Connect with us

Business

Former Vungle CEO,?cleared of crimes, seeks $100 million

Published

on

Zain Jaffer’s charmed, Silicon Valley life was about to collapse beneath him.

It was October 2017 and Jaffer, founder of a promising mobile ad startup, was suddenly arrested and charged with a series of crimes, including assault and sexual abuse. His company, Vungle Inc., promptly dismissed him.

But the case, it turned out, wasn’t what it seemed. And now that the charges have been dropped, Jaffer, 31, is taking Vungle to court. His unusual lawsuit is testing the limits of redemption in Silicon Valley after a run of troubling revelations about personal conduct at companies from Google to Uber.

Jaffer’s case hinges on a provision in California’s labor code that’s designed to protect people who’ve been exonerated of crimes. His lawyers have cited a suit brought by an insurance salesman who was fired after admitting to striking his girlfriend, even though he’d avoided criminal conviction. A jury subsequently awarded the salesman almost $20 million.

Lewd Act

Jaffer was removed as CEO after he was arrested and charged with performing a lewd act on one of his children, as well as child abuse and battery.

The charges were later dropped after prosecutors concluded Jaffer had suffered a psychotic episode triggered by a cocktail of prescription drugs prescribed to him by doctors. It was during that altered state that Jaffer, a trained martial artist, allegedly attacked his father, punched an infant and performed a jiu-jitsu move on his son that was misinterpreted by police as a sex act, said San Mateo County District Attorney Steve Wagstaffe.

Jaffer now wants his job back, or at least compensation to cover his losses, said Joann Rezzo, his attorney. While his complaint filed Tuesday in San Francisco state court doesn’t specify the damages he seeks, Rezzo said her client has suffered harm worth at least $100 million.

“While Mr. Jaffer would like nothing more than to regain control of the company he started, the law only allows for recovery of monetary damages under the circumstances,” Rezzo said.

Vungle didn’t immediately respond to a request for comment on the suit.

Google Ventures

Just before Jaffer’s 2017 arrest, Vungle had announced it was on track for $300 million in revenue, an impressive clip for a company that had launched just six years earlier. GV, formerly Google Ventures, is among the company’s big-name backers.

Vungle counted among its customers household names like Coca-Cola, the National Football League, Unilever and Warner Bros. — and displayed their logos on its website. Within 24 hours after reports of Jaffer’s arrest, those logos disappeared from the site.

It is unclear what the company’s overall valuation now is, the crux of the basis for valuing any shares in a private sale.

After Vungle dismissed Jaffer, its major shareholders voted to convert their preferred shares to common shares, said a person familiar with the situation, who asked not to be identified because the information is private. The investors wanted to be able to out-vote Jaffer, who was the majority shareholder, to keep him from trying to reinstate himself as CEO, the person said.

Rezzo said Vungle issued a press release that shows Jaffer was fired solely because of the charges against him.

“We are aware of the extremely serious allegations leveled against our former CEO, and we are shocked beyond words,’’ the statement read.

In recent months, Jaffer has expressed interest in selling his stake in the company, which has won back top customers it lost after the incident and is continuing to grow, according to two people familiar with the matter. Jaffer and the potential buyers of his shares haven’t been able to agree on a price, a person familiar with the situation said.

The case is Jaffer v. Vungle, 19-5744541, Superior Court of California, San Francisco County (San Francisco).

Source

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

Swiggy Instamart figures, Mumbaikars ordered 570 times more condoms in the last one year

Published

on

Customers are also ordering medical-related things through online shopping platforms. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year.

These days people are doing online shopping fiercely in the country. Through Grocery Service Platforms, the goods of need are easily reaching people’s homes. From vegetables to medicines, just a few clicks on the smartphone are reaching people’s doorsteps. According to a survey, Swiggy Instamart has provided service to more than 9 million users between June 2021 and June 2022. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers.

Healthcare products orders

Customers are also ordering medical-related things through online shopping platforms. According to a survey, Mumbaikars have ordered 570 times more condoms in the last 12 months. At the same time, in 2021, Instamart received orders for about two million sanitary napkins, menstrual cups, and tampons. Apart from this, a lot of orders have also been received for grocery items.

