Saarthi AI, a Bengaluru-based startup that once promised innovation and growth, now finds itself mired in controversy and financial instability. The latest twist in this dramatic saga involves the company's CEO, Vishwa Nath Jha, who alleges that his passport—complete with a coveted US visa—was stolen by a former employee.
This startling claim comes at a time when Saarthi AI is grappling with multiple crises. Last year, the company made headlines for laying off a significant portion of its workforce, a move Jha justified as necessary for financial survival amidst investor pressure. However, the layoffs marked only the beginning of the company's troubles.
According to Jha, the theft of his passport has further complicated the startup's situation. With the stolen US visa, Jha's ability to travel abroad and secure essential funding for Saarthi AI has been severely hindered. Though he has obtained a new passport, acquiring a new US visa is proving to be a lengthy and frustrating process.
The controversy doesn't stop at the missing passport. Reports suggest that Saarthi AI's financial practices have been far from smooth. Allegations of unpaid salaries have emerged, with former and current employees claiming they have been waiting for their dues for over a year. These claims have been accompanied by reports of unaddressed legal notices and unresponsive management.
Adding to the company's woes, Jha has admitted that Saarthi AI failed to deposit tax deductions at source (TDS) for the past two fiscal years. Despite these admissions, Jha remains hopeful about the future, stating that the company aims to achieve positive cash flow by the second quarter of 2024 and is actively seeking new investment.
As Saarthi AI navigates this storm, the questions surrounding the stolen passport and financial mismanagement cast a long shadow over its future. Whether the company can rebound from these setbacks and restore its reputation remains uncertain. For now, Saarthi AI's story is one of turmoil and suspense, with no clear resolution in sight.
