Sandeep said his wife Radhika intentionally and deliberately kicked out other founding team members from the firm, changed web history, tempered with Wikipedia, and lied to the press
Sandeep Aggarwal, Co-founder of ShopClues, a ‘Unicorn’ e-commerce marketplace in India, has accused his wife and Co-founder Radhika Aggarwal of stripping his voting rights at the company and having illicit relationship with the other co-founder.
In a series of Facebook posts, Sandeep also accused Radhika, who is also the Chief Business Officer at the Gurgaon-based firm, of “intentionally and deliberately kicking out other founding team members by collaborating with once illicit love affair partner” and “changing web history, tempering with Wikipedia and lying in the press.”
In a Facebook post. Sandeep said:
Things people do to be famous and faking to be way too cooler than they actually are!!! Here are some examples:
1) Entry level business analyst job with 18 months of work experience + 12 months of long term disability and seeing your junior becoming your boss = quality work experience in a famous retailer in USA
2) 2-3 hour long classes and $550 in total fee = a degree from Stanford
3) 8 weeks in a famous investment bank in their least prestigious sales department as an intern = rich Wall Street experience in New York City
4) Coming to India with your kids for summer break and living with [one’s] parents = starting India office
5) Reluctantly assisting your husband and not knowing how, when and where to assist = self proclaimed founder of a billion dollar company
6) Fraudulently changing once husband, mentor, best friend and guide’s voting rights = honest and simple person
7) Illicit love affair with [one’s] own boss while husband is away dealing with biggest family crisis = pure, dedicated and supportive wife
8) 18 months of business analyst job, two 3-4 months long attempts due to guidance and monetary support from husband, staying home for 9 years = 14 years of rich and illustrious work experience
9) Stay home mom for 6 years and prior to that only 18 months as entry level business analyst and straight away getting VP job from once husband = Merit, hard work, exemplary leadership and dedicated career
10) Title of VP but husband doing all the work = smart, intelligent and highly accomplished individual
11) Intentionally and deliberately kicking out other founding team members by collaborating with once illicit love affair partner = calling them founders now
12). Changing web history, tempering with Wikipedia and lying in the press = my illicit love affair partner and I founded the company and my husband also joined the company
These are the lies, gross exaggerations and cheap attempts to mislead the whole world, yourself, and generations to come!!
Sick and tired of people being SO greedy and useless!!!
But guess, these people are not worth it…stay positive and try and not look back.
But come on world, do not have double standards!!
The problem between the couple started when Sandeep, a former equity analyst at US-based financial services firm Collins Stewart, was arrested in 2013 by the FBI over insider trading charges. According to the investigation agency, Sandeep tipped off Richard Lee, a portfolio manager at hedge fund SAC Capital about a pending deal between Microsoft and Yahoo.
Sandeep was consequently banned by the US Security and Exchange Commission (SEC) from trading after he pleaded guilty. He was later released on a US$500,000 bond until trial.
After a few months, he came back to India. Upon his return, he found something wrong in the company and that his wife deliberately avoided him. He grew suspicious about her behaviour, as she appeared more close to Sanjay Sethi, the company’s other Co-founder.
In an interview with Inc42, Sandeep said that he founded ShopClues in 2010 using his personal savings. Radhika and Sethi were hired later as Vice Presidents. Sethi was later inducted as Co-founder. When Sandeep was arrested in the US, he nominated Sethi as the new CEO to the board and Radhika to be a board member.
When he came back to India in August 2014, he also found that ShopClues changed Sandeep’s right to nominate a board member way back in April 2014 and he was kept in dark by the two.
Sandeep — who is also Co-founder of Lightbox and Beenext-backed online automobile marketplace Droom — has filed a criminal defamation case against Sanjay and Radhika in the Delhi courts in March 2017. He had also filed a complaint with the economic offences wing of the Gurgaon police in October last year.
ShopClues was founded in 2011 by Sandeep. Unlike other marketplaces, which tend to focus on mobile, electronics, computers and branded fashion, ShopClues mainly focusses on unstructured categories. As of January last year, the company shipped out over 3.5 million items on a monthly basis, attracting a traffic of more than 100 million visits a month. It had 350,000 registered SMB merchants selling on its platform. The firm launched multiple new services for seller marketing last year, including working capital loans, ShopClues Connect (chat services), Neighbourhood Market (hyperlocal discovery platform), logistics & payment services, and domain services.
In January last year, ShopClues raised an undisclosed amount in Series E round of funding led by Singapore’s sovereign wealth fund GIC, with participation from existing investors, including Tiger Global and Nexus Venture Partners. With this, it joined the billion dollar club with a US$1.1 billion valuation.
This funding came exactly a year after it received over US$100 million in Series D funding led by Tiger Global.
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