How some platforms that facilitate small-ticket funding for startups operate in a regulatory grey area

Animesh Maity (name changed) was one of the 876 people who invested in a fintech startup called Vanghee in February 2022. Vanghee counts ICICI Bank as its primary investor. Delhi-based Maity invested Rs 20,000 in the startup through a platform, Tyke. Like many others, he didn’t go through the terms of agreement or the risk acknowledgement document that he signed. He was just excited at the prospect of investing in a startup with a few thousand