8k miles was supposed to be in a sweet spot to ride these tailwinds. When revenue soared, everyone put it down to the industry's phenomenal performance. Microsoft even had a blog in 2016 calling 8k miles a leader in the life sciences space for cloud IT security. Everything seemed credible until one fine day, the auditor, Deloitte, resigned in a shock move. The share price crashed by 90%. Sebi jumped in and began investigations. It appointed Grand Totten to run a forensic audit and the skeletons came tumbling out. And that immediately after the forensic audit began, the revenues dropped like a rock. In fact, businesses under the international business segment basically evaporated into
In today's episode for 8th April 2023, we dive into how a company that was once the next big thing lost the plot. The arrest of two of its co-founders isn’t a good look, no?