Business

Ashneer Grover give up Bharat Pay now only Shareholder of the company. Official reports yet to come

JeetRatneshwar

Published on March 1, 2022

Comment

Key takeaways:

Ashneer Grover, co-founder as well as managing director of BharatPe, has resigned, according to business publication Mint.
Grover’s resignation comes just days after his wife, Madhuri Jain, was fired by the company’s controller for misappropriation of funds.’
On January 9, the Mumbai-based lender retaliated by threatening Grover with legal action. The legal notice had been acknowledged by Kotak Mahindra Bank.

According to business publication Mint, Ashneer Grover, co-founder and managing director of BharatPe, has resigned. Grover, who has been in the news for the past two months after allegedly abusing a Kotak Mahindra Bank employee, sent an email to his company’s board late last night, according to the report, in which he wrote: “Effective immediately, I resign as managing director of BharatPe. I also resign as a member of the Board of Directors. I will remain the company’s single largest individual shareholder.”

“I’m writing this with a heavy heart because I’m being forced to leave a company that I founded today. 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 the target of baseless as well as targeted attacks on me as well as my family by a few individuals who are willing to harm not only me and my reputation but also the company’s reputation, which they have been ostensibly trying to protect “According to the Economic Times, Grover wrote in his email.

Grover’s resignation comes just days after the company’s controller fired his wife, Madhuri Jain, for misappropriation of funds.’

Grover and Jain both took a leave of absence in January.

Earlier in the month, an audio clip popped up on social media with the assertion of Grover abusing as well as threatening a Kotak Mahindra Bank worker for missing out on share allotment during FSN E-Commerce Ventures’ initial public offering (IPO), which works online fashion and also wellness company Nykaa.

Grover had denied the allegations, claiming that the audio clip was “fake” and distributed by a “scamster.” It was later revealed that he and Madhuri had sent Kotak a legal notice in October last year for failing to provide financing for the Nykaa IPO.

The Mumbai-based lender responded on January 9 by threatening Grover with legal action. Kotak Mahindra Bank had acknowledged the legal notice.

BharatPe, which has a market capitalization of USD 2.8 billion, serves over 75 lakh merchants in 150 cities. Since its beginning, the firm has facilitated the disbursement of loans totaling over 3,000 crores to its merchants.

BharatPe has raised more than USD 650 million in equity and debt. Tiger Global, Dragoneer Investment Group, Ribbit Capital, Steadfast Capital, Coatue Management, and others are its investors.