Fri Oct 04 06:01:11 UTC 2024: ## Zyber 365: A Unicorn With No Horns?
**New Delhi, India -** In July 2023, Zyber 365 Technologies, a fledgling Web 3.0 AI company, shot to fame, claiming a $100 million Series A funding round that catapulted it to a $1.2 billion valuation. This seemingly overnight success declared Zyber the fastest unicorn in India and Asia, just three months after its incorporation.
However, over a year later, doubts linger about the veracity of these claims. A closer examination of public records reveals inconsistencies and raises concerns about the company’s financial transparency.
Despite its claimed Unicorn status, Zyber 365 Technologies, registered in India with a modest authorized capital of Rs 15 lakh and paid-up capital of Rs 1 lakh, lacks publicly available financial reports. Its website boasts of being a leading multinational conglomerate, but specifics about its operations remain vague.
The company’s alleged $100 million funding was attributed to SRAM & MRAM Group, a London-based entity that also claimed a similar investment in SpiceXpress, the cargo division of SpiceJet. However, SpiceJet has since confirmed that no investment from SRAM & MRAM Group has actually materialized, despite the signing of an MoU in 2023.
Zyber 365 founder Pearl Kapur, a self-proclaimed billionaire, has not responded to inquiries about the company’s funding or operations. Similarly, SRAM & MRAM Group has yet to respond to requests for comment on their alleged investments in Zyber 365 and SpiceXpress.
The lack of clarity surrounding the funding claims, coupled with the company’s opaque financial records and evasive responses to inquiries, raises serious questions about the legitimacy of Zyber 365’s “unicorn” status. The story highlights the need for greater transparency and accountability within the rapidly growing Indian start-up ecosystem, particularly in the realm of inflated valuations and unverified claims.
First Piper 