Business

Amidst probe, BharatPe Co-Founder & MD Ashneer Grover resigns from his post

Ashneer Grover

BharatPe Co-Founder Ashneer Grover has resigned as MD and director of the fintech company. This comes only days after BharatPe fired his wife Madhuri Jain Grover as the head of controls for allegedly falsifying invoices and charging the company for personal beauty treatments and international vacations.

In a letter addressed to the BharatPe board, Ashneer Grover said, “I’m writing this letter with a heavy heart today since I’m being forced to leave a firm that I have founded. With my head held high, I declare that this company is now a leader in the fintech industry. Unfortunately, since the beginning of 2022, I’ve been embroiled in baseless and targeted attacks on me and my family by a few people who are willing to hurt not only me and my reputation but also the company’s reputation, which they are apparently trying to protect.”

Mr. Grover went on to say that “He is now wasting his time fighting a long, lonely battle against his own investors and management, after being hailed as the face of Indian enterprise. Unfortunately, the management has lost sight of what is really at stake – BharatPe.”

His resignation comes after two months of intense drama, which began when an audio clip of him assaulting a Kotak employee appeared online. Grover described the encounter as a “war of egos” and said he is now wasting his time “fighting a lengthy, lonely battle” against his own investors and management.

When Nykaa’s initial public offering (IPO) was made, Ashneer Grover and his wife accused the bank of breaking a promise to procure him 500 crores worth of shares. Grover was fired after losing an emergency arbitration case opposing the company’s decision to conduct a governance assessment on him. The claim was dismissed by the Singapore International Arbitration Centre (SIAC). With a 9.5 percent interest valued at Rs 1,915 crore based on the most recent investment round in August, Ashneer Grover is the company’s largest individual shareholder. 

Ashneer Grover was also recently seen as a Shark (Judge) in the show Shark Tank India.

Continue Reading on The India Saga.

By TIS Staffer
the authorBy TIS Staffer

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