What happened
When VideoVerse announced its acquisition in September 2025, it read like a victory for Indian startups: a clipping-software maker whose Magnifi platform served the IPL, FIFA+ and Nippon TV had pulled off a $250 million exit to Minute Media, the sports publisher that planned to scale it into the US market. Less than a year later the deal had unravelled.
In May 2026 Minute Media said it was terminating its contract with VideoVerse, noting the two had kept operating as separate legal entities even after closing. A Minute Media representative said 'significant discrepancies were discovered in VideoVerse's representations.' A creditor's complaint alleges founder Vinayak Shrivastav 'used fraudulent merger documents that did not reflect the business terms' to induce shareholders to approve the merger.
The paper trail in the suits is stark: in October 2025 Shrivastav arranged a $55 million structured loan from Lingotto, backed by documents Lingotto now says were forged — Minute Media's CEO never signed them, and screenshots of internal bank balances were fabricated. $53 million was transferred on October 1. When the $4 million payment due March 31 missed, Lingotto called the loan and found Bluestone Capital's earlier loan already in settlement with overdue payments.
VideoVerse's own COO, Sabya Das, alleges in a separate case that Shrivastav forged his signature on loan and share-repurchase agreements, extracting tens of millions of dollars. By the end of April Shrivastav was out as CEO; Minute Media, Lingotto and Bluestone are all seeking restitution in Delaware Chancery Court, and tens of millions of dollars are missing. Shrivastav did not respond to TechCrunch's attempts to contact him.
What it cost
$250M exit value in doubt; a $64M loan recovery suit; a $53M Lingotto loan made against allegedly forged documents; CEO out by end of April
Why it happened
The acquisition closed while the two companies kept operating as separate legal entities, leaving the buyer holding a claim rather than a business.
Loan documents bore the signature of Minute Media's CEO without his signature, and supporting bank screenshots were fabricated.
Money from the Lingotto loan flowed to a creditor rather than the business, and the whole structure rested on representations that were not true.
Multiple creditors and the company's own COO describe the same pattern: debts stacked on the prestige of a deal that was not what it seemed.
The lesson
Due diligence reads documents, not people: a founder willing to forge merger papers will also forge the bank screenshots your loan was secured on.
Aftermath
As of the August 12, 2026 report: Minute Media had terminated its engagement; Bluestone was suing for fraud over its 2023 investment terms; a creditor sought $64 million; Das's forgery case was filed; Delaware Chancery Court hosted the overlapping restitution claims. Shrivastav's most recent listed address was on Dubai's Palm Jumeirah islands.
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