Bizongo: Auditors expressed the potential for monetary rip-off on this startup, ‘Separate investigation is important’ – INA NEWS

Enterprise-to-business (B2B) e-commerce platform Bijongo (Bizongo) has come beneath investigation because of concern of monetary disturbances. In keeping with sources, the auditors have expressed critical issues concerning the monetary actions of the corporate and have expressed apprehension to be fraud. Tell us that there are investments of many massive funding corporations like Excel, Chirate Ventures in Bijongo.

Auditor BSR & Co. In an audit report launched in January 2025, LLP has pointed to a number of irregularities within the firm’s FY24 (FY 2023-24) accounts. This consists of issues like suspicious relations between some clients and distributors, related addresses and repetition of names. As well as, in lots of instances of supply, paperwork related to ‘Proof of supply (POD)’ have additionally been discovered lacking.

The deitters wrote in a letter despatched to the corporate on January 7, “The proof now we have discovered in the course of the audit seem incomplete and suspicious. They create doubts that the figures and transactions recorded within the accounts can’t be appropriate. These instances want an unbiased investigation into these instances.” Moneycontrol has seen a replica of those emails.

Firm gave cleansing, case linked to previous incidents

Bizongo acknowledged the issues of the auditors, saying that the matter was associated to the fraud performed by a former worker in September 2024. The corporate claims that every one these irregularities are related to earlier enterprise operations and the present enterprise mannequin is totally clear.

Story of funding and edge

Bizongo, which began in 2015, has to date raised a complete funding of 31.5 crores and its valuation had reached 98 crores within the October 2023 funding. The corporate is now aiming to change into unicorn. Its main buyers embody veteran names like Accel, Tiger World, B Capital and Chiratae ventures. Nevertheless, in FY23, the corporate recorded a lack of Rs 292 crore in opposition to a income of Rs 167 crore.

Query on Startup Governance

Questions raised on Bizongo have come up at a time when many different startups are additionally dealing with governance disaster. Earlier, questions have additionally been raised about company governance on startups like EV cab service firm Blusmart and Healthtech platform Medikabazaar. These incidents are additional highlighting the necessity for strict rules and transparency in Indian Startup Ecosystem.

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