Trell sells 10% stakes in AppsForBharat to Mirae Asset
Trell, India’s largest social commerce platform, is going through alleged financial problems and is under investigation. It has apparently sold its 10% share in devotional and spiritual tech startup, AppsForBharat, to Mirae Asset, one of its investors. Mirae Asset holds 11% shares in Trell. The transaction valued at $9.95 million also witnessed MSA Novo to own shares from AppsForBharat. Trell has suspended around 200 – 300 of its employees and its decision to sell shares to Mirae Asset is an endevour to keep it going amidst the crisis.
“Taking into account the crisis situation, the transaction happened within a short period of time, though talks of buying stakes in AppsForBharat, have been there. Mirae thought it is finer to buy shares from AppsForBharat and help Trell monetarily”, said a spokesperson.
Founded by one of the co-founders of Trell, AppsForBharat has accumulated $10 million in Series A led by Elevation Capital, last year. EY India has been investigating on the financial mishaps in Trell along with wrong business numbers reporting and other party deals. According to a Trell spokesperson, the investors have complete trust on the founders of the company as well as the leadership. About the EY probe, the spokesperson informed that it was a normal procedure to check on the business process and strengthen business controls.