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Exclusive: Brine.fi Founders, Elevation Capital In Dock Over NCLT Petition On IP Theft, Crypto Syphoning

Inc42 · 1y ago

Exclusive: Brine.fi Founders, Elevation Capital In Dock Over NCLT Petition On IP Theft, Crypto Syphoning

Vaibhav Shukla, co-founder and ousted chief business officer of cryptocurrency trading platform LetsKrypto, has filed a petition against the co-founders of Brine.fi and investor Elevation Capital. He accuses them of stealing and misappropriating assets, including cryptocurrencies, user data, and intellectual property, from LetsKrypto's parent company, Inventphile Ventures. Shukla alleges that the assets were transferred to BRS Tech Service, the parent company of Brine.fi. The case will be heard by an NCLT Delhi bench in April 2024. Shukla has also received an interim order from the Delhi High Court in his favor.

Related News

MCA refutes reports claiming BYJU’S cleared of financial fraud; says probe ongoing

YourStory

YourStory · 1y ago

MCA refutes reports claiming BYJU’S cleared of financial fraud; says probe ongoing

The Ministry of Corporate Affairs has denied reports suggesting that BYJU'S has been cleared of financial fraud in an ongoing investigation. The ministry clarified that the investigation is still ongoing and no final conclusions should be drawn at this stage. While the probe did not find evidence of fund syphoning or financial manipulation, it did uncover governance shortcomings in the edtech firm. BYJU'S is currently fighting legal battles with investors and lenders, including a petition with the Karnataka High Court to challenge an NCLT order blocking its second rights issue.

Meta's Krishna Mehra joins Elevation Capital to lead AI investments

Economic Times

Economic Times · 8m ago

Meta's Krishna Mehra joins Elevation Capital to lead AI investments

Krishna Mehra, co-founder of Capillary Technologies, has joined Elevation Capital as a partner to lead AI and SaaS investments from Silicon Valley. With his experience in engineering AI-driven products at Facebook and his background in cloud systems and startups, Mehra will contribute to Elevation Capital's focus on the India-US corridor. The move aligns with the increasing trend of Indian founders targeting global markets from the outset. Elevation Capital's SaaS Compass program, offering mentorship to founders, will be further expanded with the appointment. Elevation Capital has already invested in numerous SaaS and AI companies.

Byju’s investor consortium moves NCLT against rights issue

Livemint

Livemint · 1y ago

Byju’s investor consortium moves NCLT against rights issue

A consortium of investors including Prosus, General Atlantic, Sofina, and Peak XV Partners has lodged a petition against Byju's rights issue, accusing the company of suppressing investor rights and mismanagement. The investors argue that Byju's management did not share relevant financial information with them and conducted an "oppressive" and non-transparent rights offer. They are seeking the declaration of the rights issue as void, the removal of the founders and management, and a forensic audit of the company. Byju's spokesperson stated that the company has not received a notice on the NCLT petition.

NCLT to hear Byju’s investors’ ‘oppression and mismanagement’ suit on Tuesday

Thehindubusinessline

Thehindubusinessline · 1y ago

NCLT to hear Byju’s investors’ ‘oppression and mismanagement’ suit on Tuesday

The Bengaluru bench of the National Company Law Tribunal (NCLT) is set to hear a petition filed by several investors of edtech giant Byju's, alleging oppression and mismanagement by the company's management. The investors are seeking the removal of the founders, a new board appointment, a declaration of the recent rights issue as void, and a forensic audit. The petition comes amidst a larger conflict between Byju's leadership and its investors, with a recent extraordinary general meeting resulting in the removal of the CEO and changes in the board.

Aakash and Byju’s merger application withdrawn

Thehindubusinessline

Thehindubusinessline · 1y ago

Aakash and Byju’s merger application withdrawn

Byju's and Aakash Educational Services Ltd (AESL) have withdrawn their merger petition at the National Company Law Tribunal (NCLT) hearing. The merger between the two edtech companies was part of a cash-and-stock deal worth $940 million, with Byju's acquiring AESL in April 2021. However, the share-swap deal has hit a roadblock as the founders of AESL have refused to complete the swap due to governance concerns. Byju's has also sent a legal notice to the founders. Byju's is facing additional challenges, including a cash crunch and an oppression and mismanagement case filed by investors.

Founders should look at capital as fuel, not outcome

YourStory

YourStory · 1y ago

Founders should look at capital as fuel, not outcome

Founders should look at capital as a tool to run the business rather than a way to arrive at valuation outcomes, said Mukul Arora, Co-managing Partner at Elevation Capital, at TechSparks 2023, in Delhi. Arora calls the current challenging times a "blessing in disguise" for founders, as it offers them time to develop a product with refined focus.

