Thursday, December 8, 2022

BharatPe Co-Founder Ashneer Grover Resigns

New Delhi: Ending months-long saga that kept the fintech platform BharatPe in headlines for all the wrong reasons, its Co-founder and Managing Director Ashneer Grover has finally quit minutes after receiving the agenda for upcoming Board meeting, saying that he was being forced to bid adieu to a company he had founded.

In an emotionally-charged letter addressed to the Board of Directors, Ashneer said that while they will not find a single act of impropriety against him, “I will not be participating in your charade”.

“Since you clearly believe you can run this Company better without me — I am leaving you with this challenge. Build incrementally even half of the value I created so far — I am leaving you with three times the funds I’ve utilised till date,” said Ashneer.

“I hereby resign as the Managing Director of BharatPe, effective immediately. I also resign as a Director of the Board. I will continue as the single largest individual shareholder of the Company,” he added.

A BharatPe spokesperson told IANS on Tuesday that Ashneer resigned as Managing Director and Board Director of BharatPe “minutes after receiving the agenda for upcoming Board meeting that included submission of the PWC report regarding his conduct and considering actions based on it”.

“The Board reserves the right to take action based on the report’s findings,” the spokesperson added.

The resignation came as top investors in the fintech platform declined to buy his 8.5 per cent stake in the company for Rs 4,000 crore as he had sought. Ashneer also lost an arbitration in Singapore he filed against the fintech platform for launching a probe against him.

According to the investors, Grover’s valuation does not hold ground as the company is not valued at $6 billion as being projected by him. At a $2.85 billion valuation and at the current dollar-rupee exchange rate, his stake would be around Rs 1,824 crore.

In the letter, Ashneer said that he has founded and built “BharatPe into what it is today, and this identity, none of you can take away from me”.

“I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again. Unfortunately, I refuse to walk that path and refuse to tolerate this continuous and shameful vilification of me and my family,” he wrote.

“I have been the one who founded this company and built it up to its enviable position today, no wonder you want to oust me for your vested interests. So when do we end this? We end this now,” the letter stated.

Ashneer and Shashvat Nakrani founded BharatPe in 2018.

“With my efforts and hard work, the company has created a network of more than 1 crore (10 mn) shopkeepers who transact more than Rs 100,000 crore ($16 bn) annually and lent out more than Rs 4,000 crore ($0.5 bn) as loans. It is indisputable that BharatPe loans have helped lakhs of small businesses fight organised e-commerce and COVID,” Grover wrote in his resignation letter.

“With a team of less than five hundred on-roll employees, aggregate spending of less than $150 mn, and by raising $615 mn from ten of the marquee investors without using a single banker, the success story of BharatPe is for everyone to see,” he continued.

The fintech platform last week sacked his wife Madhuri Jain Grover over alleged financial irregularities during her tenure.

She escalated the battle against BharatPe via social media, posting questions over the board’s handling of the situation.

BharatPe currently has 8 million merchants on its platform.

“Am I perfect? As every other human being does, I am sure I have my follies. I have been told that I am too straight forward, headstrong, and have very demanding standards when it comes to work,” Ashneer said in the letter.

“Unfortunately, what has happened in the recent past seems to be a battle of egos being played to the gallery of the media under the charade of “good governance”, he lamented.

Related Articles

Apple ‘Never Considered’ Removing Twitter, Says Musk

San Francisco: After his meeting with Apple CEO Tim Cook, Twitter chief Elon Musk on Thursday said that they have “resolved” misunderstandings over the micro-blogging...

Meta Fires Staff For Hijacking Facebook, Instagram Accounts

San Francisco: Meta has reportedly fired or disciplined over two dozen employees for hijacking Facebook and Instagram accounts over the past year. According to The Wall...

Voting begins for 1st phase of Gujarat Assembly polls

Polling began at 8 am on Thursday for the first phase of Gujarat Assembly elections in 89 out of the total 182 seats across...

‘Korean’ woman YouTuber harassed on Mumbai street

A video has surfaced showing a woman YouTuber, reportedly from South Korea, being sexually harassed by a man on a street in Mumbai. Police on...

National Paintings Exhibition Modi @20 Concluded

Bhubaneswar, Dt: 25.11 (From Kishore Dwibedi): Prime Minister Narendra Modi is playing a decisive role in making India Self reliant and Super Power, observed...

YouTube starts beta testing quiz feature for community posts

San Francisco, : YouTube has started testing a new feature which will allow creators to add quizzes to their community posts. The new feature is in...

Odisha assembly winter session begins

Bhubaneswar, : The winter session of the Odisha assembly began today with a somber note as the House condoled the death of two former...

Oppn To Raise Archana Nag Case In Winter Session Of Odisha...

Bhubaneswar: Opposition parties BJP and Congress will rake up the Archana Nag honeytrap case to corner the ruling BJD during the winter session of Odisha...

OSSC to fill up 7540 posts of high school teachers

Bhubaneswar, : The Odisha Staff Selection Commission (OSSC) has invited applications for the post of Regular High School Teachers under Odisha School and Mass...

Bombing in Bhubaneswar, 2 youths hospitalized

Bhubaneswar, :  At least two youths have been critically injured in Bhubaneswar on Wednesday after a bomb was hurled at the duo. The incident took...

Australia Odia Samaj hosts Global Webinar on Mental Immunity

Canberra, : The audiences worldwide were completely moved and thoroughly overwhelmed by the divine discourse of renowned spiritual preacher Swami Mukundananda recently. Addressing the...

Odias in Netherlands Host Boat Sailing Ceremony

  Amsterdam(From Kishore Dwibedi) : Non Resident Odias settled in Netherlands hosted Fifth Kartik Purnima Celebrations and Boat Sailing Ceremony with much fanfare and religious...


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -

Latest Articles

- Advertisement -