digital public infrastructure finds many takers globally, says NISG CEO
The Digital Public Infrastructure (DPI) of India is now truly going global, as an increasing number of countries are seeking assistance to implement this technology platform to deliver various citizen services.
“There is a huge opportunity of taking it (DPI) globally,” said Rajiv Bansal, CEO, National Institute for Smart Government (NISG) during a panel discussion on the topic “Digital Public Infrastructure of India going Global” at the Bengaluru Tech Summit (BTS) 2024.
DPI in India has become the driving force for delivering services from both the government and private sector. These include the nationwide Aadhar identity and the unified payment interface (UPI) for financial services.
According to Bansal, NISG is engaged with several countries to come out with pilot projects or provide consultancy services on how they can implement DPI. Sri Lanka is undertaking a nationwide ID project, while other countries like Gambia, Myanmar, Belize and Fiji are keen to implement DPI to deliver several citizen services.
NISG is a not-for-profit organisation set up in 2003 by the Indian government, based on a public-private partnership model. It aims to assist governments in ushering in smart governance, process reforms and digitalisation.
Bansal said the DPI framework has achieved a certain level of maturity where it is based on fundamentals of open source technology, interoperability, subject to regulation and offering services for social welfare.
The greater interest for India’s DPI has largely come from developing countries who are looking at this platform for setting up a national identity setup similar to Aadhar. According to Bansal, developed economies are also interested in DPI but for other kinds of services.
However, Sharad Sharma, Founder – iSPIRT Foundation, was of the belief that the various functionalities from DPI till date in India are early iterations, and there is a vast scope to deliver numerous other services especially in the area of healthcare.
Startup
Deepinder Goyal clarifies Chief of Staff role is salaried, Rs 20 lakh condition a filter
Deepinder Goyal has clarified that Zomato does plan to pay the candidate selected for the Chief of Staff role, and the condition of paying Rs 20 lakh to initiative was merely a filter as the company has no plans to collect the amount.
In a post shared on X, the company’s co-founder and CEO also announced after closing the application deadline for his chief of staff opening.
This comes a day after Goyal put up the job posting on the social media platform. To make the offer not as lucrative, he announced that the role would not have any salary, at least for the first year. Not only this, the selected candidate would have had to contribute a sum of Rs 20 lakh to Zomato’s Feeding India initiative.
Any salary discussion would only happen from the second year, he said in the original post. During the first year, Zomato would also offer Rs 50 lakh to the charity selected by the candidate.
Zomato received more than 18,000 applications and closed the process at 2 pm earlier today.
The foodtech executive had claimed that the opportunity offers 10X more learning than a two-year degree from a top management school.
Goyal, in an earlier post, had highlighted that applicants came from a diverse mix of financial backgrounds, categorising them into those who have all the money, those who have some of the money, those who claim they don’t have the money, and those who genuinely don’t have the money.
It is unclear what the Chief of Staff’s duties will be as the job description is vague. The job would entail “anything and everything to build the future of Zomato (including Blinkit, District, Hyperpure and Feeding India),” the post read.
Startup
Ecommerce platform Tata CLiQ rebrands to Tata CLiQ Fashion
ecommerce platform has introduced a new brand manifesto and packaging, and refreshed both its app and web experience.
has rebranded to Tata CLiQ Fashion. With a complete visual redesign, theThe rebranding is set to reposition the brand from a horizontal marketplace to a specialised vertical platform focused on fashion and lifestyle across categories including footwear, apparel, watches, gadgets, beauty, accessories, and home, the company said in a statement.
The new logo design encompasses a rose pink and cerulean blue colour palette.
“Our new brand identity and positioning reflect our commitment to offering consumers the best of fashion curated for their evolving needs. It is a strategic pivot to drive growth and our leadership in the fashion category. By focusing on fashion and lifestyle, our goal is to elevate fashion as a powerful form of self-expression,” said Gopal Asthana, CEO, Tata CLiQ.
In addition to the currently existing stores and over 6,000 brands, it will also introduce thematic stores that will showcase a selection of styles and essentials from a wide range of brands, the company said.
The brand is also set to roll out a new feature, ‘Fit Assessment’ which will help customers find products suited to them by analysing their past purchases and understanding their size and preferences.
The platform will also introduce virtual try-on and hyperpersonalisation features in the next few months to enhance the shopping experience, and streamline the search process the company said.
It will also launch an e-magazine, ‘e-Stylist’, which will be available on the app and will offer users ready access to trend reports, care and maintenance guides, how-to-style playbooks, and theme-based curated shopping lists to keep them updated on the latest fashion trends.
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