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  • From Delhi to Tesla: Vaibhav Taneja Becomes World’s Highest-Paid CFO at $139 Million

    Vaibhav Taneja, an Indian professional, is making waves around the world as the Chief Financial Officer (CFO) of Tesla, earning an incredible $139.5 million in 2024. It is among the largest compensation packages given to a CFO in history.

    This amount, which greatly exceeded his base income of $400,000, was primarily derived from stock options and equity awards given to him after his promotion. Taneja was positioned as one of the highest-paid financial executives in company history thanks to this remarkable salary, which surpassed the salaries of prominent tech executives like Satya Nadella and Sundar Pichai.

    India is where Vaibhav Taneja’s adventure started. He graduated from Delhi University in 1999 with a Bachelor of Commerce, became a chartered accountant in 2000 through the Institute of Chartered Accountants of India, and then became a Certified Public Accountant (CPA) in the United States in 2006.

    He worked with PricewaterhouseCoopers (PwC) in India and the United States for about 17 years, rising to the position of Senior Manager in Assurance. He began his career with the electric vehicle behemoth in 2016 when he joined SolarCity, the solar energy company that Tesla eventually purchased.

    Striking Success with Dedication and Hard Work at Tesla

    Taneja became an Assistant Corporate Controller at Tesla following the 2017 SolarCity merger. He rose swiftly through the ranks, finally replacing Zach Kirkhorn as Chief Financial Officer in August 2023 after being appointed Chief Accounting Officer in 2019 and promoted to Corporate Controller in 2018.

    He currently plays a significant part in Tesla’s Indian expansion strategy as a director of Tesla India Motors and Energy Private Limited. For the most part, Taneja’s record-breaking $139.5 million remuneration plan is stock-based and will vest over a four-year period.

    Tesla shares were worth about $250 at the time of the award, but by May 2025, they had increased to $342, making the prize even more profitable. In the same year, his salary surpassed Sundar Pichai’s $10.7 million and Satya Nadella’s $79.1 million.

    Additionally, it exceeded the $86 million CFO remuneration record that Nikola’s CFO set in 2020. Taneja belongs to a certain category of business executives as a result.

    Why Taneja is Getting High Pay-Cheques Despite Tesla’s Ongoing Challenges?

    Despite falling EV deliveries, narrowing margins, and more global competition, Taneja is getting a rise from Tesla. Some say that compensating CEOs who exhibit great financial stewardship is essential for navigating through unpredictable market situations, while others criticise such high executive salaries.

    The criticism of Tesla’s executive pay arrangements has increased as a result of Elon Musk, the company’s CEO, facing legal battles over his own revoked $56 billion compensation package.

    Taneja is frequently characterised as a calm, strategic leader with extensive knowledge of company integration and financial operations. He is known for his quiet competence rather than flamboyance. Professionals all throughout the world, particularly those from the Indian diaspora, find inspiration in his success story.

    With more than 20 years of expertise, Taneja is currently in charge of Tesla’s financial strategy, demonstrating that exceptional achievement can be achieved with technological know-how, global flexibility, and the capacity to negotiate challenging corporate environments.

  • Pocket FM in Legal Crosshairs as US Contractors Sue Startup

    A number of former workers have claimed in the last three months that the poisonous work culture at Pocket FM is severely harming staff members. Posts regarding workers in the company’s Indian headquarters who said they were fired without sufficient notice are common on social media.

    And social media complaints aren’t limited to Indian workers. During its months-long investigation, several media houses have reported that there are a number of problems at Pocket FM, including disgruntled former contractual employees in the US who have taken the company to court.

    The startup is based in Bengaluru and has a parent company in the US. Even though the US accounts for almost 80% of Pocket FM Corp’s income, the company is facing a possible class action lawsuit, according to many lawsuits filed against it in the US.

    According to at least 11 “independent contractors”, Pocket FM violated several US regulations and legislation pertaining to worker classification, wage provisions, and working conditions.

    Contractual Trap of Pocket FM

    The core of these numerous allegations is that Pocket FM has set up a contractual trap, purposefully misclassifies workers, fails to provide payroll records, minimum wages, severance compensation upon termination, and more.

