India, May 12 -- "I can name at least four IPO-bound startups whose financials are delayed because the auditors are refusing to sign on their books, after discrepancies were found in their annual filings," Sathya Pramod, who founded KayEss Square Consulting Pvt Ltd, told Inc42.

And this epitomises the new wave of corporate governance problems plaguing Indian startups.

Are Indian startups in the crosshairs? Not all of them, certainly, but a good number of tech startups have run into a rough patch with auditors and even whistleblowers flagging various irregularities, driving skeletons out of the closet.

The first four months of 2025 have seen multiple instances of financial misreporting, revenue inflation, corporate governance lapses, bo...