Skip to main content

Mojocare investors uncover financial irregularities unsustainable business model

Mojocare investors have found “financial irregularities” at the health and wellness startup and are move to scale down its operations, they said in a statement Sunday.

The move follows the Bengaluru-headquartered Mojocare, backed by Peak XV, B Capital and Chiratae Ventures, laying off some 150 employees earlier this week.

In a joint statement, the investors said they were reviewing the financials of Mojocare and their findings thus far suggested that the business model employed by the startup is “not sustainable due to a variety of operational and market factors.”

The investors didn’t specifically say what prompted them to launch a probe into Mojocare.

“As a result, Mojocare will be scaling down operations, and the investor group is working with the company through its transition,” they said.

The three-year-old startup, which has raised about $23 million altogether, said earlier this week that its business fundamentals had not delivered in recent months.

“Facing difficult market conditions, we at Mojocare have had to make tough decisions to improve our unit economics,” a company spokesperson said earlier this week.

Mojocare investors uncover financial irregularities, unsustainable business model by Manish Singh originally published on TechCrunch



source https://techcrunch.com/2023/06/18/mojocare-investors-uncover-financial-irregularities-unsustainable-business-model/

Comments

Post a Comment

Popular posts from this blog

Max Q: Psyche(d)

In this issue: SpaceX launches NASA asteroid mission, news from Relativity Space and more. © 2023 TechCrunch. All rights reserved. For personal use only. from TechCrunch https://ift.tt/h6Kjrde via IFTTT
Post a Comment
Read more

Max Q: Anomalous

Hello and welcome back to Max Q! Last week wasn’t the most successful for spaceflight missions. We’ll get into that a bit more below. In this issue: First up, a botched launch from Virgin Orbit… …followed by one from ABL Space Systems News from Rocket Lab, World View and more Virgin Orbit’s botched launch highlights shaky financial future After Virgin Orbit’s launch failure last Monday, during which the mission experienced an  “anomaly” that prevented the rocket from reaching orbit, I went back over the company’s financials — and things aren’t looking good. For Virgin Orbit, this year has likely been completely turned on its head. The company was aiming for three launches this year, but everything will remain grounded until the cause of the anomaly has been identified and resolved. It’s unclear how long that will take, but likely at least three months. Add this delay to Virgin’s dwindling cash reserves and you have a foundation that’s suddenly much shakier than before. ...
Post a Comment
Read more

What’s Stripe’s deal?

Welcome to  The Interchange ! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up  here  so you can receive it directly in the future. Every week, I’ll take a look at the hottest fintech news of the previous week. This will include everything from funding rounds to trends to an analysis of a particular space to hot takes on a particular company or phenomenon. There’s a lot of fintech news out there and it’s my job to stay on top of it — and make sense of it — so you can stay in the know. —  Mary Ann Stripe eyes exit, reportedly tried raising at a lower valuation The big news in fintech this week revolved around payments giant Stripe . On January 26, my Equity Podcast co-host and overall amazingly talented reporter Natasha Mascarenhas and I teamed up to write about how Stripe had set a 12-month deadline for itself to go public, either through a direct listing or by pursuin...
Post a Comment
Read more