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#ICYMI Our lead story today: Bizongo’s complaint against a former employee for financial misappropriation has opened a can of worms. Story No. 2 on the Indian government’s move to help repatriate startups registered outside India. https://t.co/cyY1nh4aYs https://t.co/JKskNjvs6O
Startups registered abroad wanting to repatriate to India now only need RBI approval, and no clearance from the NCLT, the Ministry of Corporate Affairs announced. @dishaacharya_ explains if it’ll make a move to India for startups more lucrative: https://t.co/WHciJhfsfK
A preliminary EOW investigation has already triggered a larger shake-up in Mumbai-based startup, Bizongo. The B2B company filed a complaint against a former employee for misappropriated funds to the tune of over Rs 20 crores. @Harveen_A explains: https://t.co/ZVq27X7WKm
Indian startups are increasingly turning to Initial Public Offerings (IPOs) as traditional funding sources tighten. Some companies are slashing valuations to attract investors. IPO-bound startups are in talks to raise significant funds, with one company negotiating $150 million from existing backers like Tiger Global and new investors. GSK Velu’s Neuberg Diagnostics is also in discussions with 360One and M&G Investments for a $100 million pre-IPO fundraise. Additionally, the Indian government is easing regulations to facilitate the repatriation of startups registered abroad, removing the need for NCLT clearance and requiring only RBI approval. However, challenges remain, as exemplified by Bizongo, a Mumbai-based startup facing a financial investigation after a former employee allegedly misappropriated over Rs 20 crores.