Latest news with #LOIs
News18
4 days ago
- Business
- News18
Venture Capitalist Alleges Indian-origin Startup Founders Faked Ties With Tech Giants To Lure Investors
Ash Arora's claims of misconduct by two Indian-origin founders have sparked a social media debate on startup ethics. US-based venture capitalist Ash Arora has alleged serious misconduct by two Indian-origin startup founders, claiming they misrepresented their businesses to lure investors. These allegations have sparked both criticism and introspection across the startup community. In a post shared on X (formerly Twitter), Arora, a partner at LocalGlobe and a Forbes 30 Under 30 (Europe Finance) listee, said, 'Have met two founders in SF this month. Both fraud: 1. Is subletting a rented apartment and showing that as revenue for his startup. 2. Is claiming Amazon and Google are clients who have signed LOIs when they have never even heard of them," she wrote. What truly lit the fuse, however, was Arora's follow-up remark, where she wrote, 'What's common among them? Both desi men. Beware of these people!" This characterisation quickly ignited debate online. While the underlying concern about startup ethics struck a chord with many, others took issue with her framing, accusing her of reinforcing stereotypes based on ethnicity. A sample of two. What's the point of including their race ?— bubble boi (@bubblebabyboi) July 8, 2025 Another user wrote, 'The 'desi men' part is a spicy take, but honestly, the patterns of fraud in SF are pretty universal. Desperation or greed, it always comes back to the same stuff." The 'desi men' part is a spicy take, but honestly, the patterns of fraud in SF are pretty universal. Desperation or greed, it always comes back to the same stuff.— Dan (@salinasdanielf) July 8, 2025 'Generalise a race off of a sample set of 2? Why would a brown male founder even want to take your money? Do better," read one of the comments. Generalize a race off of a sample set of 2?Why would a brown male founder even want to take your money? Do better. — Vishal Jain (@vishal_the_jain) July 9, 2025 Arora, though, stood by her words. She clarified that her use of the term 'desi" was intended to subtly point to the individuals without directly naming them. 'It breaks my heart that Indians are doing this and ruining the reputation of my country," she replied to one of the comments. Because it breaks my heart that Indians are doing this and ruining the reputation of my country— Ash Arora (@asharoraa) July 8, 2025 The conversation escalated further when Arora revealed that a few investors reached out to her. '4 VCs have pinged me correctly guessing both these founder names. Is this Soham Parekh 2.0? We need a BS radar community out here," she wrote, referencing the now-infamous case of Soham Parekh, an engineer who was recently accused by Mixpanel co-founder Suhail Doshi of fabricating parts of his resume and misrepresenting his background. 4 VCs have pinged me correctly guessing both these founder namesIs this Soham Parekh 2.0? We need a BS radar community out here. — Ash Arora (@asharoraa) July 8, 2025 The timing of Arora's remarks, coming just days after Suhail Doshi publicly called out Soham Parekh, has further heightened scrutiny over how startup founders portray themselves and their ventures to investors. While the identities of the two founders remain unknown, the post has reignited concerns about ethical standards in startup culture, especially within Silicon Valley's competitive ecosystem. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hindustan Times
7 days ago
- Business
- Hindustan Times
Indian-origin woman featured on Forbes exposes shady startup stories of fraudulent ‘desi' founders
An Indian-origin woman's claims about 'desi' founders' fraudulent behaviour in San Francisco's startup ecosystem have gone viral. Ash Arora, a LocalGlobe partner featured on the Forbes 30 Under 30 (Europe Finance) list, alleged that she met two Indian founders who were inflating metrics and making false client claims. Indian-origin Ash Arora, currently living in London, exposed two shady startup stories. (LinkedIn/Ash Arora) 'Have met two founders in SF this month. Both fraud: 1. Is subletting a rented apartment and showing that as revenue for his startup. 2. Is claiming Amazon and Google are clients who have signed LOIs when they have never even heard of them,' Ash Arora wrote. 'What's common among them? Both desi men Beware of these people!' she continued, adding, '4 VCs have pinged me correctly guessing both these founder names. Is this Soham Parekh 2.0? We need a BS radar community out here.' Take a look at the post: What did social media say? An individual suggested, 'Agent to detect and keep a LIVE list if the company's fundamental patterns indicate that it's a fraud.' Another remarked, 'A sample of two. What's the point of including their race?' Arora replied, 'Because it breaks my heart that Indians are doing this and ruining the reputation of my country.' A third posted, 'The 'desi men' part is a spicy take, but honestly, the patterns of fraud in SF are pretty universal. Desperation or greed, it always comes back to the same stuff.' Arora responded, 'Idk, man, maybe my network, but both of them being Indian, above 30, mid backgrounds and extremely arrogant threw me off. I didn't see it coming. Even 2 years ago when I met a YC startup that was completely fraudulent, and after our diligence, even YC threw them out - a desi male founder. Why this pattern.' A fourth wrote, 'Even in crypto, people avoid projects who have desi founders. That is the sad reality and we all know why.' Who is Ash Arora? According to a Forbes report, Arora rose from a Delhi refugee colony. As per her LinkedIn profile, she is an alum of Lady Shri Ram College For Women in Delhi and started her career as an associate at a bank. Over the years, she assumed various roles in different fields associated with trading and blockchain. She is currently staying in London.
