Shopclues.com and Droom are the two marketplaces in India founded by Sandeep Aggarwal. He has been an entrepreneur, philanthropist, angel investor and internet visionary for a decade. He pursued an MBA degree from Washington University in St Louis and holds a US patent. Having worked in Silicon Valley and Seattle for about 12 years, he has a rich experience in the global internet and e-commerce industry. Sandeep founded Shopclues in California in 2011 and then shifted to India making it India’s first and largest managed marketplace. Droom was started in 2014, an online transactional marketplace for buying and selling of used and new automobiles and the 3rd largest e-commerce website in India.
Founder of a Unicorn Startup, Sandeep Aggarwal accused his wife and co-founder of ShopClues Radhika Aggarwal, for having an illicit affair with the co-founder of the company and also for taking away his voting rights from the company. He also accused her of deliberately kicking out other founding members of ShopClues and also wrote that Radhika meddled with Wikipedia, changed web history and lied in the press that she along with her illicit life partner founded ShopClues and Sandeep joined the company later.
According to our sources close to both Sandeep and Radhika, the two are heading towards a divorce very soon.
The problems between the two started when San-Francisco based technology sell-side analyst, Sandeep Aggarwal was arrested by FBI agents in California on insider trading charges. He had also been barred from trading by the Securities Exchange Commission (SEC). He had pleaded guilty to insider trading charges in 2013 in a federal court for tipping off former SAC portfolio manager Richard Lee about a pending deal between Microsoft and Yahoo! He worked as an analyst at Collins Stewart when he was allegedly passing the non-public information along covering both Microsoft and Yahoo. Upon learning the upcoming Microsoft-Yahoo deal, he shared very specific details with Lee assuring him that the information came from a source at Microsoft who was reliable and accurate. He had later pleaded guilty saying that he did this to improve his standing as an analyst and to increase revenue for his firm.
Post his return, things turned messier and more stressful as described by Sandeep in the following post:
I being one of the investors very well remember the whole scenario. Everything was jumbled up and going haywire.
I remember when Sandeep was faced with an insider trading case, he had nominated Sanjay Sethi as the new CEO to the board and Radhika to be a board member. Truthfully, we investors were absolutely unhappy and not impressed by the decision though we funded ShopClues because we find it’s unit economy and differentiation very impressive. We were able to see the whole decorum changed in the hands of Sanjay and Radhika. There were many employees and founding members kicked out of the organization. The organization played dirtiest politics.
When Sandeep came back to India in 2014, he immediately realized his relationship with Radhika was heading in the wrong direction. He had noticed that Radhika had stopped wearing a wedding ring, started using her last name as Ghai, and would often interview with the press and media where she would interfere with the true history of ShopClues and minimize Sandeep’s contribution in creating ShopClues. Sandeep then finally realized that they were behaving in such a manner to erase his legacy and true contribution for their own selfish gain. Sandeep was scammed by his wife and her illicit affair partner and once he came to know about the board seat fraud, he filed an economic offense wing complaint with Gurgaon Police. Also, he filed an adultery case in the district court of Gurgaon against Sanjay Sethi in 2016. Besides the two cases, he is also battling for his kids in a custody case with Radhika. While in exile, he planned on launching Droom. The return of Sandeep Aggarwal was dominant as things picked up for Droom after he returned to India.