Relief for BYJU’S As NCLT Reserves Verdict On Investors’ Plea

Inc42 · 1y ago

Relief for BYJU’S As NCLT Reserves Verdict On Investors’ Plea

The National Company Law Tribunal (NCLT) has reserved its judgement on a petition filed by investors, including Prosus and General Atlantic, against BYJU'S CEO and other promoters. The investors are seeking status quo on BYJU'S ongoing $200 million rights issue, claiming it will erode their stakes in the company. The NCLT directed BYJU'S to increase its authorized share capital and park the money raised from the rights issue in a separate bank account. BYJU'S plans to go ahead with the rights issue, stating its importance for the company's survival and employment of 12,000 staff.

Reliance Capital administrator seeksimplementation of IIHL's resolution plan

Livemint

Livemint · 1y ago

Reliance Capital administrator seeksimplementation of IIHL's resolution plan

Reliance Capital's administrator has filed a petition with the National Company Law Tribunal (NCLT), requesting the tribunal to direct IndusInd International Holdings Ltd (IIHL) to implement its resolution plan by 10 August. IIHL's failure to comply with the 23 July order and its delay tactics prompted the administrator to take this action. The debt-ridden Reliance Capital was admitted into insolvency in December 2021, and the successful implementation of the resolution plan is crucial for both the lenders and the banking sector. The NCLT is expected to address the matter on Wednesday.

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai

Entrackr

Entrackr · 2m ago

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai Rumik has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. Conversational AI platform Rumik.ai is raising a new round led by Elevation Capital with participation from existing investors, according to two people aware of the matter. "Rumik recently raised $1.5 million from Info Edge, and Elevation is now leading a fresh $5 million in a new round," said a person who requested anonymity, as the details of the deal aren’t public. Sources also indicated that Huddle Ventures and Info Edge invested in April and both are likely to participate in the new round as well. Incorporated in April 2024, Rumik AI focuses on providing its conversational AI platform to enterprises. It has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. The company emphasizes that Ira does more than just process data. It forms memories and experiences to develop human-like intelligence, aiming to bridge the gap between robotic responses and genuine understanding. “The term sheet has been signed, and the money is likely to move soon,” said a second source who requested anonymity. “Given the recent investor interest in conversational AI and speech recognition, Rumik may be targeting a valuation in the range of $25–30 million.” Queries sent to Elevation, Rumik, Info Edge and Huddle did not elicit a response by the time of publication. Last month, Elevation Capital led a $6 million seed funding round in Agentic AI startup Adopt AI, which also features a conversational AI interface that executes tasks using natural language. In December 2024, the venture capital firm appointed former Meta executive Krishna Mehra as a partner to lead investments in software-as-a-service (SaaS) and AI.

Exclusive: Dale Vaz’s stock trading app Sahi dilutes 40% stake after Series A

Entrackr

Entrackr · 23d ago

Exclusive: Dale Vaz’s stock trading app Sahi dilutes 40% stake after Series A

Former Swiggy chief technology officer (CTO) Dale Vaz’s stock trading app Sahi recently raised $10.5 million or Rs 88.7 crore in its Series A round from Accel and Elevation Capital. While the company did not disclose key details such as valuation and dilution, Entrackr has analysed regulatory filings to uncover this information, including round-wise breakup and shareholding structure. The startup, which operates under Aartiya Technologies Private Limited, raised Rs 88.65 crore (around $10.5 million) through the allotment of 36,568 Series A compulsory convertible preference shares at an issue price of Rs 24,245 each, according to its filing with the Registrar of Companies (RoC). Accel India and Elevation Capital each invested Rs 44.3 crore (approximately $5.2 million each). According to Entrackr’s estimates, Sahi was valued at Rs 514 crore or $60.5 million post-allotment in the Series A. Following the latest allotment, Elevation Capital and Accel each hold a 20% stake in the company, while co-founders Dale Vaz and Manish Jain collectively retain 47.17%. The ESOP pool accounts for 12.41%, and notably, Swiggy co-founder and CEO Sriharsha Majety also holds a 0.10% stake in the company. Founded in 2023 by Dale Vaz and Manish Jain, Sahi is a trading platform for stocks and options, designed for fast and easy F&O trading. It offers a chart-based interface with real-time data, open interest, technical indicators, and one-click order execution. According to startup data intelligence platform TheKredible, Sahi has raised approximately Rs 146 crore (around $17 million) to date, including a Rs 56.5 crore seed round from Accel and Elevation in September 2023. Sahi operates as a registered broker on both NSE and BSE through Aartiya Broking Private Limited and had 12,632 active users as of June 2025, according to NSE data. In the fiscal year ended March 2024, Sahi reported no operating income but generated Rs 74 lakh in other income. The company posted a net loss of Rs 11.35 crore during the period.

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