The ex-founder of ShopClues, Sandeep Aggarwal, has been disassociated from the company for his criminal wrongdoings, the Board of Directors at ShopClues told Indiaretailing Bureau in an e-mail response.
“We are proud of the fantastic progress made by the ShopClues team under Radhika and Sanjay’s leadership. The company’s differentiated business model and capital efficient approach has enabled it to become a market leader and has grown 30 times under this management. It is very disappointing to see an ex-founder, who disassociated from the company for his criminal wrongdoings, is now engaged in a personal vendetta on a public forum. Our goal is to create value for all stakeholders and we remain focused on working closely with Radhika and Sanjay and the management team to continue to scale the company as it captures the massive opportunity which lies ahead of us,” ShopClues said in an e-mail response.
The company has also shared a document mentioning the sequence of the events.
Radhika, who is currently the Chief Business Officer at ShopClues, said she is shocked by the unfounded and baseless allegations made in Sandeep Aggarwal’s facebook posts.
“I am shocked by unfounded and baseless allegations being made. In the interest of privacy of my family I will not be commenting on any personal matters, however, ShopClues was always a team effort and by God’s grace and hard work of a strong team, ShopClues has become a force to reckon with and I want to focus my time and energy to do what I owe to my employees, my investors, my country and myself,” she was quoted by PTI as saying.
Sandeep Aggarwal, through Facebook posts had questioned Radhika’s educational and professional credentials and alleged that she had fraudulently taken away his voting rights in the firm.
Post the emotional outburst on Sunday, his press team issued a release a day later stating, “Sandeep has been wronged on multiple counts by people he trusted the most. He is deeply hurt and while he stands by each and every word, he regrets having made the emotional outburst and using public media to express it.”
“He lost love of his life, ShopClues, and hardly gets to see kids and that took a toll on his emotions…while he stands by each and every word, he regrets having the emotional outburst and using public media to express it,” it said.
Sandeep had also filed a criminal defamation case against other co-founders — Sanjay Sethi and estranged wife, Radhika — in Delhi courts earlier this month alleging them of downplaying his role in creation of the online marketplace.
“Sandeep filed an adultery case in district court of Gurugram against Sanjay Sethi in December 2016. This case is being actively investigated as part of judicial process. Sandeep also filed a criminal defamation case against Sanjay and Radhika in Delhi courts in March 2017 as they have been lying in press and media and minimise Sandeep’s role in creation of ShopClues,” the statement issued on behalf of Sandeep said.
ShopClues, an online marketplace that is focussed on Tier II and III cities, was founded in 2011 by the Aggarwals and Sanjay Sethi. Sandeep handed over the reins of the company to his wife as he was allegedly involved in an insider trading case in the US in 2013. Since then, he had not been actively involved with Shopclues.
But, Sandeep is the largest individual shareholder in ShopClues and majority holder of the company’s common shares, Sandeep’s statement said.
ShopClues was valued at over US $1 billion last year. Its investors include GIC Pte Ltd, Tiger Global Managment LLC and Nexus Venture Partners.