The founder of Builder.ai has stepped down as CEO.
Sachin Dev Duggal will be replaced at the London firm, backed by Microsoft and SoftBank, by Manpreet Ratia, a managing partner at Asia-focused investor Jungle Ventures.
Duggal – who founded Builder.ai, described as an AI-powered software platform, in 2016 – will remain in the role of ‘chief wizard’.
The platform claims to build software and apps up to 6x faster and 70% cheaper than traditional human teams, without users needing to ‘speak tech’.
In 2023 an investment round led by Qatar Investment Authority took its total amount raised to over £362m.
However a report last year in the Financial Times included testimony from former employees complaining at Duggal’s leadership style, company culture and its ability to deliver on time.
Lawyers told the FT that cases of unhappy customers cited in the report were ‘the result of unforeseen technical challenges or due to a customer pausing their project’.
The FT also reported that in 2023 the Indian Directorate of Enforcement had named Duggal as a suspect in a warrant application related to a money-laundering investigation into Videocon, an Indian firm that went bankrupt in 2018.
It said Duggal did not appear following a 2022 summons to explain alleged ‘unexplained transactions’ between Builder.ai and Videocon. After the directorate changed his designation from ‘witness’ to ‘suspect’, it obtained the warrant from a Delhi court.
Duggal is appealing against the warrant and denies any wrongdoing.
Of the leadership change, he said: “This evolution marks an exciting new chapter for Builder.ai.
“After eight years of growth, bringing in fresh perspective and operational excellence is crucial for our next phase.
“Manpreet’s background expertise will help us achieve the perfect balance between innovation and operational efficiency.”