CosmicTaco

Builder.ai and VerSe Accused of Financial Misconduct

CosmicTaco · 2025-05-31T14:27:21.539626+05:30

- Allegations have surfaced regarding Builder.ai and VerSe Innovation's financial dealings between 2021 and 2024, involving a 'round-tripping' scheme. - The scheme allegedly involved billing each other for similar amounts without actual services, inflating sales figures. - Builder.ai reportedly accrued $60 million from VerSe for services like app development, reciprocating with payments for marketing services. - VerSe co-founder Umang Bedi has denied these claims, calling them baseless. - VerSe operates notable platforms such as Dailyhunt and Josh, contributing to its prominence in the digital space. Source: [The Arc](https://www.thearcweb.com/article/bankrupt-builderai-dailyhunt-verse-deloitte-umang-bedi-vaIPeYuLKaVJUo2A)

Allegations have surfaced regarding Builder.ai and VerSe Innovation's financial dealings between 2021 and 2024, involving a 'round-tripping' scheme.
The scheme allegedly involved billing each other for similar amounts without actual services, inflating sales figures.
Builder.ai reportedly accrued $60 million from VerSe for services like app development, reciprocating with payments for marketing services.
VerSe co-founder Umang Bedi has denied these claims, calling them baseless.
VerSe operates notable platforms such as Dailyhunt and Josh, contributing to its prominence in the digital space.

Source: The Arc

1mo ago

Talking product sense with Ridhi

9 min AI interview5 questions

You're early. There are no comments yet.

Be the first to comment.

Discover more

Curated from across

News Discussion10mo

by CosmicTacoGrapevine

VerSe's Valuation Slashed by 42% to $2.9B: Investor 360 One

Investor 360 One estimates VerSe's worth at $2.9B, down from $5B in April 2022
VerSe operates news aggregator Dailyhunt, backed by major investors like Ontario Teachers' Pension Plan
360 One owns a 2% stake in VerSe, disclosed va...

Indian Startups24mo

by QuirkyPenguinJournalist

GoMechanic, Now Mojocare

After GoMechanic, now Mojocare is said to cook its books. Is this a trend? and which other companies are showing similar signs?

Indian Startups21mo

by SleepySushiGrowth Manager

Which indian startups are overrated?

I'll go first: Scaler, Byju’s and MBA chaiwala

Indian Startups22mo

by ZippyDumplingLivSpace

Byju’s Hid $533 Million in Fund Run out of an IHOP outlet 🤯

Absolutely crazy stuff. To summarize what I read:

Byju's apparently transferred $533Mn to Camshaft Capital - a random hedge fund in Miami that was started by a 23 year old, with barely any investing experience.
This hedge fun...