VerSe Innovation allegedly billed Builder.ai without services; Indian company denies claims

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Bengaluru-based VerSe Innovation, the parent firm of news aggregator platform Dailyhunt, and London-based artificial intelligence startup Builder.ai allegedly inflated revenue by issuing invoices to each other without services being provided in many of those cases, a Bloomberg report said.

The two companies routinely billed one another for roughly the same amounts between 2021 and 2024, the news agency reported citing documents it reviewed, adding that Builder.ai collected close to $60 million in revenue from VerSe in the four-year period for services…



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VerSe Innovation allegedly billed Builder.ai without services; Indian company denies claims


Bengaluru-based VerSe Innovation, the parent firm of news aggregator platform Dailyhunt, and London-based artificial intelligence startup Builder.ai allegedly inflated revenue by issuing invoices to each other without services being provided in many of those cases, a Bloomberg report said.

The two companies routinely billed one another for roughly the same amounts between 2021 and 2024, the news agency reported citing documents it reviewed, adding that Builder.ai collected close to $60 million in revenue from VerSe in the four-year period for services…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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