Unlock the publisher’s digest free
Roula Khalaf, editor -in -chief of the FT, selects her favorite stories in this weekly newsletter.
Sachin Dev Duggal, the founder of one of the best-funded technological start-ups in the United Kingdom.ai, resigned as managing director, capping a mandate from roller coaster performing a company supported by Microsoft and SoftBank.
The London -based group, which claims to use artificial intelligence to develop applications and websites, has received 450 million dollars of best investors, including Qatar Investment Authority and Insight Partners. He was praised by the British government for his role in the country’s technological scene.
Last week, the company announced that Duggal was to be replaced as a chief but would remain on the board of directors as a founder and would retain the title of “Wizard Chef”.
Asked why management had changed, Builder.a told Financial Times: “This subject has been under discussion for some time and with the evolution and growth of the company in service [small and medium-sized businesses] And business customers worldwide, we have made a strategic change in leadership. »»
The FT reported last year the multiple problems encountered by Builder.ai, including what several former employees have described as a rapid turnover of staff, with some blame the style of leadership of Duggal and complaints concerning the services of the company and its ability to deliver in time.
The company’s lawyers said at the time that the cases of unhappy customers cited by the FT were the result of unforeseen technical challenges or due to a client interrupting their project. They said that work at Builder.a was “fast pace”, employees “encouraged to respond to this environment”.
The FT too revealed that in 2023, the Indian Directorate of the Application of the Name of Duggal appointed Duggal as a suspect in a mandate request related to a money laundering survey on Videocon, the Indian Home Appliances group which collapsed in bankruptcy in 2018.
Duggal had not appeared following an assignment of management in 2022 as a witness to the investigation, on “unexplained transactions” presumed between what the investigators said that it was his business and his video.
A Mumbai judge then rejected a mandate request to force Duggal to appear before the investigators. When management changed his appointment of “witness” to “suspect”, he was able to obtain a mandate from a Delhi court.
Duggal appealed against the mandate and denies any reprehensible act. His lawyers told the FT last year that the original summons of the court had not been invalid and that they had maintained that Duggal was still only a witness.
Its replacement as a manufacturer. The chief of the Matere, MANPREET RATIA, managing managing part of investors focused on Asia Jungle Ventures, said that his leadership objective would be to “guarantee that we are playing effectively, to execute with operational excellence and would continue to stimulate the value for our customers, our employees and our investors”.
In a press release, Duggal said: “This development marks a new exciting chapter for Builder.ai. After eight years of growth, bringing a new perspective and an operational excellence is crucial for our next phase. »»
Additional report by Benjamin Parkin
