Angel investor Mahesh Murthy was on Friday arrested in Mumbai in connection with a molestation case, police said.
Murthy, 52, was arrested in suburban Bandra, they said.
As he had obtained anticipatory bail from the court, he was later released, said the investigating officer inspector Nandkumar Gopale.
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Murthy was booked on December 29 under IPC sections 354 (D) (stalking) and 509 (word or gesture intended to hurt the modesty of a woman) and relevant provisions of the IT Act, based on a 32-year-old woman's complaint, police said.
A case was registered by the Khar police here as the complainant, a Delhi-based entrepreneur, mentioned that the accused was a resident of Mumbai.
The National Commission for Women (NCW) had written to the Maharashtra police about complaints it had received from several women against Murthy, a police official said.
The NCW had made an intervention, following which Khar police filed a case against Murthy under section 354 (D), 509 of IPC and section 67 of the IT Act, the official said.
"After investigating the case, we arrested Murthy," said Ramchandra Jadhav, Senior Police Inspector of Khar police station.
Murthy is co-founder of Seedfund and founder and chief executive officer of Pinstorm Technologies Private Limited, a pay-for-performance digital brand management firm.
Last year, a business author alleged she was sexually assaulted by Murthy, a claim rubbished by him.
In April last year, a series of complaints surfaced on social media against Murthy. These included some charges dating back a decade ago, the official said.