Wealth India Financial Services Private Limited that runs online financial services platform — FundsIndia.com has removed its founders CR Chandrasekar and Srikanth Meenakshi from the firm, reported The Hindu, citing sources.
The removal came following the emergence of differences between the duo and the private equity investors over how to run the company and its future plans, added the report. The founders are terminated without cause. There are no irregularities, it said.
Srikanth Meenakshi too confirmed the exit to the newspaper and stated that he and CR Chandrasekar were not with the company anymore. However, no comments were made by the company. The move, the report said, materialized even after strong opposition was raised against it by the top leadership team and employees.
The development came after the firm, which has over 12 lakh customers raised Rs 70 crore from various investors led by Faering Capital back in 2015, said the report. Following this, the board was expanded to include representatives of the PE firms, added the report.