Business Upturn
02-07-2025
- Business
- Business Upturn
Keystone shares jump 4% after securing redevelopment project in Andheri West with Rs 3,000 crore GDV
By Aman Shukla Published on July 2, 2025, 09:15 IST Shares of Keystone Realtors (Rustomjee) gained 4% in morning trade after the company announced it has been selected as the developer for a large-scale cluster redevelopment project in Andheri West (Lokhandwala), Mumbai. As per the exchange filing, the project involves eight housing societies, with development agreements already signed with five. The remaining three societies have issued Letters of Intent (LOIs), and final agreements are expected soon. The redevelopment covers a total plot area of 4.75 acres (approx. 19,229 sq. m) and includes 548 existing members. The company expects to unlock nearly 10.6 lakh sq. ft. of saleable area, with an estimated Gross Development Value (GDV) of ₹3,000 crore. This project aligns with Rustomjee's strategy to strengthen its footprint in Mumbai's prime suburban micro-markets through redevelopment. It also boosts the company's project pipeline for FY26, reinforcing its growth plans. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Time of India
14-06-2025
- Business
- Time of India
5 foreign universities awarded LOIs to start campuses in Navi Mumbai; fees 25% lower than overseas
Mumbai: Five foreign universities that were awarded letters of intent (LOIs) to set up full-fledged campuses in Navi Mumbai will offer courses at fees at least 25-30% lower than what students currently pay to study abroad, Maharashtra chief minister Devendra Fadnavis announced at an event on Saturday. The idea is to make foreign education both accessible and affordable to Indian students, he added. Union education minister Dharmendra Pradhan, who was also in Mumbai for the event, said including the five in Navi Mumbai, nine foreign universities have already been given permission to start operations in the country, and six more are in the pipeline. Two have already started offering their programmes in Gujarat's Gift City, he added. The University of Aberdeen (UK), the University of York (UK), the University of Western Australia, the Illinois Institute of Technology (US), and the Istituto Europeo di Design (Italy) were granted the LOIs under the National Education Policy (NEP) 2020, at the 'Mumbai Rising: Creating an International Education City' event held in Colaba on Saturday. Officials said the five universities in the Mumbai Metropolitan Region (MMR) have been given an 18-month window to start operations in the country and will enjoy full autonomy in deciding the programmes, the academic session, curriculum, fees, among other things. These will be open to international students as well. Fadnavis said the entry of the five foreign universities will launch the state's dream of making Mumbai and Maharashtra an international education hub. The idea is to host at least 10 leading international universities in the Education City, he said, adding talks are on with a few more universities. These foreign institutions will not only make global education affordable for Indian students, but also help in creating a global workforce, he said. Fadnavis added the state will only be facilitating the universities' plans to set up campuses but will not bear any financial responsibility. The foreign universities will not be following any constitutional reservations, and scholarship policies will be as per their individual policies, said the CM. Other state universities will be free to collaborate with these universities to offer joint programmes. For instance, said Fadnavis, Gondwana University in Gadchiroli, which is setting up a mining hub, has already collaborated with an Australian university and will be using their expertise in mining. The 250-acre EduCity, being developed by Cidco, is within a five-km radius of the Navi Mumbai International Airport, and this region will soon also be developed as a medicity, a sports city, and a yet-to-be-announced innovation city – a one-of-its-kind innovation ecosystem in the country. Pradhan said that NEP will allow global institutions to establish branches in India and Indian institutions to open campuses abroad. He spoke about Indian universities setting up campuses abroad, including IIT-Madras (in Zanzibar), IIT-Delhi (in Abu Dhabi), and IIM-Ahmedabad (in Dubai). The entry of foreign universities will accelerate India's progress in education and development, he added. Vineet Joshi, acting chairman of UGC, Cidco MD Vijay Singhal, were present at the event along with Consul Generals from respective countries and academic officials from the five foreign universities. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
