Setting the Record Straight: Builder.ai’s Commitment to Integrity and Leadership

In response to the recent article published by the Financial Times, which attempts to cast a shadow on the integrity of our Founder and CEO (Chief Wizard) Sachin Dev Duggal, it is imperative to address and debunk the narrative presented. As General Counsel, it is not only my responsibility but also my duty to set the record straight, shed light on our preemptive efforts to engage with the Financial Times to correct these inaccuracies prior to publication, and maintain transparency with you, our customers, partners and investors.

Firstly, I want to emphatically state that the article is false and defamatory and should never have been published. The article’s insinuation that Sachin is a central figure in a criminal investigation in India, is dangerously misleading. The “criminal probe” described in the article is centered on Videocon (a large and well-known company in India), with Sachin’s involvement being solely in his capacity as a witness, as clearly stated in public documents. The allegations are not just unsubstantiated; they are a gross mischaracterization of the facts.

Contrary to the article's implications, neither Sachin nor Builder.ai have been involved in any of the alleged misconduct. Furthermore, Saurabh Dhoot’s affiliation with our company started in late 2018 and ceased in December 2022, long before the period in question, negating any current commercial or financial ties to Saurabh, his family, or their ventures, including Videocon. Post his departure, Saurabh had no role, advisory or otherwise, in the strategic directions we pursued, especially in financial matters such as fundraising activities, including but not limited to the Series D funding availed by Builder.ai. This distinction was highlighted to the Financial Times before the article's publication, yet, disappointingly, not properly reflected.

Additionally, the article’s portrayal of Sachin as embroiled in a criminal probe is a distortion of the legal reality. Sachin is not named as a ‘suspect’ in any of the filings or hearings related to the Indian authorities' investigation of the alleged misconducts. The fact that the Indian authorities casually labeled him as a ‘suspect’ in filings related to the summons he received is his capacity as a witness, is a poor and legally improper attempt to pressurize him into traveling to India to give witness in person. This does not equate to formal charges or active criminal investigation under Indian law. Sachin is clearly not central to the investigation and certainly cannot be described as “facing a criminal investigation,” given he has not been named in any charge sheets, Enforcement Case Information Report or First Incident Report, which must first take place before a person is formally under investigation in India. This critical distinction, though communicated to the Financial Times, was conspicuously absent from their article, leading to an inaccurate and misleading narrative.

The article also neglects to note Sachin’s cooperation with the Indian authorities’ investigation, including but not limited to offering to appear as a witness over video conference and providing over 3,000 pages of documents to the Indian authorities. Sachin has diligently complied with all requests from the Indian authorities and has followed the guidance of his legal counsel throughout this process. Despite being informed that proper procedure to summon a British National was not followed, the Financial Times misrepresented this fact. While Sachin is ‘named’ in the legal filings, it is imperative to clarify that these filings relate solely to the summons issued for him to appear as a witness in India.

Our transparency regarding the historical affiliations and transitions within Builder.ai, especially concerning Saurabh Dhoot, has been absolute. Assertions of covertly altering our website in response to journalistic inquiries are not only baseless but a deliberate misinterpretation of the truth. Our ongoing updates to our digital platforms are part of our commitment to transparency, a fact that was explicitly shared with the Financial Times. Specifically, the Financial Times was informed that changes were made in July 2023, but appear to have conveniently omitted this information.

The support from our board, investors, and the Builder.ai community remains strong. This support underscores the confidence in our leadership, Sachin, and our collective vision for Builder.ai's future.

We remain committed to our mission, values, and principles of integrity and transparency.

For further inquiries or clarifications regarding this matter, please feel free to contact me at legal@builder.ai.