SUMMARY
In the FIR filed with the Delhi Police, Abhinay Maths founder Abhinay Sharma also names some executives of Classplus and GSV Ventures managing partner Deborah Quazzo
The key allegations include unauthorised acquisition of assets valued between INR 70-80 Lakh and use of counterfeit stamps of AMCP Edutech – the parent entity of Abhinay Maths
Last year, edtech startup Saarthi’s cofounder Chiraag Kapil and investors also filed a lawsuit against Classplus
Adding to the legal woes of Classplus, Abhinay Sharma, the founder of test prep platform Abhinay Maths, has filed an FIR against the founders and some executives of the Tiger Global-backed startup, accusing them of cheating, forgery, fraud, and copyright infringement.
The FIR filed with the Delhi Police names Classplus cofounders Mukul Rustagi and Bhaswat Agarwal, CFO Sankalp Agarwal, and VP of business Ayush Agarwal, accusing them of “calculated deceit and manipulation”. Besides, venture capital firm GSV Ventures managing partner Deborah Quazzo has also been named in the FIR.
It is pertinent to note that Classplus invested in Abhinay Maths last year.
As per the FIR, the key allegations include unauthorised acquisition of assets valued between INR 70-80 Lakh, use of counterfeit stamps of AMCP Edutech – the parent entity of Abhinay Maths, and creation of forged documents to facilitate these illicit transfers.
“The accused persons have allegedly obtained a counterfeit stamp of AMCP, a company owned by me, and have exploited documents, they purportedly acquired assets from my office valued at INR 70-80 Lakhs and illicitly transferred them to their own office at Noida and also had taken over the Key of the Office… The orchestrated theft, coupled with the fabrication of documents underscores a calculated effort to unlawfully acquire assets and compromise the integrity of my business,” the FIR filed by Sharma reads.
Rustagi declined to comment on the development. GSV Ventures wasn’t immediately available to respond to Inc42’s queries on the matter.
Abhinay Maths was founded in 2017 by Sharma as a YouTube channel. Later, it evolved into a full-fledged test prep platform that is largely focused on competitive exams for government and banking jobs.
Meanwhile, Classplus, founded in 2018, is a business-to-business (B2B) K-12 learning platform that offers full-stack mobile solutions for educators. It is backed by the likes of Tiger Global, Peak XV Partners, Blume Ventures, and Alpha Wave Ventures.
It is pertinent to note that last year, edtech startup Saarthi’s cofounder Chiraag Kapil and investors also filed a lawsuit against Classplus in the Delhi High Court (HC) for alleged cheating and criminal breach of trust.
Saarthi claimed that while Classplus acquired it in 2022, the edtech startup’s investors were yet to receive their stipulated agreements or the corresponding equity in Classplus they were entitled to post the execution of the deal.
Classplus’ net loss jumped 57% year-on-year to INR 256.6 Cr in FY23, while operating revenue nearly quadrupled to INR 102.04 Cr.
