Overview
- Bankruptcy filings will be lodged in each operational region, covering five jurisdictions across the U.K., U.S., UAE, Singapore, India
- Viola Credit’s seizure of $37 million left Builder.ai with only $5 million in restricted funds and halted core operations
- Less than two months ago the startup revised down key sales figures and appointed auditors to scrutinize its financials from the past two years
- Founder Sachin Dev Duggal was replaced by Manpreet Ratia earlier this year in a move to restore investor confidence
- Since its 2016 launch Builder.ai raised over $450 million from investors including Microsoft, the Qatar Investment Authority, the World Bank’s IFC, WndrCo, Lakestar and SoftBank’s DeepCore incubator