Indian Express
14-06-2025
- Business
- Indian Express
Five foreign universities awarded LOIs to set up campuses in Maharashtra's Educity
As five foreign universities were awarded Letters of Intent (LOIs) on Saturday to set up their campuses in Maharashtra's Educity — a 250-acre facility to come up near Navi Mumbai International Airport, Chief Minister Devendra Fadnavis announced that world-class global education will now become available to Indian students in the Mumbai Metropolitan Region (MMR). The CM was speaking at the 'Mumbai Rising: Creating an International Education City' event at Hotel Taj. The LOIs were awarded to the five foreign universities in the presence of Union Education Minister Dharmedra Pradhan and officials from the University Grants Commission (UGC), which has drawn up regulatory policy for Foreign Higher Educational Institutions wanting to set up campuses in India. Pradhan said nine foreign universities have already been given permission to set up campuses in various parts of the country. And six more are in the pipeline. 'While our criteria was that all these universities are among the top 500 global ranks, most of those approved are from among the top 100 global ranks. India is becoming a destination for education and all this is made possible due to the National Education Policy NEP 2020.' Fadnavis highlighted the state government's plan to turn Mumbai into a global education hub with Educity, which will be a global education destination with infrastructure planned for 10 world-class universities. Fadnavis said five more foreign universities are to set up campuses in Educity, but their names are yet to be finalised. He added, 'Biggest benefit of this is to many youngsters from India who are not able to accomplish their dream of studying abroad due to inaccessibility or unaffordability. But now that these universities are going to be in Mumbai, Indian students will be able to accomplish their dream of foreign education with a 23-30 per cent lower cost.' Stating that this education hub aims to contribute to the growing economy of the country by providing a global workforce, Fadnavis also announced plans of setting up an innovation city in the same vicinity, which will be dedicated to encouraging the research ecosystem. 'Existence of these global universities near the innovation city will foster collaborations between academic research and industry innovations, creating the next generation of tech and other sector innovators,' he said. Reiterating how world-class education will be affordable and accessible to Indian students with foreign universities setting up campuses in India, Pradhan said, 'The entry of foreign universities will accelerate India's progress in education and development.' All these universities will enjoy full autonomy in deciding the curriculum, fees, programmes, course content, faculty recruitment among others. The affirmative reservations applicable in other higher education institutions in India will not be applicable to these universities. It will be up to the universities and their policies on whether they want to provide any scholarships. 📌 University of Aberdeen (UK): One of the oldest universities in the UK, it becomes the first Scottish university to establish a campus in India 📌 University of Western Australia (Australia): Part of Australia's prestigious Group of Eight (Go8), it will offer undergraduate and postgraduate courses in high-demand STEM fields — science, engineering, and industrial sectors 📌 University of York (UK): A leading research-intensive institution and a member of the Russell Group. It will offer cutting-edge programs in Artificial Intelligence, cybersecurity, business, economics, and creative industries 📌 Illinois Institute of Technology (US): The first American university to independently award degrees from a campus in India. It will offer programs in computer science, engineering, and business 📌 Istituto Europeo di Design (Italy): One of Europe's premium design schools, it will offer globally benchmarked training in fashion, product design, and visual communication