    In the US, a large number of applicants claim that they were fired without cause, that they were not given rest or meal breaks, and that Pocket FM retaliated against them for voicing these concerns.

    In response to a media inquiry, Pocket FM denied that there were any disparities in the recruiting procedure of contractual workers in the US and stated that the accusations are unfounded. The company also stated that hiring contractual workers for short-term projects is standard procedure in the content and entertainment sector.

    Employees in India have frequently complained that their contracts are terminated long in advance of a project’s completion, leaving them unemployed with little warning.

    The class action lawsuit filed against Pocket FM by former contractors may have significant effects on future growth due to the company’s reliance on US income.

    Beyond this, though, a bad reputation has been created among creative professionals due to claims of a hostile environment and strict deadlines for creative work. Many of these workers have taken to social media to vent their frustrations, and those who have the option to sue the corporation have done so.

    Financial Outlook of Pocket FM

    When Rohan Nayak, Nishanth KS, and Prateek Dixit founded Pocket FM in 2018, it was an audio entertainment platform that offered serial material in a variety of languages and genres, such as romance, drama, thriller, fantasy, and science fiction.

    In the initial years, Pocket FM talked about developing a new category for audio series in India that was based on micro-transactions as a revenue model. The company’s full attention was on the Indian market during this time.

    Pocket FM’s US launch was a huge success, and it might even be argued that its microtransaction method was always anticipated to perform better in the US due to the country’s greater per capita income and established podcast consumption market.

     Although this could not be independently confirmed, Pocket FM said that its top line increased 68% in FY25 and that its global sales jumped 496% to INR 1,051.97 Cr in FY24.

  • Microsoft-Backed Builder.ai Faces Bankruptcy After Funds Seized

    The CEO of Builder.ai, a British artificial intelligence startup supported by Microsoft Corp. and the Qatar Investment Authority, announced that a major creditor had taken the majority of the company’s funds, prompting the company to file for bankruptcy.

    Manpreet Ratia, the CEO of Builder.ai, stated in an interview on 20 May that Viola Credit, which gave the software company $50 million in debt last year, had taken $37 million from the company’s accounts, leaving it with $5 million.

    Ratia did not provide a clear explanation for the seizure. According to Ratia, the business, which has operations in the US, UK, India, the UAE, and Singapore, will declare bankruptcy when the time comes, in accordance with the procedures in each of those countries.

    Ratia stated that he had to make the tough choice to fire the majority of Builder.ai’s staff due to the startup’s financial difficulties. According to him, the company’s remaining $5 million is in Indian banks and was unable to be utilised for employee payments because of limitations on the flow of funds beyond the nation.

    Downfall of Builder.ai

    One of the largest sovereign wealth funds in the world, QIA, spearheaded a $250 million fundraising round for the company two years prior, and the current proceedings represent a remarkable fall from grace. In 2023, Microsoft also invested equity as a component of a strategic alliance.

    Builder.ai disclosed to a news agency less than two months ago that it had engaged auditors to review two years’ worth of accounting and that it had been compelled to reduce sales predictions given to investors. This was in response to enquiries from the agency on the worries of former workers regarding the company’s exaggerated sales figures.

    The mistakes made by Builder.ai highlight the dangers of investing in promising AI firms too quickly, as investors aim to duplicate the achievements of industry titans like OpenAI and Anthropic.

    Following ChatGPT’s launch, London-based Builder.ai capitalised on investor excitement in AI to draw in well-known investors. Ratia took over as CEO in February after Sachin Dev Duggal, the company’s founder, resigned.

    At the time, Builder.ai also demanded Duggal to give up four of the five seats he controlled and reduced the size of its board from nine to five.

    According to a statement from Builder.ai, the company has not been able to bounce back from prior decisions and historic setbacks that have severely strained its financial position. It further stated that the corporation will designate an administrator to oversee its operations.

    More Trouble for Builder.ai

    The business has also received investments from the World Bank Group’s International Finance Corp., Hollywood tycoon Jeffrey Katzenberg’s WndrCo, Lakestar, and SoftBank Group Corp.’s DeepCore incubator.

    Bankruptcies in the US are not the same as insolvency cases in the UK, where Builder.ai is headquartered, and other nations with comparable legal systems. A court-approved administrator oversees insolvencies in the UK, working directly with creditors and avoiding the incumbent managers.

