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Benchmark Sues To Have Uber Cofounder Removed From Board

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Benchmark the venture capital firm and the early investor in Uber, is suing the former Uber CEO and Cofounder Travis Kalanick for fraud, breaches of fiduciary duty and breaches of contractual obligations. The complaint was filed on Thursday in the Delaware Chancery Court.

In the complaint, Benchmark alleges Kalanick’s overreaching objective was to pack Uber’s Board with loyal allies to help him insulate his prior conduct from any scrutiny. This would also clear the path for his eventual return as CEO, which Benchmark claims would be detrimental to Uber’s stockholders, employees, driver partners and customers.

The lawsuit seeks to force Kalanick off the board, nullify a June 2016 agreement that created three additional board seats and rescind his ability to fill those three seats. The lawsuit also aims to permanently remove Kalanick from Uber’s board and ban the cofounder from participating in Uber’s CEO replacement process.

The June 2016 agreement allowed Kalanick to expand the size of Uber’s board with three additional seats, giving him the sole right to designate those seats. According to the lawsuit, Kalanick held the power to name one of those three seats for himself after his resignation, while the other two seats could remain unfulfilled. Benchmark’s argument hangs on the statement that they would never have granted Kalanick those extra seats had they known about Kalanick’s “gross mismanagement and other misconduct at Uber.” Benchmark argues Kalanick’s misconduct invalidates the board’s vote to enlarge the board. This misconduct, according to the lawsuit, includes pervasive gender discrimination and sexual harassment, hiding the existence of confidential findings and nondisclosure of material information.

Currently, Uber Technologies Inc., is also fighting another lawsuit from Alphabet Inc., for allegedly stealing trade secrets. Alphabet Inc., is claiming their former employee Anthony Levandowski stole 14,000 files from Alphabet before starting his self driving startup Otto, which was later acquired by Uber. According to the new lawsuit by Benchmark, Kalanick did not disclose to the board what he knew about Alphabet’s allegations of trade secret misappropriation before Uber acquired Otto. The lawsuit also states another  lawsuit from Waymo, presents significant legal, financial and reputational risks to Uber. It claims these risks could have been reduced or avoided if Kalanick had disclosed crucial facts about his own apparent knowledge at the time of the Otto acquisition.

Travis Kalanick, who was allegedly trying to ‘Steve Jobs his way back’ into the company, was forced to resign after Benchmark partner Bill Gurley, led the effort to oust the CEO from the company. Uber has declined to comment on the issue.
 

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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

PINCODE’s hyperlocal model enhances healthcare accessibility and convenience while empowering local pharmacies, helping them remain integral to their communities and stimulating local economic growth. Launched in 2023, the app focuses on quick commerce with an emphasis on speed, reliability, and supporting local sellers.

In summary, PhonePe’s PINCODE app is transforming medicine delivery in major Indian cities by combining ultra-fast 10-minute delivery, free doctor consultations, and a hyperlocal sourcing model that benefits both consumers and neighborhood pharmacies.

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Piyush Anchliya Joins Cashfree as CFO Amid Fintech Boom

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Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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Flipkart’s Jeyandran Venugopal Likely to Join Reliance Retail as CEO

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Jeyandran Venugopal, the outgoing Chief Product and Technology Officer of Flipkart, is set to become the CEO of Reliance Retail Ventures (RRV), the retail arm of Reliance Industries. His appointment, expected to be finalized in May after his exit from Flipkart, signals Reliance’s push to strengthen its retail business with a technology-first approach.

Venugopal brings extensive experience from leading roles at Flipkart, Myntra, Yahoo, Snapdeal, and Amazon, where he focused on scaling technology platforms and driving innovation. At Flipkart, he managed product, engineering, data science, and more, helping build robust systems and improve user experience.

His move comes as Reliance Retail undergoes transformation, including cost-cutting and a renewed focus on digital growth. Venugopal’s leadership is expected to accelerate Reliance’s ambitions in omnichannel and tech-driven retail, positioning the company for continued dominance in India’s evolving market.

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