Bangalore: Investors in medical technology company Medikabazaar have filed compensation or compensation ₹The company’s $2.79 billion allegations of financial missteps last year.
“The parents have received a newsletter from their Series C investors involving compensation claims of INR 27.77 billion ( ₹In the past period, Rs 279 crore. The consolidated financial statements of Ivy Healthcare Solutions Pvt Ltd, Boston, the parent company of Medikabazaar, show that parents have legally informed their parents of reasonable cases.
Last July, Mint Medikabazaar founders Vivek Tiwari and Ketan Malkan may not be granted stock options for this year’s stock options, as the consequences of their financial differences have surfaced, another example of misunderstandings among companies in Indian startups, the report said.
The company also removed its former CEO Tiwari from the board of directors on allegations of fraudulent and malicious activity, according to financial statements filed with the company’s registrar.
“Mr. Vivek Tiwari was involved in malicious and fraudulent activities, including financial mismanagement and financial fraud, which caused irreparable harm and damage and were shocked by the well-being of the company,” the statement said.
Regarding the whistle and investigation (each shareholder of each of the above shareholders reviewed the investigation report prepared by Uniqus India Private Limited, Alvarez n Marshal and M/S Rashmikant and his partners), it concluded that he violated his liability for the trust and violated his liability for finance, transactions, transactions, enduring liability for the business to the business, responsibility for the responsibility, responsibility for the responsibility, responsibility for the responsibility, responsibility for the responsibility, responsibility for the responsibility, and mismanagement of sense of responsibility and economic fraud. ”
According to three people familiar with the matter, the company is considering canceling managed stock options for its founder at the end of June, and Medikabazaar is expected to not meet its revenue and operating earnings targets for 2023-24 years.
Medikabazaar joins a growing number of Indian startups that face governance issues. Companies like Trell, Bharatpe, Byju and Gomechanic have all faced audits from jittery investors over the past two years.
The company raised a total of $165 million (approximately ₹Financing of 13.8 million through debt and equity). The company reportedly raised another $150-200 million in talks earlier this year, but the company has not achieved it after a forensic audit.
Its investors include Creaegis, the World Bank’s International Finance Corporation, Lighthouse India Fund, HealthQuad, Ackermans & Van Haaren and the CDC Group.
