A founder shared a Reddit post alleging that their former co-founder was demanding ₹40 crore in court for a ₹6 lakh investment. After market downturns halted their venture, the investor allegedly sent a legal notice demanding the huge sum.
“My ex-cofounder invested ₹6 lakh. Now he wants ₹40 CRORE from me. It's in the High Court and I can't sleep,” an individual wrote on Reddit.
Adding backstory, the person continued, “Last year a common contact introduced me to a guy who wanted to 'get into Web3.’ I had a project nearly built: NFTs, a game concept, the whole thing. We signed a simple agreement: 50-50 co-founders. He puts in ₹6L as capital, I do literally everything else. Arbitration clause for disputes. No refund clause. No guaranteed returns. No timeline.”
However, the individual claimed that the project was never launched because the “crypto market fell off a cliff”. Soon after, the inventor started asking about investments and ROI. He then demanded his investment be returned with interest. What allegedly followed next was a claim of ₹40 crore in “loss in revenue”.
{{/usCountry}}However, the individual claimed that the project was never launched because the “crypto market fell off a cliff”. Soon after, the inventor started asking about investments and ROI. He then demanded his investment be returned with interest. What allegedly followed next was a claim of ₹40 crore in “loss in revenue”.
{{/usCountry}}The individual expressed, “He sends a claim for ₹40 CRORE in ‘loss of revenue.’ Where did 40 crore come from? As far as I can tell, from the projected revenue slide in our original pitch. The optimistic ‘if everything goes perfectly’ slide. He's treating a pitch deck like a signed cheque.”
Take a look at the entire post:
How did social media react?
An individual asked, “Hey! I have one more question - clearly, no investor can sue a founder for loss of investment, even the dumbest ones refrain from that as startups are all risky endeavours, but can the op counter sue the claimant for filing such a frivolous case which has no grounds whatsoever on the grounds of the mental torment he is facing right now, or on the grounds of loss of reputation? If he can, should this course of action be taken by op or would it simply add to his misery?”
Another suggested, “He is trying to pressure you to get his money back. Don't buckle under pressure and hire a good lawyer. If you can't handle the pressure, refund his original money, and he will be more than happy to close the matter. Also , it seems you painted quite a rosy picture; be careful with your promises next time. All the best.” The OP responded, “Point noted. However, I never guaranteed any returns or anything. I was projecting the revenues from the ecosystem if we make the sale.”
A third said, “Seems like he invested without knowing how the equity game works. And referring to just a few over-the-top cases.” A fourth wrote, “You should be fine, it’s an absurd claim.”
(Disclaimer: This report is based on user-generated content from social media. Hindustantimes.com has not independently verified the claims and does not endorse them.)