Builder.ai Faked Business With Indian Firm VerSe to Inflate Sales, Sources Say

Builder.ai Faked Business With Indian Firm VerSe to Inflate Sales, Sources Say

Builder.ai, the artificial intelligence startup that recently announced plans to declare bankruptcy, faked business with the Indian social-media startup VerSe Innovation for years to falsely inflate its sales, according to documents reviewed by Bloomberg and people with direct knowledge of the practice.The two companies routinely billed one another for roughly the same amounts between 2021 and 2024, documents reviewed by Bloomberg show, as part …

The story of the end of a dream called "programming as easy as ordering a pizza" From Silicon Valley to the subcontinent, the tragicomic story of how to turn 450 million dollars into smoke by selling artificial intelligence that was only very human (and very Indian) - on macitynet.it Builder.ai, the great bluff of Indian AI

DailyHunt And Builder.ai Parent Faked Business With Indian Firm VerSe To Inflate Sales, Sources Say

Builder.ai, the artificial intelligence startup that recently announced plans to declare bankruptcy, faked business with the Indian social-media startup VerSe Innovation for years to falsely inflate its sales, according to documents reviewed by Bloomberg and people with direct knowledge of the practice.

Builder.ai Accused of Inflating Sales Figures with VerSe Innovation

Facing bankruptcy, Builder.ai allegedly engaged in 'round-tripping' with VerSe Innovation to inflate sales figures without providing actual services, as per sources. The practice of billing each other for similar amounts to deceive investors is said to have occurred between 2021 and 2024. The allegations raise concerns about financial transparency and investor trust in the companies involved. The post Builder.ai Accused of Inflating Sales Figure…