Will continue to respond strongly to wilful misconduct, fraud, says BharatPe investor Sequoia Capital

Sequoia said in a blog that it will not hesitate to act to protect the interests of shareholders and employees, even if it costs financially

Sequoia said in a blog that it will not hesitate to act to protect the interests of shareholders and employees, even if it costs financially

Sequoia Capital broke its silence over controversy at fintech firm BharatPe, saying on Sunday it has zero tolerance for proven wrongdoing and will continue to respond vigorously to intentional wrongdoing or fraud.

Sequoia, the largest shareholder in BharatPe, where co-founder Ashneer Grover was virtually fired from office, said in a blog that it will not hesitate to act to protect the interests of shareholders and employees, even if it costs financially. .

“We will make tough decisions where necessary to do the right thing,” it said without directly mentioning BharatPe.

The US venture capital firm said it wants companies that are not only valuable, but also sustainable.

“Some wallet founders have recently been investigated for possible fraudulent practices or bad governance. These allegations are deeply troubling,” it said. “We have always strongly encouraged founders to play the long game. We focus on the enduring and discourage focusing on vanity stats.”

The startup ecosystem needs guardrails so that a few errant founders don’t cause major setbacks, it added.

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