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.
Former prime minister Manmohan Singh, the architect of India’s economic reforms, died on Thursday night. He was 92.
Singh’s death was announced by the All India Institute of Medical Sciences, Delhi, where he was admitted to the emergency ward around 8.30 PM in a critical condition.
An AIIMS bulletin said “he was treated for age-related medical conditions and had sudden loss of consciousness at home” on December 26.
“Resuscitative measures were started immediately at home. He was brought to medical emergency at AIIMS Delhi at 8.06 pm. Despite all efforts, he could not be revived and was declared dead at 9.51 pm,” said the bulletin.
Singh, who was prime minister for two terms in the Congress-led UPA government from 2004 to 2014, had been in poor health for the last few months.
He is survived by his wife Gurcharan Singh and three daughters.
Singh, who was finance minister under the then prime minister P V Narasimha Rao, was the architect and the brainchild of economic reforms in 1991 that pulled India from the brink of bankruptcy and ushered in an era of economic liberalisation that is widely believed to have changed the course of India’s economic trajectory.
Peak XV Partners on Thursday divested 1.5% stake in fintech company One MobiKwik Systems for Rs 82 crore through an open market transaction.
Peak XV Partners (formerly Sequoia India & Southeast Asia) through its arm—Peak XV Partners Investment Holdings III—offloaded 12.01 lakh shares, or 1.55%, stake in One MobiKwik Systems through a bulk deal on the National Stock Exchange (NSE).
The shares were disposed of at an average price of Rs 679.38 apiece, taking the deal value to Rs 81.63 crore.
After the transaction, Peak XV Partners’ holding in Gurugram-based MobiKwik has declined to 1.26% from 2.81%.
Details of buyers of MobiKwik’s shares could not be ascertained on the exchange.
One MobiKwik Systems shares rose 2.40% to close at Rs 623.50 apiece on the NSE.
Last week, MobiKwik’s shares listed with a premium of nearly 60%.
The initial public offering (IPO) by MobiKwik was entirely a fresh issuance of equity shares worth up to Rs 572 crore with no offer-for-sale (OFS) component.
Founded by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform, offering a wide range of financial products for both consumers and merchants, including payments, digital credit, and investments.
Consumer protection watchdog CCPA will investigate ride-hailing apps for allegedly charging different fares for identical rides on Android and Apple devices, Consumer Affairs Minister Pralhad Joshi said on Thursday.
“This prima facie looks like unfair trade practice,” Joshi wrote on X, formerly Twitter, calling it a “blatant disregard” for consumers’ right to transparency.
The Central Consumer Protection Authority (CCPA) has been directed to conduct a detailed inquiry and submit a report at the earliest. The investigation will extend to other sectors including food delivery and ticket booking apps.
“Zero tolerance for consumer exploitation!” Joshi added.
The probe follows media reports highlighting price disparities between mobile platforms for the same journey.
Ex-PM Manmohan Singh dies at 92, leaves behind a legacy of economic reforms
Peak XV Partners sells 1.5% stake in MobiKwik for Rs 82 Cr
Govt orders probe into ride-hailing apps over alleged price discrimination
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