MAM
Sprect raises Rs 50 lakh in Angel funding from Siddarth Shetty
Mumbai: Sprect, a C2C consulting marketplace, announced that it has raised Rs
50 lakhs in Angel funding from seasoned industry veteran, Siddarth (Sid) Shetty, chief business development officer at ServiceChannel. With this funding, Sprect plans to accelerate product development, expand its team, drive marketing efforts, and boost sales.
Launched by Mohit Khadaria and Vishal Rupani in August 2023, Sprect (short for Super Connect) aims to bridge the gap between individuals and professionals across diverse fields, making them readily accessible to each other online. Sprect’s web platform directly connects users with the world’s leading PROs (Professionals) for one-on-one interactions. Sprect incentivizes PROs to take calls while maintaining their privacy through its comprehensive turnkey system, which streamlines brand building, scheduling, payment processing, and video calls.
With over 15 years of leadership experience spanning Operations, Business Intelligence, Global Services, Business Development, and Marketplace Strategy, Siddarth (Sid) Shetty brings a wealth of expertise to Sprect’s journey. His pivotal role at ServiceChannel, which contributed to its eventual acquisition by Fortive for $1.2
billion in 2021, underscores his exceptional ability to build high-functioning teams and foster innovation within tech-driven ventures. Siddarth is also the host of the industry podcast ‘Elevating Brick and Mortar’, where he interviews industry leaders and discusses how world-class brands deliver compelling customer experiences.
As a leader with strategic expertise in driving growth and building successful marketplaces, his role as an investor and advisor will be invaluable as Sprect charts its course towards revolutionizing digital connections between individuals and professionals.
“Sprect’s innovative approach to democratizing access to expertise deeply resonates with me,” said Siddarth Shetty. “I see significant untapped potential for consumer-to-consumer advisory services, and it’s great to see that Sprect has already built an impressive pool of professionals without spending a penny on advertising. I’m excited to support their vision of empowering people by enabling them to connect with professionals seamlessly while unlocking new monetization opportunities for PROs from all backgrounds and walks of life. I firmly believe Mohit and Vishal embody the passion and vision necessary to lead this transformative journey, and I am honoured for the opportunity to be part of it.
“We are thrilled to welcome Sid to our exciting journey,” expressed Sprect co-founder Mohit Khadaria. “His impressive track record in building exceptional teams, coupled with his pivotal role in contributing to the success of a company achieving unicorn status, is truly inspiring. What truly ignites our excitement is his unwavering passion for developing purpose-driven technology and a vision that seamlessly aligns with ours. We firmly believe Sprect has the potential to revolutionize how people connect and share knowledge, and we eagerly anticipate the transformative journey ahead.”
Sprect’s marketplace boasts a roster of PROs from renowned companies like Airtel, Google, Times Internet, and WarnerBros.Discovery; prestigious educational institutions like IIM, IIT, ISB, and UCLA; government officials including the Principal Income Tax Commissioner and Mumbai Police Commissioner; and even Indian Olympians. This diversity ensures you can connect with someone who has the exact experience you need to help you take that next step to achieving your own goals.
Sprect co-founder Vishal Rupani remarked, “Sid’s investment represents a significant validation of Sprect’s potential to revolutionize the digital connectivity landscape. His backing reinforces our dedication to reshaping interactions between individuals and professionals, cultivating a culture centered around knowledge sharing and guidance. We deeply appreciate Sid’s trust in our vision and are excited to embark on this journey together.”
Sprect believes every individual is an expert in the life they’ve lived. We invite everyone to sign up today and make their knowledge accessible to the masses. PROs can create a free profile to offer paid consultations, complimentary sessions, or even charity calls, catering to a wide range of needs. On the other hand, users can freely browse profiles and book calls without creating a profile.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