    In the US, managers remain in their positions, and a federal judge must authorise any significant moves, such as borrowing funds or selling assets.

  • JP Conte Launches New Family Office Lupine Crest Capital

    Jean-Pierre “JP” Conte has announced the launch of his new family office, Lupine Crest Capital. The official launch took place on March 5, 2025.

    Strategic Vision for Lupine Crest Capital

    The newly formed family office, Lupine Crest Capital, will deploy strategic capital across diverse asset classes, leveraging Conte’s extensive experience in the private equity sector. According to the announcement, the family office will focus on three primary areas: private equity, real estate, and venture investments, with an emphasis on transforming mid-sized companies into industry leaders.

    Conte’s new family office aims to apply his proven investment expertise to companies typically generating between $50 million and $500 million in revenue. The family office will target businesses across sectors where Conte has demonstrated success throughout his career, including healthcare, financial services, software, and industrial technology.

    “Entrepreneurship and innovation form the bedrock of American economic growth. Through my new family office, I am looking forward to investing in the next generation of businesses to give them the boost they need to go from good to great,” shared Conte. This optimistic outlook aligns with his vision for the family office, which will target mid-sized companies with revenues between $50 million and $500 million across sectors where he has demonstrated success.

    Building on Decades of Private Equity Leadership

    The establishment of Lupine Crest Capital builds upon Conte’s remarkable 35-year career in private equity and investment leadership. Conte described the venture as “an exciting new avenue to continue my life’s work of helping companies achieve their full potential,” highlighting the continuity between his previous work and this new chapter in his career.

    As a distinguished leader in private equity, Conte has overseen extraordinary growth throughout his career, transforming investment operations and building impressive portfolios. Under his stewardship, he has guided middle-market private equity investments across the United States, investing in high-quality companies across multiple industries.

    And, Lupine Crest is now poised to harness these decades of experience with Conte helming his family office.

    A Self-Made Success Story

    JP Conte’s journey to becoming one of private equity’s respected figures began with his education at Colgate University, where he earned his undergraduate degree in 1985. He then gained valuable experience in the financial sector, starting his finance career that same year at a bank in New York City. After earning his MBA from Harvard Business School in 1989, Conte entered the private equity field shortly thereafter.

    Within just three years, Conte rose to leadership positions, demonstrating the business acumen and leadership capabilities that would fuel decades of success. His approach emphasized collaborative culture and a focus on building teams of top specialists capable of transforming companies into industry leaders.

    This background, refined throughout his 35 year career, provided Conte with the expertise and perspective now being applied to Lupine Crest Capital. The name itself —Lupine Crest— evokes imagery of growth and elevated perspective, aligning with the family office’s mission to transform promising companies into industry leaders.

    Investment Strategy and Focus Areas

    Lupine Crest Capital’s investment strategy appears to combine elements of traditional private equity with the more flexible approach characteristic of family offices. While maintaining focus on sectors where Conte has demonstrated expertise—healthcare, financial services, software, and industrial technology—the family office structure potentially allows for more patient capital and creative investment approaches.

    The family office will target companies with strong leadership that experience solid growth and generate superior investment returns. This approach mirrors Conte’s successful strategy throughout his career, where he has built a reputation for identifying promising businesses and helping them reach their full potential through strategic guidance and operational improvements.

    By focusing on mid-sized companies with revenues between $50 million and $500 million, Lupine Crest positions itself in a market segment where transformational growth remains possible but might be overlooked by larger private equity firms focusing on larger acquisitions. This middle-market focus has been a sweet spot for Conte throughout his investment career.

    Broadening Investment Horizons

    The launch of Lupine Crest Capital continues Conte’s pattern of broadening his investment activities through carefully considered new ventures. Conte has demonstrated interest in diverse investment opportunities, including sports and international business investments.

    Since late 2022, he has served on the board of Eagle Football Holdings LLC, an investment group that owns stakes in prominent soccer clubs worldwide, including Olympique Lyonnais (France), Botafogo (Brazil), and Crystal Palace (England). This venture blends his personal interests with business, as Conte has stated he backed the Lyon football club deal in honor of his late father’s love of the sport.

