Mahesh Murthy posts a statement on his social media asking IIM Calcutta if they teach students on how to screw Rocket Internet Companies in India?
Mahesh Murthy is back into the limelight with his latest statement on social media.
“First it was Rohit Chadda the MD of foodpanda who stole from it. Then it was Praveen R Sinha the MD of Jabong India who stole from it. Hey IIM Calcutta do you have a special course in teaching your grads how to screw Rocket Internet companies in India?” says Mahesh Murthy.
We went ahead and tried to analyses if Mahesh is right about this statement.
Food Panda started in 2012, incubated under Rocket Internet had raised around $300 million by 2015, with $100 million in their 2015 funding round.
Everyone knows the Foodpanda’s frauds, restaurants claiming 10x orders and Foodpanda not able to track it. Foodpanda also never bothered to update restaurant timings nor check if a restaurant shut down. Their customer experience was bad, actually we could say pathetic. All this because a food-tech company had no tech involved in transactions.
I myself ordered some food from Foodpanda in 2015, never received it till date (luckily did not pay with card, used cash on delivery). We could easily blame all these instances onto Rohit Chadda, as he was directing the company at that time. The company was generating revenue in lakhs while expenses were in crores.
After all this Rohit stepped down last year but kept his share in Foodpanda and started another venture called Paylo.in, which is a payment gateway. They recently acquired Ruplee. Clearly shows Rohit is doing well, sharpened his skills with Foodpanda, and started another venture. The Foodpanda scam is like Bermuda triangle, we are not getting into it in this article. The only sad part is, Rohit had $300 million to do wonders but he chose to play with customers, employees, and investors feelings.
As you all know Jabong is running in losses and it is on sale at 75% discount of asking price. Praveen R Sinha, knew this day would come and left Jabong to head GoJavas.
A PwC report accused Praveen of “conflict of interest” – saying that Jabong’s logistics unit [then called JaVAS] was transferred for no value to an entity which he controlled – Quickdel Logistics, which now runs it as GoJavas.
Reports suggest that after Praveen became a 50 percent shareholder in Quickdel logistics, the company also started picking up business from other e-commerce players. The company grew rapidly. Jasper Infotech, which owns Snapdeal, invested and now has a majority stake in GoJavas.
Praveen is now running a successful logistics company, more details about Praveen’s monetary benefits are yet to become public.
Mahesh’s doubts on these two entrepreneurs are right but not everyone from IIM Calcutta is like these entrepreneurs. Mahesh Murthy did get some unexpected comments for posting this status. I’m sure IIM Calcutta is not proud of these two.
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