The board of troubled health and wellness products startup Mojocare has taken a call to return the remaining capital to investors. Details of this and more in today’s ETtech Morning Dispatch.
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Wellness startup Mojocare to return money to its investors
Mojocare, the startup infamous for fudging sales numbers, is nearing a closure. Here's how:
Refund initiated: The board of the troubled healthcare startup has now decided to return money to its investors following revelations that the company's founders had shown inflated revenue and sales figures in internal presentations, sources aware of the matter said. It had $12 million, or close to Rs 100 crore, left in the firm before the founders admitted to having misled investors on business metrics.
Yes, but: While the matter has been finalised, there are certain outstanding vendor payments that need to be resolved before returning the capital fully. The investor group is trying to resolve the issue with vendors, sources said.
Key shareholders: Facebook cofounder Eduardo Saverin’s B Capital, Chiratae Ventures, Peak XV Partners (formerly Sequoia Capital India) are the large shareholders of the startup. The company last raised about $20 million led by B Capital in August last year. Surge is a seed-stage investment vehicle run by Peak XV.
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