    The establishment of Lupine Crest Capital as Conte’s family office follows a similar pattern of strategic expansion, allowing Conte to pursue investment opportunities aligned with both his expertise and personal interests. 

    A New Chapter in Private Equity

    As he builds his family office, Lupine Crest Capital, Conte continues his leadership in private equity, guiding investment strategy and organizational culture now for his own family office. This multilayered approach highlights his commitment to both excellence.

    Throughout his distinguished career, Conte has successfully raised billions in investment capital and built a track record of successful investments. His continued success in the private equity arena provides a strong foundation from which he can explore additional investment avenues through his family office.

    By establishing this family office now, Conte positions himself to capitalize on emerging trends and opportunities he observes in the market.

    Investment Leadership & Philanthropic Impact

    Jean-Pierre “JP” Conte is an American business executive and philanthropist with over 35 years of experience in private equity leadership. Throughout his career, he has transformed investment operations into industry leaders with substantial assets under management.

    Beyond his business accomplishments, Conte has established himself as a significant philanthropist, focusing on causes such as neuroscience research. In 2017, he founded the J-P Conte Family Foundation to channel his charitable efforts. Following the loss of his father to Parkinson’s disease that same year, Conte shifted much of his philanthropy toward funding research on neurodegenerative diseases, recently making a major $5 million pledge to UCSF in November 2024 to establish two endowed professorships in neurology.

    Conte earned his undergraduate degree from Colgate University in 1985 and an MBA from Harvard Business School in 1989. Throughout his career, he has held numerous corporate board positions with companies in the healthcare and life sciences domain, including ConnectiveRx, Signant Health, and Advarra.

    The launch of Lupine Crest Capital as Conte’s family office represents a significant milestone in JP Conte’s investment career, allowing him to expand his influence while continuing to apply the expertise and strategic approach that have defined his success. As this new venture develops, it bears watching how Conte’s proven strategy of transforming promising companies into industry leaders will manifest through this more flexible investment vehicle, potentially creating new opportunities across healthcare, financial services, software, and industrial technology sectors.

  • Prabhkiran Singh Breaks the Age Myth: Why 35 Isn’t a Deadline for Founders

    Is 35 already too late, or just the beginning? That’s the question Prabhkiran Singh, Co-founder and CEO of Bewakoof, recently reflected upon in a heartfelt LinkedIn post that struck a chord with many.

    Having turned 35, Singh shared the internal conflict many professionals face, torn between societal milestones and personal evolution. His candid thoughts offer a reminder that success doesn’t follow a linear or age-bound path.

    The Silent Pressure of Age

    “Some days I thought, ‘I should’ve done more by now. These are my peak years.’ Other days, I felt at peace – like maybe I’m just getting started,” Singh confessed.

    In a world obsessed with early achievements, the thirties are often painted as a final checkpoint. But Singh’s reflection questions this race. Why do we equate age with achievement? And why do we panic when we haven’t ticked off every goal by a certain birthday?

    Trading Productivity Hacks for Perspective

    At the start of the year, Singh made a resolution that took a different route from the usual “growth hacks” or “CEO routines”. Instead, he chose to read autobiographies, not for answers, but for companionship.

    “Not for tips, just for company,” he wrote.

    The three autobiographies he picked were:

    • A Promised Land by Barack Obama
    • Freedom by Angela Merkel
    • What I Know For Sure by Oprah Winfrey

    Each story, rooted in its own struggles and triumphs, gave Singh a broader view of time and purpose.

    Real Lives. Real Timelines

    Singh highlighted how each icon was still “figuring it out” at 35:

    • Obama had just lost a congressional race and was teaching law.
    • Merkel had only just entered into a political career after years as a physicist.
    • Oprah was only beginning to evolve her show into something bigger than television.

    These were not tales of overnight glory but of slow, meaningful growth.

    “Turns out, most people I admire were still figuring it out too,” Singh remarked.

    The Peace of Letting Go

    Reading these lives helped Singh declutter his own expectations. The takeaway? You don’t need to peak in your 20s or even your 30s.

    “Peace that affirms you only need a few good years to make a big leap.”

