Sequoia Capital India, one of the most prolific and successful investors in India and Southeast Asia, addressed the fraudulent practices allegations levelled against some of its portfolio startups and pledged to take proactive steps to do more to drive increased compliance.
In a blog post published Sunday afternoon, the storied venture fund said it's still a “work-in-progress” and said that all players collectively have to "drive better accountability, along with improving performance, for us to unlock the full potential this region has to offer."
The post -- serving as Sequoia's first official word on the matter -- comes at a time when at least three of its portfolio startups have undertaken investigations:
Fashion marketplace Zilingo has suspended Ankiti Bose, its founder and chief executive, this month following investigation over accounting. Sequoia Capital India's head, Shailendra Singh, has left the board. (Both the developments were first reported by Bloomberg News.)
BharatPe co-founder and former chief executive Ashneer Grover resigned from the startup, valued at $2.8 billion, earlier this year after an investigation found that he and his wife had siphoned off money. (Grover has refuted the findings.)
Live commerce startup Trell recently investigated claims that its founders siphoned off money and lied about its usage and growth metrics.
Sequoia Capital India, which didn't identify any startup by name, said it will work on a wide-range of things, including:
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