Zyber 365 Technologies remained under the radar until July 2023, when it suddenly claimed a $100 million funding round, catapulting it into the unicorn club with a valuation of $1.2 billion. However, deeper scrutiny has raised concerns regarding the legitimacy of its financial claims and overall transparency.
The Meteoric Rise of Zyber 365
Zyber 365 Technologies, a Web 3.0 AI start-up, made bold claims of being India’s and Asia’s fastest unicorn, attaining this status just three months after incorporation. According to data from market intelligence platform Tofler, the company was registered in India on July 20, 2023, while its London-based parent entity was founded only two months earlier, in May 2023.
This announcement sparked interest as unicorn status typically draws significant investor attention. However, an in-depth look into publicly available documents reveals inconsistencies in financial records and raises concerns about the company’s credibility.
Financial Anomalies and Company Details
Despite its billion-dollar valuation claim, Zyber 365’s Indian subsidiary has an authorized capital of only Rs 15 lakh and a paid-up capital of Rs 1 lakh. The company’s registered address is listed as “c/o Manmohan Singh, village Tharoli, Hoshiarpur City, Punjab,” with operational offices in Sahibzada Ajit Singh Nagar, Punjab, and Vastrapur, Ahmedabad. Meanwhile, the company’s website asserts that its global headquarters is based in London.
The Indian entity lists three directors: Pearlpreet Singh Kapur, also known as Pearl Kapur, as Founder and Chairman, alongside Sunny Piyushkumar Vaghela. A third director, Surdas Puthem, was added on September 2, 2023. However, Vaghela later stated that he resigned from Zyber 365 on May 19, 2024, citing a lack of execution regarding product development and funding.
Internal Disputes and Resignations
Vaghela’s resignation letter, addressed to Kapur and shared with Business Today, outlined the failure of Zyber 365 to execute its product development plans and secure promised funding. He also demanded the removal of his name from company records and requested that his cybersecurity firm, TechDefence, no longer be associated with Zyber 365.
The Dubious $100 Million Investment
Zyber 365’s supposed $100 million funding was led by the London-based SRAM & MRAM Group, chaired by Sailesh Lachu Hiranandani. The same group had also announced a $100 million investment in SpiceJet’s cargo division, SpiceXpress and Logistics.
According to their statement, SRAM & MRAM had previously invested $3.64 billion in India’s semiconductor industry and planned to expand its presence in aviation and logistics. However, there is no documented proof of actual funds being transferred into SpiceXpress. When queried, a SpiceJet spokesperson confirmed, “No investment has been made by SRAM & MRAM Group in SpiceXpress.”
Silence from Zyber 365 and Investors
Multiple attempts to reach Zyber 365’s founder, Pearl Kapur, via official and personal email accounts have yielded no response. Kapur maintains an active presence on social media, portraying himself as India’s youngest billionaire at just 27. Similarly, requests for comments from SRAM & MRAM Group regarding their investments in Zyber 365 and SpiceExpress remain unanswered.
The Uncertain Future of Zyber 365
Despite grand declarations, Zyber 365 has yet to file financial reports with India’s Ministry of Corporate Affairs. The lack of transparency and verifiable documentation casts doubt on the legitimacy of its unicorn status. Until Zyber 365 or its investors provide concrete evidence of funding, the company remains a mystery in India’s startup ecosystem.