    Singh’s words are a gentle reminder that growth is not linear. Some of the most impactful years might still be ahead, and that’s not just okay, it’s powerful.



    A Quiet Reminder for Founders

    For entrepreneurs constantly chasing milestones like funding rounds, exits, or “by-30” success stories, Prabhkiran’s reflection is a quiet reminder: growth isn’t always loud, linear, or age-bound. Sometimes, the most powerful shifts happen internally, when you pause, listen to stories that have endured, and realise you’re not late, just layered. Whether you’re 25 or 45, it’s never too late to build something meaningful, especially when you’re building from clarity.

    A New Definition of Progress

    Singh’s reflection isn’t just about age, it’s about reframing how we view success, pressure, and progress. In an age of social comparison and startup hustle, it’s refreshing to hear a founder say: “Maybe age-related milestones aren’t the finish line we make them out to be.”

    Sometimes, just living and learning is progress enough.

    Prabhkiran Singh: The Visionary Behind Bewakoof’s Quirky Revolution | Education | Net worth |
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  • 247VC Launches INR 250 Crore India Fund to Back 30 Bold Seed Startups Across Deep Tech, Industry 5.0 & More

    247VC announces its India Fund I with a corpus of INR 200 Crores and a greenshoe option of INR 50 Crores, thereby targeting a total of INR 250 Crores ($30 million). The fund is registered with SEBI as a Category II AIF and will invest in high-potential founders across sectors, as the first institutional cheque with follow-on capital in future rounds. 247VC plans to invest in 30 daring startups in the next 3 years. 

    Founded by Yagnesh Sanghrajka and Shashank Randev, both Operator VCs, experienced and well-recognised early-stage investors with an impressive track record and a collective 50+ years of operating,  investing, and fund-raising experience. 

    While being sector agnostic, 247VC aims to focus on 4 major themes in this fund – Consumption, Deep Tech, Enterprise Tech and Industry 5.0. There are a host of sub-themes, thoroughly researched and curated to back the best-in-class entrepreneurs.

    On the launch, Yagnesh Sanghrajka, Founder and Managing Partner, 247VC, mentioned:  

    “India is entering its most exciting startup decade. With this fund, we’re doubling down on our mission to  back ambitious founders at the seed stage – those who are obsessed with solving hard problems and  building for scale. With experience across 200+ early-stage investments, we know how tough the 0 to 1  journey is. Together with the ecosystem partners and co-investors, we’re committed to helping build  companies that will shape a Viksit Bharat by 2047.” 

    247VC founders have backed some of India’s most daring startups like Knight Fintech, EMO Energy, abCoffee, Zeron, Vodex, Stupa Sports Analytics, Spare8, 50Fin, Wrap2Earn, Breathe ESG, Roopya,  Arthum, Bugbase, Hummsa Bio, ThinkMetal, Luzo, Coolberg and others. Their early conviction in bold ideas, often before the market fully recognised them, has led to exceptional outcomes.  

    Leveraging deep founder empathy, operational expertise, and high-velocity decision-making, the team has driven multiple successful exits too, with returns soaring upwards of 70X multiples, reinforcing their reputation as value creators in India’s early-stage venture landscape. 

    Shashank Randev, Founder and General Partner, 247VC, added: 

    “We’ve spent the last decade backing founders, building with them, and learning from every cycle of scale.  This fund is not just a next step, it’s a focused leap toward the kind of audacious innovation Bharat needs.  Our edge is hands-on experience, deep networks, and a relentless belief in our founders solving meaningful problems. We want to enable the next category-defining companies, especially where markets  are still forming or yet to be discovered.” 

    247VC has some marquee early backers like Sachin Tagra, Managing Partner at JSW Ventures, Vivek  Mathur, ex-Partner at Elevation Capital and Shailendra Majmundar, Gen AI and Machine Learning (ML) expert, John Hopkins University, to name a few. 

    About 247VC  

    247VC is India’s go-to “Seed” fund backing legendary founders as the first institutional cheque with follow-on capital in future rounds.  

    247VC is a team of domain expert Operator VCs, bringing battle-tested experience and unwavering focus to every venture. Intellectual capital is greater than everything. They partner with bold insurgents, the ones rewiring Bharat’s destiny with audacity and execution. 

