Apart from conflict of interest, the little-known VC firm shares an auditor with two firms of a partner and has demanded ‘sweat equity’ from the founders of startups in its portfolio.
At least five firms that had looked to the promised funds to scale up their businesses are engaging with other investors to raise interim capital as SphitiCap awaits SEBI s approval.
Venture capital firm SphitiCap invested $12 mn along with participation from other global investors, angel investors and high networth individuals (HNIs) at $5 million.Anot
Last year, the former Indian cricket team captain, Mahendra Singh Dhoni, invested in Garuda Aerospace and also became the brand ambassador of the drone startup.