🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

🔥 4 people are talking about this

Builder.ai and DailyHunt parent VerSe allegedly engaged in $60M round-tripping

YourStoryYourStory · 27d
Builder.ai and DailyHunt parent VerSe allegedly engaged in $60M round-tripping

Between 2021 and 2024, Builder.ai (now bankrupt) and VerSe Innovation (DailyHunt parent) allegedly engaged in $60M round-tripping — billing each other for services that often didn’t occur, to inflate revenue figures. The transactions, staggered to avoid detection, created fake revenue for fundraising. VerSe denies all allegations, claiming proper services and audits. Deloitte flagged VerSe for weak internal controls, and its FY24 filings saw a revenue restatement from ₹1,456 Cr to ₹1,029 Cr. Deloitte also highlighted severe internal lapses at Builder.ai, including unauthorized payments, missing audit trails, and crypto/AI mismanagement. Builder.ai, once valued at $1.5B, is under US investigation for misleading sales projections. VerSe’s CFO and Deloitte have since exited.

13
1
View Source

Comments

More Like this

'Our name got unnecessarily dragged': VerSe’s Umang Bedi on round-tripping allegations

'Our name got unnecessarily dragged': VerSe’s Umang Bedi on round-tripping allegations

Builder.ai, VerSe in fake sales scandal; report alleges fraud

Builder.ai, VerSe in fake sales scandal; report alleges fraud

VerSe denies revenue manipulation charges, calls claims baseless and defamatory

VerSe denies revenue manipulation charges, calls claims baseless and defamatory

Dailyhunt Parent VerSe Innovation Secures INR 50 Cr Debt From Alteria Capital

Dailyhunt Parent VerSe Innovation Secures INR 50 Cr Debt From Alteria Capital

Dailyhunt parent acquires Magzter, grows revenue from ads to subscriptions

Dailyhunt parent acquires Magzter, grows revenue from ads to subscriptions

Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23; cash burn reduced by 34% in FY23

Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23; cash burn reduced by 34% in FY23

Dailyhunt's Parent VerSe bets on adtech to turnaround fortunes

Dailyhunt's Parent VerSe bets on adtech to turnaround fortunes

Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23, reduces burn by 34%

Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23, reduces burn by 34%

VerSe cuts burn by 51% in FY24, eyes profitability in H2 CY25

VerSe cuts burn by 51% in FY24, eyes profitability in H2 CY25

VerSe Innovation Slashes 350 Jobs in Major Restructuring Move

VerSe Innovation Slashes 350 Jobs in Major Restructuring Move

Download the medial app to read full posts, comements and news.