    247VC is a SEBI-registered CAT II AIF.

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  • Building the Backbone of India’s Creator Economy — The CREATE Story

    Mumbai (Maharashtra) [India], May 20: What started as a mission to bring structure and scale to India’s booming influencer ecosystem has evolved into one of the country’s most formidable creator management companies. CREATE, co-founded by Avi Chanodia and Piyush Agrawal, is powering the next wave of digital fame, helping creators go from content to commerce, reels to revenue, and virality to value.

    Scaling Influence into Impactful Careers

    At its core, CREATE addresses a growing challenge in the content world: creators with massive reach but limited support to scale sustainably. With trends evolving overnight and platforms constantly shifting, today’s digital stars need more than just management—they need business blueprints.

    “We don’t just sign creators—we build careers,” says Avi Chanodia, Co-Founder of CREATE. “From brand partnerships and IP development to strategy, finance, and long-term monetization, we work behind the scenes so creators can shine on screen.”

    CREATE’s roster includes over 60 of India’s most dynamic digital personalities—such as Passenger Paramvir, Monkey Magic, Satya Swagat, and many more—spanning storytelling, travel, art, lifestyle, and fashion. Whether it’s expanding a YouTube presence, launching personal brands, or securing international deals, CREATE functions like a startup studio for creators.

    The company has executed standout campaigns with brands like Google, CRED, Coca-Cola, and Blinkit, delivering collaborations that go far beyond surface-level metrics.

    Rather than chasing fleeting virality, CREATE focuses on cultivating creators with a distinct voice, authentic storytelling, and the ability to build lasting communities. The team looks beyond follower counts to support individuals with originality, consistency, and a strong sense of purpose.

    A Journey from Management to Co-Creation

    When Avi and Piyush started CREATE, the goal was clear: streamline creator operations and unlock new income channels. But what followed was a deeper involvement—one where CREATE wasn’t just managing influencers, but actively co-creating with them.

    As the team built processes around deal negotiation, calendar management, and content pipelines, they also began incubating original IP, launching and driving collaborations that extended beyond social media. The result? A hybrid model that marries the agility of talent agencies with the vision of brand accelerators.

    Take Monkey Magic, for example. He turned his journey along the Ganga into Melodies of India, a self-published photo book that’s nearly sold out. It’s this shift from just creating content to owning and monetizing it meaningfully that embodies the kind of creative entrepreneurship CREATE aims to fuel.

    “We’ve always believed creators are businesses,” says Piyush Agrawal, Co-Founder. “They have audiences, brand equity, and storytelling power. All they need is the right engine—and that’s what CREATE delivers.”

    What’s Next: Platforms, Products, and Creator-Led Brands

    As CREATE enters its next chapter, the roadmap includes exploring regional markets, investing in original content formats, and launching creator-first brands. Strategic collaborations with production houses and consumer brands are also on the cards, along with international forays to take Indian creators global.

    The focus is on continuing the momentum, bringing in culturally relevant creators, experimenting with new storytelling formats, and expanding into categories that reflect where the audience is headed. They’re also strengthening their internal ecosystem to offer deeper creative and strategic support, both to talent and to the brands they work with.

    “We’re building for a world where every creator can also be a founder,” says Piyush. “From India to the world, we’re laying the foundation for sustainable creator entrepreneurship.”

    The Future is Creator-Led, and CREATE-Backed

    With the creator economy set to become a $500B global industry by 2030, India is poised to play a major role. But it won’t be just about views and followers—it will be about depth, trust, and long-term brand value.

    That’s where CREATE is placing its bets. With a vision rooted in partnership, and a team fluent in both culture and commerce, the company is building the infrastructure for tomorrow’s content pioneers.

    “Creators are the new media empires,” Avi says. “We’re just helping them build smarter, scale faster, and dream bigger.”

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  • Amazon Fined INR 40K by Mumbai Court for Not Delivering INR 100 Rakhi

    E-commerce giant Amazon has been ordered by a Mumbai consumer dispute redressal tribunal to reimburse a disgruntled customer INR 40,000, including legal fees, for failing to deliver a Rakhi valued at INR 100.

    A bench of the District Consumer Disputes Redressal Commission for the Mumbai suburban area issued an order on February 11 directing the deposit of the money within 60 days of the order’s issuance.

