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BharatPe terminates wife of co-founder Ashneer Grover for alleged misuse of funds

BharatPe has sacked Madhuri Jain Grover, Wife of Ashneer Grover, who is the co-founder and managing director of the company. Madhuri has been alleged for misusing company’s funds. 

The Indian fintech company BharatPe has sacked Madhuri Jain Grover, wife of Ashneer Grover, who is the co-founder and managing director of the company. Ashneer’s wife has been alleged of financial irregularities and she even canceled employee ownership plans (ESOPs) lodged with her. Madhuri is alleged to have used the company’s funding for personal beauty treatment, family trips to the US and Dubai, and buying electronic items as per the sources. Apart from this, she has also been alleged of paying her personal staff out of the company accounts and produced fake invoices from known or friendly parties. 

This termination was confirmed by the company’s spokesperson. “As per your query, we can confirm that services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement,” the spokesperson said.  According to the sources, BharatPe has canceled all the 244 unconcerned and 56 concerned employees’ stock options (ESOPs). 

Taking it to Twitter, Madhuri tweeted and accused BharatPe of inappropriate behavior in office, including being ‘chauvinistic and “passing Judgement” on her. Recently, she posted a screenshot of a message purportedly between a top executive and her husband and questioned the governance review process that led to the termination. Further, she also posted the purported recording of the telephone allegedly made by BharatPe co-founder Bhavika Koladiya to her husband asking him to come for a meeting.  

Earlier, Ashneer Grover was sent on three months’ leave for using abusive language against Kotak Mahindra Bank staff and also because of fraudulent practices. However, Ashneer Grover has denied all allegations and charges leveled against him. Grover is known for his bold and straightforward approach on the show- Shark Tank India. 

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By TIS Staffer
the authorBy TIS Staffer

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