Investors in Bengaluru-based Mojocare say they found “financial irregularities” at the health care startup, which has raised ~$23M from Sequoia India and others
TechCrunch Manish Singh
Related Coverage
- Investors flags financial irregularities at Mojocare Entrackr
- Investors open a can of worms at Mojocare The Morning Context
- Indian Health Startup Mojocare To Scale Down Operations After Layoffs, Financial Reporting Review International Business Times
- Investors find financial irregularities at Mojocare, say business model not sustainable DealStreetAsia
- Health startup Mojocare lays off about 170 employees: Report Livemint
- B Capital Backed Healthtech Startup Mojocare In Hot Soup: VCs Flag Financial Irregularities Inc42 Media
- Mojocare scales down amid financial irregularity claims Tech in Asia
- Investors unearth financial irregularities at Healthtech startup Mojocare Moneycontrol
- Exclusive: Mojocare lays off around 170 employees within a year of fundraise Entrackr
Discussion
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@sarthakgh
Sar Haribhakti
on x
“Mojocare joins an alarming roster of Sequoia-backed startups in the Asian region facing allegations of misconduct. GoMechanic, Zilingo, BharatPe and Trell also have had governance and auditing issues in the past one and a half years.” https://techcrunch.com/... https://twitter.c…
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@goenka_tushar1
Tushar Goenka
on x
Mojocare, health tech startup inflated sales bills and overstated revenues in order to meet its targets, sources told Moneycontrol, in what looked like yet another instance of a corporate governance lapse at an Indian startup.
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@chandrarsrikant
Chandra R. Srikanth
on x
“Mojocare's founders have confessed to investors that they overstated sales because of pressure and revenue targets. For now, investors are not considering any legal action because there is no evidence of syphoning off of funds yet,” https://twitter.com/...
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@upadhyay_harsh1
Harsh Upadhyay
on x
Breaking: Healthtech startup Mojocare lays off ~170 employees within a year of $20.6 Mn fundraise Investors: B Capital, Chiratae, Sequoia Surge, Better Capital
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@akm1410
Ashish K. Mishra
on x
We are breaking our regular production cycle to publish an important story today. Chirate, Peak XV partners have found that Mojocare was cooking its books. All employees have been fired. By @samikshagoel2 https://themorningcontext.com/ ... Copyright © The Morning Context
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@upadhyay_harsh1
Harsh Upadhyay
on x
Mojocare spokesperson said, “Despite our best efforts, our business fundamentals have not worked out over the past few months. In order to prioritize profitability and sustainability, we must revert to operating as a small yet robust team.” Via @entrackr https://entrackr.com/...
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@upadhyay_harsh1
Harsh Upadhyay
on x
Before this, almost half a dozen Sequoia portfolios such as BharatPe, GoMechanic, Zilingo, Trell, Byju's were under scrutiny for financial irregularities. Mojocare denied commenting on the story. via @entrackr https://entrackr.com/...