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GOMECHANIC AUDIT
Snapdeal cofounder Kunal Bahl says governance scandals have hurt trust in Indian startupsGovernance scandals have shaken India's startup ecosystem, eroding trust and prompting investors to demand stricter controls, said Snapdeal...- Governance lapses, irregularities prompt LPs to drive changes in startup investmentsAn LP (an individual or an entity) is the money behind a VC or private equity fund. In the past 12-18 months, allegations of governance lap...
- Mojocare board decides to return funds to investorsOn July 5, ET had first reported that while a few investors considered the option of a fire sale, the majority were in favour of shutting d...
- Peak XV, Orios, Chiratae file EOW complaint over financial irregularities at GoMechanicThis development comes seven months after Gurugram-based GoMechanic’s founders admitted to financial misreporting in a LinkedIn post. Orios...
- Mojocare board to decide on shutting shop, returning money to investorsAccording to people briefed on the contents of the final forensic report, the founders have been found to have inflated revenues and sales ...
- Integrity, good governance must for startups to grow in the long term: Amitabh Kant“We should lay down clear norms of self-regulation from inception to early-stage, from early-stage to growth stage, from growth stage to IP...
- Startup governance: Audits in focus amid financial irregularities at new-age venturesSome of the auditors have in recent weeks made presentations to venture capital funds showing how their previous audits unearthed financial...
- Exclusive: Mojocare investors weigh legal action against foundersDraft note circulated among investors says founders inflated revenue; final forensic report expected in 10 days.
- Car servicing startup GoMechanic acquired by Lifelong group led consortium in slump saleThe sale was led by GoMechanic's venture debt investor Stride Ventures. "This transaction will assist in preserving the ecosystem at large ...
- Exclusive: RoC seeks to examine GoMechanic's books after allegations of financial irregularitiesLast week, the National Company Law Tribunal (NCLT) issued a notice to Sequoia-backed beleaguered automobile after-sales service startup ov...
- ETtech Long Read: How GoMechanic founders floated new business as trouble mounted at car servicing startupWhile it isn’t unusual for new ventures to approach investors to raise capital at an early stage, March 2022-founded Morsebiz’s journey wea...
- Amazon Air promises faster deliveries in metros; Zomato shuts 10-minute food deliveryAmazon Air, the ecommerce giant’s dedicated cargo airline, has been launched in India with the aim of offering faster deliveries for more p...
- Sequoia considers auditing South Asia investments as lapses riseSequoia Capital India will also be more selective when taking board seats at companies and, in some cases, might replace junior members fro...
- Pricewaterhouse raised issues with GoMechanic’s operations in its FY20 auditPricewaterhouse audited financial statements of GoMechanic only for the 2020 fiscal year, following which it was replaced by BSR & Co, an a...
- How GoMechanic unravelled after SoftBank-Khazanah funding round collapsedGoMechanic will initiate financial audit, lay off 70% staff: cofounder Amit Bhasin in a LinkedIn post.
- Pricewaterhouse flagged discrepancies in GoMechanic’s FY20 audit; PhonePe raises $350 million with more to comeA senior executive at one of the ‘Big Four’ audit firms said qualifications are always a negative for a company and it means the company be...
- Investors of GoMechanic seek audit into 'inflated' financialsThe investors - Tiger Global, Sequoia Capital and Chiratae Ventures - have jointly appointed a third-party firm to investigate the matter i...
- GoMechanic founder Amit Bhasin admits to financial misreporting; firm to lay off 70% employeesGoMechanic layoffs will affect about "70% of the workforce", said cofounder Amit Bhasin in a LinkedIn post
- Financial audit, layoffs at GoMechanic after fundraising fails; Tata Tech eyes Rs 4,000 crore IPOWith the funding round falling through and many questions being raised by incoming investors, the company was left with no other option but...
- The unravelling of GoMechanic after SoftBank-Khazanah funding collapsed; Oyo to refile IPO papersWith SoftBank and Malaysia’s Khazanah pulling the plug on GoMechanic funding round after EY flagged issues like inflated revenues, fictitio...
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