Influencer-driven social commerce app in trouble Trell, which has been investigated for financial issues, has sold a 10% investment in AppsForBharat to one of its existing investors, Mirae Asset, as it runs out of cash, according to various people briefed on the subject. Another insider indicated that MSA Novo, based in the Middle East, bought shares from Trell in the secondary sale.
According to the company's most recent shareholding, Mirae Asset holds about 11% of Trell, according to an ongoing examination into the company's books of accounts on March 12. Trell's suspected related-party transactions, erroneous reporting of business numbers, and other financial irregularities are being investigated by an Indian forensic team.
While Mirae Asset has purchased 7-8 percent of AppsForBharat, MSA Novo has purchased 2%.
According to another source familiar with the situation, the $7-8 million transaction is an attempt by the company to stay afloat despite the fact that it has laid off 200-300 staff.
"It's a majority deal by Mirae; there had been talks about Mirae taking a stake in AppsForBharat for a while, but things moved now because of the Trell incident," a source familiar with the case said.