<ul><li>Bengaluru-based VerSe Innovation and London-based Builder.ai allegedly inflated revenue by issuing invoices to each other without providing services, as per a Bloomberg report.</li><li>VerSe Innovation denied the allegations, stating that the invoiced amount accounted for as revenue was against actual services rendered to Builder.ai.</li><li>VerSe explained that Builder.ai provided cloud compute services amounting to $80 million, while Builder.ai availed advertising services from VerSe for around $50 million.</li><li>VerSe Innovation recently raised about $1.5 billion in capital from notable investors, while Builder.ai filed for bankruptcy after overstating sales figures.</li></ul>

VerSe Innovation allegedly billed Builder.ai without services; Indian company denies claims

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