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News18
a day 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.
NDTV
2 days ago
- Business
- NDTV
"Soham Parekh 2.0?": Indian Woman In US Exposes Startup Scams By 2 "Desi" Founders
A US-based Indian venture capitalist has stirred up a storm on social media after calling out fraudulent practices by two "desi" founders in San Francisco's startup ecosystem. 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 fabricating client associations. She claimed that while one founder was subletting a rented apartment and falsely projecting the rent income as startup revenue, the other claimed that Amazon and Google had signed Letters of Intent with his firm, despite the tech giants reportedly having no knowledge of such deals. "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." 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. — Ash Arora (@asharoraa) July 8, 2025 The post quickly caught the internet's attention, sparking mixed reactions. Several users accused Ms Arora of unfairly singling out her own community. "A sample of two. What's the point of including their race?" asked one user. "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," commented another. However, Ms Arora defended her mention of the founders' ethnicity, saying, "Absolutely shocked to see egos being hurt here. The ONLY reason I mentioned them being desi was to ensure other people (and investors) are able to guess who these people are without actually naming and shaming them. The intention was to ensure people are staying away from these founders. That's it." "As a desi myself, why in the world would I think lesser of my own community? It is dumb to think someone who is consistently proud of India, literally talks about successes every month and supports Indians in this world would ever want anything except progress for our ethnicity. Also, if we can't self criticize, who will? How will we ever fix something if we are too proud to acknowledge it? If a non Indian pointed out this 'jugaad' culture that is already present everywhere in our country, they would 100% be called racist in this woke environment. Didn't we cancel woke culture? Do better," she added. Others on social media expressed shock at the fraudulent practices. "I really don't understand. This way will never stay longer than few weeks or months. The end is dead. With life goal of genuinely making difference in whatever industry they are willing to do with perseverance is key to success. Shortcuts Never Works," wrote one user. "What's the point of doing this? If you're severely inflating your revenue, you're only hurting yourself. You'll never truly validate your idea, and you'll keep pouring time and effort into the wrong direction," commented another. Notably, Ms Arora's post comes days after Mixpanel founder Suhail Doshi publicly warned fellow entrepreneurs about software engineer Soham Parekh on X. Mr Doshi alleged that Parekh had worked at Mixpanel briefly before being fired and claimed that Parekh had been taking advantage of YC companies. Mr Doshi also shared Parekh's CV, questioning the authenticity of his portfolio, and arguing that probably 90% of the claims made in it are fake. Several other Silicon Valley founders, engineers, and hiring managers also accused Parekh of exploiting job opportunities for personal benefit
Hindustan Times
4 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.
Yahoo
10-06-2025
- Business
- Yahoo
Exclusive: Stablecoin startup Noah raises $22 million, adds Adyen vet as cofounder
The story of a stereotypical startup founder has a familiar arc: Drop out of college, launch a startup, raise billions, go public, and then ride off into the sunset as an angel investor in your 40s. That's not Thijn Lamers. A former executive at the $60 billion fintech giant Adyen, Lamers, who's in his 50s but declined to specify his exact age, announced on Tuesday he is now president and cofounder of stablecoin startup Noah. 'I get so much energy from building,' he said. 'I feel like I have the energy of [when I was] 25.' Lamers's announcement coincided with news that Noah has raised $22 million in a seed funding round led by LocalGlobe, a veteran venture capital outfit in Europe. Other participants include Felix Capital, FJ Labs, as well as angel investors like Palantir cofounder Joe Lonsdale and Alexander Matthey, a former CTO at Adyen. Noah cofounder and CEO Shah Ramezani, a 33-year-old former UBS analyst, declined to disclose the valuation for the startup but did say, in a nod to Lamers' decades of experience, 'there was a Thijn premium.' The pair join a crowded field. Stablecoins, or cryptocurrencies pegged to real-world assets like the U.S. dollar, have become a buzzy technology among VCs. Investors have piled into a suite of startups who promise to use the digital tokens to speed up cross-border transactions and reduce fees from banking transfers. Even large fintechs like Stripe and Big Tech stalwarts like Meta are taking notice. And with a gangbuster IPO from stablecoin issuer Circle, others may be looking to replicate its success. Still, Lamers and Ramezani believe they have an edge. 'I would say the most important thing in payments, and that's why a dropout from MIT [finds it] hard to compete, is the network,' Ramezani said. His comment underscores how fintech giants build competitive moats through relationships with regulators, customers, and banking partners. And Lamers, who was executive vice president of global sales at Adyen, certainly brings a network with him, including relationships with former executives at Big Tech firms like rideshare giant Uber. 'Everything is credibility,' Lamers said. In fact, the most successful tech founders are, on average, 45 years old, according to a 2018 analysis from Harvard Business Review. Lamers, who left Adyen in 2018, originally met Ramezani as an investor, not a cofounder. In 2022, Ramezani began exploring how to use cryptocurrencies for payments. He first toyed around with Bitcoin before he decided to raise money for a startup that sells access to an API, or application programming interface, which lets software developers easily transfer funds with stablecoins. 'We're really building 'Noah's ark' to save everyone from the mass currency inflation,' Ramezani said, explaining the reasoning behind his startup's name. Lamers became so interested in Ramezani's venture that, instead of just investing, he joined as cofounder in June 2024. Now, the pair have grown Noah's product offerings to let users convert between 50 currencies and transfer money between 70 countries in real-time—as opposed to waiting perhaps days for bank wires to clear. So far, the company has processed more than $1 billion in transaction volumes, according to Ramezani. 'This guy has so much energy, I'm, like, actually blown away,' said Ramezani, in reference to his cofounder. 'Thijn is really like a beast.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
