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How SphitiCap cheated its users by promising funds without delivering a single penny

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    supriya jain's Avatar
    supriya jain
    supriya jain is offline eTI Member

    How SphitiCap cheated its users by promising funds without delivering a single penny

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    SphitiCap’s broken promises leave startups in the lurch

    SphitiCap, an early-stage venture capital (VC) fund, has been accused of cheating its users. It had claimed to launch a $500-million fund in October 2022 and also promised to give $50 million (around Rs 400 crore) to eight startups. But so far, it has neither closed its first fund nor registered it with SEBI. As a result, its portfolio startups are facing a lot of trouble.
    Some of them are Garuda Aerospace, PayVeda, Corrit Electric, ClearDekho and 6Degree.
    SphitiCap had promised to give them money, but even after a year, they have not received a single penny. This has made it difficult for these startups to grow their business and they are trying to raise temporary capital from other investors.
    SphitiCap’s manager Pallav Kumar Singh has admitted to Moneycontrol that he has not given any money to anyone yet.

    For more details follow the link
    https://www.moneycontrol.com/news/bu...4SkGbxiV6dWFwM
    Attached Thumbnails Attached Thumbnails Click image for larger version. 

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    Last edited by supriya jain; 12-04-2023 at 01:09 PM.

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