The founder of one of the UK’s highest-valued AI startups backed by Microsoft has stepped down.
Sachin Dev Duggal has stepped down as CEO of Builder.ai, which leverages AI to develop apps, but will remain on the startup’s board and in his role as chief wizard.
He is being replaced as CEO by Manpreet Ratia, a long-standing e-commerce and financial services executive.
Builder.ai’s customers include JP Morgan Chase and it has received around $450m in investment, including funds from Qatar Investment Fund, which led its £200m Series D in 2023, and Microsoft and SoftBank. The London-based startup has been valued at $1bn.
The startup, which launched in 2016, was founded by Duggal, a colourful character in the startup scene.
Builder.ai announced the changes last Thursday but have not been widely reported until now.
The Financial Times has previously reported that Duggal's leadership style had led to the high turnover of staff at the startup.
In response, lawyers for the startup said that work at Builder.ai was “fast-paced” with employees “encouraged to respond to that environment”.
Duggal said:
"This evolution marks an exciting new chapter for Builder.ai. After eight years of growth, bringing in fresh perspective and operational excellence is crucial for our next phase. Manpreet's background expertise will help us achieve the perfect balance between innovation and operational efficiency."
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