Sequoia said in a blog that it will not hesitate to protect the interests of shareholders and employees, even at the financial cost
Sequoia said in a blog that it will not hesitate to protect the interests of shareholders and employees, even at the financial cost
Sequoia Capital broke its silence on controversy at fintech firm BharatPe, saying on Sunday it has zero tolerance for proven wrongdoing and will continue to respond vigorously to cases of willful misconduct or fraud.
Sequoia, the largest shareholder of BharatPe, where co-founder Ashneer Grover was effectively fired from his position, said in a blog that it would not hesitate to take steps to protect the interests of shareholders and employees, even at the financial cost.
“We will make tough decisions when necessary to do the right thing,” it said, without mentioning BharatPe directly.
The American venture capital firm wants companies that are not only valuable but durable.
“Recently, some portfolio founders have come under investigation for possible fraudulent practices or poor corporate governance. These allegations are deeply disturbing,” it said. “We have always strongly encouraged founders to play the long game. We focus on the enduring and discourage focusing on vanity metrics.”
The startup ecosystem needs guard rails so a few misguided founders don’t cause major setbacks, she added.