    According to the order, in August 2019, the customer placed an online order for a Rakhi. Nevertheless, Amazon subsequently cancelled the transaction after the delivery date and returned the INR 100 that was paid at the time of purchase.

    What Exactly the Complaint States?

    According to the complaint, a now-defunct courier business was tasked with delivering the merchandise. Additionally, according to the plea, Amazon dispatched the disputed Rakhi on July 25, 2019, over a week before the order was placed.

    After discovering similar grievances from other parties, the complainant issued a legal notice to the e-commerce giant requesting INR 4.5 lakh in compensation for alleged unfair trading practices and service deficiencies.

    Following its hearing of the complaint, the commission ordered the e-commerce giant to pay the compensation sum after finding it guilty of “deficiency in service and adopting unfair trade practice”.

    Amazon’s Response and Tribunal Observation

    Amazon argued in front of the consumer court that it was only a third-party, impartial facilitator that let sellers list on the platform. Additionally, the e-commerce site asserted that it has no control over the sale transaction and cannot be held accountable for the listing.

    The tribunal responded by pointing out that there was no documentation proving that Amazon had sent INR 100 to “Dhanashree Rakhi,” the Rakhi seller, implying that the money was in the e-commerce platform’s account. By doing this, the tribunal confirmed that the complainant and Amazon were the parties to the transaction, and it further said that the e-commerce platform was in charge of the delivery.

     According to the order, Amazon has an obligation to the complainant and to her money. Every time a customer clicks on the online marketplace’s website, money is made. As a result, before accepting the order, the other party (Amazon) has an obligation to confirm the seller’s location and status.

     The Consumer Court noted that as Amazon was in possession of the aforementioned Rakhi, it was accountable for ensuring its prompt delivery; failing to do so constituted a service failure and an unfair business activity.

    In addition to claiming that the non-delivery of the Rakhi to her brother’s son caused her “emotional hurt and harassment”, the complainant failed to provide any convincing evidence in support of the INR 4.5 lakh compensation request, the consumer grievance redressal tribunal noted.

    However, the commission mandated that Amazon pay INR 10,000 in legal fees and INR 30,000 in compensation.

  • EaseMyTrip CEO Nishant Pitti Under ED Scanner in Mahadev App Probe

    The Enforcement Directorate (ED) has reportedly expanded its probe into the matter, putting cofounder Nishant Pitti of the online travel aggregator EaseMyTrip under suspicion, a month after the company formally denied any affiliation with the Mahadev app or any other betting platform.

    Pitti is suspected of working with a group of operators who reportedly utilised the money made from the illicit betting business to manipulate the stock prices of 25 listed companies in which the promoters of those companies were involved, according to a media report.

    In addition, during its raids last month, the ED allegedly retrieved INR 7 lakh from Pitti’s home, which is regarded as possible proceeds of crime (PoC). It is noteworthy that as part of the money laundering probe into the INR 20,000 Cr Mahadev betting case, the ED conducted raids at other Pitti-related venues last month.

     Despite acknowledging in public that ED searched more than 50 places, including the Easemytrip location, the travel tech platform claimed to have “no direct or indirect association with the Mahadev Betting App or any other betting platform.”

     But according to a recent media source, the ED made four accusations against Pitti in its submission to the adjudicating authority (AA).

    ED’s Allegations on Pitti

    Pitti was allegedly aware of the activities of the betting website Sky Exchange, which was connected to the Mahadev app, according to the investigating agency. Additionally, it claimed that Pitti’s company paid two shell corporations associated with the software.

    The recovery of INR 7 lakh from Pitti’s home and his alleged interaction with an operator who conspired with promoters of listed firms to manipulate stocks are the two additional accusations. With eight earning members at home and more than INR 1,000 Cr in IT returns, Pitti has reportedly refuted the accusations once more and told a media outlet that the company’s declared cash in hand is more than INR 70 Lakh.

    “The INR 7 lakh that was recovered is a small portion of our declared cash and is tiny in comparison to our income,” Pitti stated. In the meantime, digital information found on Prashant Bagri’s laptop establishes Pitti as a Sky Exchange agent, per the ED’s application. Bagri works with one of the main defendants in the lawsuit.

