San Francisco: Leading US-based investment firm Y Combinator has reportedly taken stern action on Indian instant medicine delivery startup Medobed after discovering “irregularities” at the platform.
According to TechCrunch, citing sources, Y Combinator has “severed its ties with the Indian firm and a partner at the venture firm has also suggested to many prospective investors to not engage with Medobed”.
The venture firm had “discovered irregularities” at the startup that broke the firm’s ethics policy, the report mentioned.
“If you have anything outstanding with this company, our recommendation is to disengage completely with the company,” according to the partner at the VC firm.
Founded by Piyush Sharma, Medobed was initially selected in Y Combinator’s S23 batch.
Y Combinator and founders of Medobed were yet to comment.
According to Medobed’s profile on LinkedIn, it is “currently operational 24/7 in Bhopal and Indore with 10-min medicine delivery”.
Y Combinator is a prominent startup accelerator and venture capital firm based in Silicon Valley in the US.
Several Indian startups across the spectrum have faced corporate governance issues and were charged with financial irregularities in the past.
There have been a string of corporate mis-governance incidents in prominent Indian startups such as BharatPe, Trell, Zilingo, GoMechanic, Mojocare and others.
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