Abhinay Maths' founder Sharma files FIR against Classplus; Here's why

Abhinay Maths, a test prep platform, has accused Classplus, an edtech startup, of cheating, forgery, and breach of trust. This marks the second such case against Classplus in less than a year.

Abhinay Sharma, the founder of Abhinay Maths, alleges that Classplus's actions have led to significant financial losses and reputational damage for his firm. The partnership, which began with Classplus investing Rs 4 crore in Abhinay Maths in February 2023, has deteriorated amid these serious allegations.

Legal battles and allegations

According to media reports, Abhinay Sharma has filed a first information report (FIR) against Classplus and its top executives, including cofounders Mukul Rustagi and Bhaswat Agarwal, CFO Sankalp Agarwal, VP of business Ayush Agarwal and Deborah Quazzo, Managing Director of GSV Ventures.

The FIR, lodged with the Delhi Police, includes charges of criminal breach of trust, cheating, forgery, fraud, and conspiracy under various sections of the Indian Penal Code. Sharma accuses Classplus of unauthorized asset acquisition, use of counterfeit stamps, and creation of forged documents, among other offenses.

The human toll

The conflict has reportedly affected around 60 employees of Abhinay Maths, who face financial hardship due to unpaid salaries and unresolved final settlements.

Sharma highlights the pressure exerted on staff by Classplus, leading to resignations and terminations. This aspect of the dispute underscores the broader impact on individuals caught in the crossfire of corporate disputes.

Classplus's response

Classplus, valued at over $600 million in 2022 and backed by prominent investors, has not yet responded to the allegations. The company, known for providing SaaS solutions to educators, finds its reputation at stake as it navigates this legal challenge. The case adds to Classplus's recent controversies, including previous lawsuits and police complaints related to its acquisition practices.