Mohandas Pai, Deepinder Goyal spat over Zomato’s investment in Shiprocket

Chairman of Manipal Global Education Services Mohandas Pai and Zomato founder and CEO Deepinder Goyal had a spat over Zomato’s investment in e-commerce shipping platform Shiprocket. On Friday, the shipping company had announced that it would raise $185 million in a Series E funding round co-led by Zomato Ltd, Temasek and Lightrock India. While for most this was not exceptional news, Pai took to Twitter to point out that there could be a potential conflict of interest. In his tweet, he tagged Sanjeev Bikhchandani, founder of Info Edge, one of Zomato’s earliest investors.
 
“Shiprocket to raise $185 million in Series E round co-led by Zomato, Temasek. Is there a conflict of interest if a listed co invests in a start up where the founder of listed co had  invested? ⁦@sbikh⁩ how will this be resolved!,” stated Pai, along with a report on the fundraise.
 
Deepinder Goyal replied to Pai with a statement and said that from next time, he should tag him and not Bikhchandani. “Thanks @TVMohandasPai for raising an important question. Please see the attached note – hopefully, this will give you more confidence in the principles and processes of governance being followed at Zomato. Next time, please tag me directly on such queries and skip @sbikh,” he said.

In the note shared, Goyal stated that there are strong governance policies followed in Zomato. He said there was no conflict of interest as he exited the personal investment of $100,000 at zero profit or loss before Zomato stepped in.

Pai replied saying that he knows Bikhchandani better than Goyal and hence the tag. He also pointed out that maybe the clarification should have been included in the press release. “Thanks! Look I do not know you well, know @sbikh better! He is a star and has proven himself! Good to see such principles! Listed start ups should set high standards. Obviously as a pioneer you have to carry the Flag! Maybe that press release should have carried this too!,” said Pai.

Also read: Shiprocket to raise $185 mn in a round led by Zomato, Temasek, Lightrock India