Mojocare investors have found “financial irregularities” at the Indian health and wellness startup and are moving to scale down its operations, they said in a statement Sunday.
The move follows the Bengaluru-headquartered startup, backed by Peak XV, B Capital and Chiratae Ventures, laying off some 150 employees, a majority of the workforce, earlier this week.
In a joint statement, the investors said they were reviewing the financials of Mojocare and the findings thus far suggested that the business model employed by the startup was “not sustainable due to a variety of operational and market factors.”
The investors didn’t specifically say what prompted them to launch a probe into Mojocare. Indian ne …
