- Published on June 5, 2025
- In AI Startups
VerSe Innovation Denies Allegations of Fake Biz Deals with Builder.ai
The company claims that the revenue recorded in its financial statements relates to legitimate services rendered and delivered.
Image by Raghavendra Rao
- By C P Balasubramanyam
London-based artificial intelligence startup Builder.ai, which is currently facing multiple allegations and is staring at bankruptcy, allegedly “faked business deals with Indian social media startup VerSe Innovation to falsely inflate its sales,” according to a Bloomberg report.
However, in a written statement sent to AIM, VerSe Innovation said it "denounces baseless allegations in commercial dealings with Builder.ai”.
The report, referring to documents the media company claims to have access to, stated that the two companies routinely billed each other for roughly the same amounts between 2021 and 2024 in a practice allegedly known as "round-tripping”.
It was alleged that Builder.ai used this tactic to inflate the revenue figures it presented to investors. In many c
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C P Balasubramanyam
Bala is a journalist covering Indian tech companies and startups from Bengaluru.
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