    According to reports, ED further points out that Nischay Trading Private Ltd. and Silvertoss Shoppers Pvt. Ltd., which have been identified as entry-providing organisations, received payments from Easy Trip Planners Ltd. in 2021. The ED claims that Easy Trip Planners Ltd. and Pitti handled the proceeds of crime connected to Sky Exchange based on this evidence.

    What was Mahadev App Scam?

    The lavish wedding of Sourabh Chandrakar, one of the marketers of the Mahadev Online Betting app, in Dubai, which cost more than INR 200 Cr, brought attention to the Mahadev betting app scam in 2023. With 10 million users at its height, the app, which was operated by Chandrakar and Ravi Uppal, let users place real-time bets on sports like tennis, cricket, and football.

    Later, a number of celebrities were engaged in the case, including Hina Khan, Huma Qureshi, Shraddha Kapoor, and Ranbir Kapoor. The Mahadev app online betting fraud was exposed by the ED during a crackdown that began months later.

    Following investigations, the ED discovered that INR 1,100 Cr of the estimated INR 20,000 Cr in total profits of the crime had been transferred into the stock market using fictitious bank firms and dummy accounts.

    The ED had previously claimed that Bhupesh Baghel, the former chief minister of Chhattisgarh, had accepted kickbacks from the Mahadev app’s developers totalling more than INR 500 Cr.

  • Myntra Goes Global: Debuts in Singapore to Tap Indian Diaspora

    Myntra, an online clothes retailer, has launched Myntra Global, its first direct-to-consumer venture outside of India, to enter the global market. In an attempt to reach the 650,000-person Indian diaspora abroad, the Walmart-owned company is expanding into Singapore.

    It would provide its clients across the nation with a smooth and hassle-free purchasing experience in addition to hand-picked, trendy Indian fashion styles. Over the next few years, Myntra Global, which is part of the company’s larger expansion strategy, will allow it to reach new client segments and strengthen its global brand affinity.

    With a solid 18-year history of serving fashion-forward consumers, Myntra has already seen a significant increase in organic traffic, with 30,000 users from Singapore using its current platform.

    Myntra Trying Mimic its India’s Success Story in Singapore

    Prior to contemplating wider expansion, the corporation seeks to comprehend consumer preferences, selection dynamics, and brand traction. Reaching 12–15% of Singapore’s Indian customer base is one of the initial objectives.

    Myntra’s chief executive officer, Nandita Sinha, stated that the company is utilising its portfolio of Indian fashion and home décor brands to capitalise on opportunities related to festivals, weddings, and other events.

     The company’s current priorities include learning, achieving the ideal product-market fit, and then growing. According to Myntra, the foundation for offering a flawless online shopping experience on Myntra Global would be its robust technological capabilities in creating a platform of scale.

    Myntra Global will use third-party cross-border logistics services to deliver orders in four to seven days on average, and it will be accessible on desktops and mobile web.

    Myntra’s Business Strategies for Singapore Market

    About 35,000 pieces from 100 companies in a variety of categories, including clothing, accessories, footwear, and home goods, are being brought to Singapore by Myntra.

    To start, a variety of labels have been made available, including Aurelia, Global Desi, AND, Libas, Rustorange, Mochi, W, The Label Life, Chumbak, Anouk, Bombay Dyeing, Rare Rabbit, and Nasher Miles. According to Myntra, this action will support the expansion of Indian fashion businesses and enable them to expand outside of India, in keeping with the government’s goal of introducing made-in-India goods to the world market.

    With Myntra’s proficiency in providing large-scale customer service and the outstanding products from some of the most cherished brands, Sinha added, it is certain that Myntra Global would satisfy Indians residing overseas and maintain their ties to their heritage in a fashionable manner.

    In order to smoothly serve Singapore, the company will also keep developing and expanding the platform, she added, which will help our brand partners grow.

    In order to reach the Middle Eastern market, Myntra teamed up with the e-commerce sites Noon and Namshi of the UAE-based conglomerate Emaar Group in 2020. With an emphasis on leisure and casual clothing, it introduced Myntra Fashion Brands, which offers carefully chosen collections of its private brands on both platforms.