56 lakh packets of noodles ordered

According to the survey, between April and June last year, there was a 42 percent increase in the demand for ice cream in these metro cities. It was also learned that most of the orders were placed after 10 pm. In metro cities, people have ordered 5.6 million packets of instant noodles. In Hyderabad, users ordered around 27,000 bottles of fresh juice during the summer months.

60 lakh eggs ordered

The demand for eggs has increased manifold in the last two years. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year. According to the report, customers from Bangalore and Hyderabad ordered the maximum number of eggs for breakfast. At the same time, people of Mumbai, Jaipur, and Coimbatore have ordered the maximum number of eggs online at the time of dinner.

Demand for dairy products

There has been a huge jump in orders for both tea and coffee. According to the report, there has been an increase of 2,000 percent in its demand. At the same time, 3 crore orders of milk have come for milk. People from Bangalore and Mumbai have placed more orders in the morning. Regular milk, full cream milk and toned milk are the most ordered dairy products.

Ordering fruits and vegetables

Orders for 62,000 tonnes of fruits and vegetables have been received in the last year. With 12,000 orders, Bengaluru tops the list of organic product buyers. At the same time, Hyderabad and Bangalore together have ordered more than 290 tonnes of green chilies in 12 months. Over 2 lakh orders have been received for bathroom cleaners, scrub pads, drain cleaners, and more in the last year.

Source: Aajtak

Continue Reading

Brand Story

Zepto, 10-minute grocery delivery app, raises $100 million

Published

on

Only five months subsequent to dispatching, 10-minute basic food item conveyance application Zepto on Tuesday reported it has raised $100 million driven by Y Combinator, taking its valuation to $570 million.

Other than the raise money, Zepto has been developing staggeringly rapidly and is significantly increasing its client base consistently.

In the course of recent months, Zepto has extended past Mumbai by dispatching in Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad, and Pune (Kolkata to follow), the organization said in an assertion.

“Financial backers are reliably deciding to back Zepto due to our top tier execution. This is giving us extraordinary energy – we’re developing at an amazing rate, clients are adoring the item experience, our center unit financial matters are solid, and we have one of the most outstanding startup groups in India today,” said Aadit Palicha, Co-Founder and CEO.

The Series C raising money round saw support from new and existing financial backers, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and that’s just the beginning.

The round came 45 days later the organization reported its $60 million raise money in November.

Conveying food in a short time is a game-changing encounter for clients in the nation, and a few players are presently joining the race.

“We are eager to twofold down and lead this round in Zepto. They initially dispatched with an alternate model, quickly turned to speedy trade in August 2021, and are presently adding 100,000 new clients consistently, 60% of the ladies,” said Anu Hariharan from Y Combinator.

Continue Reading

Business

One stuck box of fertilizer shows the global supply chain crisis

Published

on

Somewhere in the world’s busiest port of Shanghai, a container of fertilizer sits among tens of thousands of boxes, waiting for a ride to the U.S. It’s been on the dock for months, trapped by typhoons and Covid outbreaks that have worsened major congestion in the global supply-chain network.

While the fertilizer has been stranded there since May, the port is just one stop on the long journey from central China to the U.S. Midwest. Delays have stretched a delivery that ordinarily would take weeks to more than half a year. And that time frame will keep expanding, as the goods have barely started the roughly 15,000 kilometer (9,300 mile) trek.

This is the tale of one humble shipment and its arduous journey across the world. While some of the barriers keeping it from its final destination may be specific to this particular case, the journey is emblematic of the inertia that has gripped global trade during the pandemic.

From the U.S. to Sudan to China, container boxes have been lying at ports, railyards and in warehouses as the pandemic rages on. In an industry with 25 million containers and some 6,000 ships hauling them, it’s easy to see disruptions as one big headache confined to the shipping world. But each container that’s delayed is economic activity that’s restrained, heaping costs one box at a time on consumers and making it more challenging to put corn on consumers’ tables or deliver presents for the holidays.

It’s also a lesson in the ripple effects across global supply chains, showing the limits of diversification as all networks are still closely connected with China.

“All roads lead back to China, and that has a major effect across the entire supply chain,” said Dawn Tiura, head of U.S.-based Sourcing Industry Group. “Congestion at one port or factory has far-reaching implications for neighboring facilities, which trickles out across the world.”

Continue Reading

Newsletters

Enter your email address to get latest updates

Advertisement

Trending

Copyright © 2018 - 2022 Delhi Wire.