Sameer Ranjan Bakshi
Snapdeal founders Kunal Bahl and Rohit Bansal, who are early stage investors in many start-ups, may now be wondering as to why many of their investments have gone downhill. Many among these firms have either shut
down or are steeped in losses.
Jaipur-based Scopial Fashions Private, which counts Snapdeal co-founders Kunal Bahl and Rohit Bansal as its early stage investors, on Monday passed a resolution to strike off the name of the company from RoC, Rajasthan, citing reasons of financial crisis. The last filing on the company’s shareholdings shows that both Bahl and Bansal together have 30% stake in Scopial. Bahl and Bansal together had invested Rs 40 lakh in Scopial in 2011, and Scopial Fashions had been a seller on the Snapdeal marketplace till recently.
Another company, the Delhi-based Lapis Marketing that used to run hushbabies.com, a portal for baby products, is also funded by Bahl and Bansal. Though Lapis is still an active company, hushbabies has shut shop. Both Snapdeal founders invested Rs 2.5 crore in Lapis in 2011, along with Nexus India, Kenneth S Glass, Laurent Amouyal and others. Nexus, Kenneth and Laurent are also existing investors in Snapdeal.
Jasper Infotech, in a recent filing under non-compete clause had said that the promoters of Snapdeal should not be connected with any other business entity as a shareholder or as a director, except to the extent that the promoters are involved in the business of Lapis Marketing Private Limited and Scopial Fashions.
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Unicommerce Esolutions Private is another start-up where these founders have invested about Rs 20 lakh in 2012. Unicommerce posted a loss of Rs 14.6 crore for FY16, that almost doubled from Rs 7.5 crore of loss during FY15. Co-founder and CEO of Unicommerce, Vibhu Garg, an IIT Delhi alumnus, resigned from his post in April this year. Both Bahl and Bansal can only hope for a miracle to salvage the situation in Unicommerce.
Both Bahl and Bansal have scaled down their holdings in Ola significantly. RoC filings show that Kunal Bahl and Rohit Bansal had 11.36% of preference shares of ANI Technologies (which runs Ola) each, as of March, 2013. Their holdings have come down to 3.13% each, in FY16. The investors led by Softbank are understood to be trying to sell the company to Flipkart.