Press "Enter" to skip to content

Restructuring at Zebpay: Co-founders no longer Directors in Company

  • Zebpay exited the Indian market in September 2018 and launched an exchange in Malta.
  • The new parent company Awlencan Innovations has a subsidiary registered in India.
  • None of the original co-founders are the directors of the new company or the old one that owns Zebpay. 

After Zebpay announced its exit from India earlier this year reports of its global launch surfaced. 

Zebpay has launched its exchange in Malta and now caters Euro based trading to 21 EU countries and crypto-to-crypto trading to the rest of the world. But some countries are still restricted, including India, USA, Japan, Sri Lanka, etc. 

The company has undergone a major restructuring. Ajeet Khurana is no longer the CEO, Saurabh Agarwal, Mahin Gupta and Sandeep Goenka, the co-founders of Zebpay are no longer directors in the company. 

Back in October 2018, the-ken reported Zebpay founders Mahin Gupta and Saurabh Agarwal were the directors of a new company called “Block Shrinkhala Technologies”, registered in Ahmedabad. Shrinkhala stands for chain in Hindi.

When Coin Crunch visited the apartment where Block Shrinkhala was registered in October, we were informed that none of the four directors live there and the owner of the apartment allowed them to register their company at his apartment because one of the director Naina Ahuja is a friend of a friend.

Now, after more than two months, neither of the four directors are part of Block Shrinkhala according to the data on MCA portal, and that’s not it. 

Zeb IT service Limited is the old company associated with Zebpay India. Awlencan Innovations India is the subsidiary of Awlencan Innovations Malta that is running Zebpay Global. None of these companies now have the names of Zebpay co-founders associated with them. So, here’s quick update on the new folks behind the exchange.

Zebpay – Behind the Scenes

When Zebpay was incorporated in 2015, three co-founders were registered as the directors of the company. 

  • Sandeep Goenka
  • Saurabh Agrawal
  • Mahendrakumar Rambabu Gupta (Mahin Gupta)

However, as of press time the directors of the companies according to the Ministry of Corporate Affairs data are no longer the co-founders. 

Zeb IT service Limited

The new directors of Zeb IT service Limited, the Indian parent of Zebpay are:

  • Kailash Singhal, appointed on August 29, 2018
  • Pratik Shah, appointed on September 21, 2018
  • Ankit Parikh, appointed on October 10, 2018
  • Sunny Shah, appointed on December 03, 2018

Awlencan Innovations India Limited

The directors of the subsidiary of Awlencan Innovations Malta, registered on September 28, 2018 and the current parent company of Zebpay exchange are:

  • Kailash Singhal 
  • Ankit Parikh
  • Rikin Parikh

All directors appointed on the day of incorporation.

Block Shrinkhala Technologies LLP

Block Shrinkhala earlier had four directors, two of them were Mahin Gupta and Saurabh Agarwal, the co-founders of Zebpay. Both Gupta and Agarwal ended their partnership with Block Shrinkhala on September 28, 2018. The new directors appointed on the same day are: 

  • Ankit Parikh
  • Avinash Shekhar

The Key Director

The only common denominator in all three companies is one Ankit Parikh. Ankit, is the proprietor of a Chartered Accountant service firm A.D.Parikh & Associates based out of Ahmedabad. 

When we called Ankit to ask about Zebpay, he confirmed the restructuring in Zebpay and that he is now the new director. Before he asked us to direct further questions to Ajeet Khurana, he confirmed that Khurana is no longer the CEO of the firm but is still associated with Zebpay. 

We reached out to Ajeet Khurana, Sandeep Goenka and Mahin Gupta for comments but have received no response. 

We removed the advertisement to remind you about supporting Coin Crunch India. Donate to Keep News Free from influence, research oriented and exclusive on Coin Crunch India. Click here to Donate.
Latest Posts
Send this to a friend