ShopClues founders Sandeep, Radhika Aggarwal at daggers drawn
14 March 2017
ShopClues founder Sandeep Aggarwal has publicly accused his wife and co-founder Radhika Aggarwal of pushing him out of the company he founded in 2011. He has also reportedly filed a defamation case against Radhika.
Aggarwal, who also founded Droom in 2014, made the allegation in an elaborate Facebook post on Sunday. Radhika Aggarwal is presently the founder and chief business officer of the Gurgaon-based online retailer, while Sanjay Sethi is the other cofounder and chief executive officer of the company.
ShopClues was founded by Sandeep, who 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 Sandeep has not been actively involved with ShopClues as Radhika and Sethi took control of the company.
Sandeep, through his post, questioned Radhika's educational and professional credentials and alleged that she has fraudulently taken away his voting rights in the company.
The annual report of ShopClues for financial year 2016, lists Sethi, Radhika and Vishal Sharma as key managerial persons and directors of the company.
Shopclues is backed by the New York-based Tiger Global, Singapore's sovereign wealth fund GIC, and early investors like Nexus Venture Partners.
A statement issued by his Sandeep's PR agent said once he came to know about the board seat fraud by Sanjay and Radhika, and perhaps other members of the ShopClues board, he filed a complaint with the economic offences wing of the Gurgaon police.
Sandeep's posts also claims that his wife is having an extra-marital affair.
A statement issued by Radhika said, "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 it has become a force to reckon with. I want to focus my time and energy to do what I owe to my employees, my investors, my country and myself."