Synopsis: Zyber 365 Technologies made headlines by claiming unicorn status in record time, following a $100 million fund-raise from a London-based investor. However, scrutiny into the company's operations raises several questions. Founded by Pearl Kapur, Zyber 365 reported an astonishing $1.2 billion valuation within weeks of incorporation, despite its limited financial filings and ambiguous details about the funding.
Zyber 365 Technologies, led by founder Pearl Kapur, burst onto the Indian start-up scene in July 2023, claiming a massive $100 million fund-raise from a London-based investor.
This investment, announced by the SRAM & MRAM Group, seemingly propelled Zyber 365 into the elite circle of Indian unicorns, with a valuation reaching $1.2 billion.
This development was remarkable given that Zyber 365 had only been incorporated in India a week prior to the announcement.
Interestingly, the London-based parent company, Zyber 365 Technologies Plc, was itself a newly established entity, incorporated just two months before the Indian subsidiary.
This rapid timeline led Zyber 365 to declare itself “India and Asia’s fastest unicorn in just three months,” and the company touted its position as the 109th unicorn in India’s thriving start-up ecosystem.
Despite this fanfare, a deeper look into Zyber 365’s financial and corporate records raises concerns.
The company’s filings with the Ministry of Corporate Affairs reveal no financial reports, and its authorized capital is a modest Rs. 15 lakh with a paid-up capital of only Rs. 1 lakh.
The registered address, curiously, is a rural location in Punjab, India, while the website claims its global headquarters are in London.
The company lists two offices in India, in Punjab and Ahmedabad, Gujarat.
While Zyber 365 presents itself as a Web 3.0 and AI-driven multinational conglomerate, public information about its operations is scant.
Founder Pearl Kapur, alongside co-founder Sunny Vaghela, holds directorial positions, with the recent addition of another director, Surdas Puthem.
Yet, the company’s website provides limited insight into its business activities, leaving questions about its core operations unanswered.
The investment saga surrounding Zyber 365 becomes even murkier when looking at SRAM & MRAM Group, the supposed lead investor.
This group had also announced a $100 million investment in SpiceXpress, the cargo arm of aviation company SpiceJet.
However, over 16 months later, no funds have flowed into the SpiceXpress venture.
SpiceJet officials confirmed that no actual investment has materialized, raising doubts about the credibility of SRAM & MRAM’s funding announcements, including the one involving Zyber 365.
Efforts to gain clarity on Zyber 365’s funding and operations have been met with silence.
Neither Pearl Kapur nor the SRAM & MRAM Group have responded to inquiries, and no additional information has been released.
Kapur, who presents himself on social media as India’s youngest billionaire at 27, has yet to address the skepticism surrounding his company’s unicorn status.
With these concerns still unresolved, Zyber 365’s claim of being India’s fastest unicorn remains under scrutiny.
In conclusion, Zyber 365's meteoric rise to unicorn status has garnered significant attention, but its lack of financial transparency, coupled with unfulfilled investment promises, casts doubt on the validity of its claims.
As more than a year has passed since the original announcement, both the start-up and its investors have failed to provide clarifications on the purported $100 million funding round.
This leaves the industry questioning whether Zyber 365 is truly the game-changing unicorn it claims to be or if its story is simply another example of inflated hype in the start-up ecosystem.
Disclaimer: This article is based on publicly available information and has been compiled to provide an overview of Zyber 365 Technologies. The details presented are subject to verification, and the content is not intended to be an endorsement or discredit of any individual or entity. Readers are encouraged to conduct their own research before drawing conclusions.
