Sequoia Capital India has reportedly acknowledged the fraud allegations charged against some of its portfolio startups and committed to taking bold steps to perform more to steer increased compliance.
In a statement, the venture fund stated that it is a work in progress. All players must collectively drive accountability and enhanced performance for the company to untap the complete potential offered by this region.
The statement served as the first official word of the storied venture fund, and it comes on the heels of investigations of three of its portfolio startups:
Sequoia, which did not mention any startup by name, stated that it will work on the following things:
Although the post, written by the team at Sequoia, stated that investors may not perform sufficient due diligence, it also opined that there is hardly any business to diligence during seed investments or ones made later during the early stage. Even investors in the later stage can face negative consequences post the investment if there is illicit intent and fraud.
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