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BharatPe Co-founder Ashneer Grover resigns from firm

Ashneer Grover, the co-founder and managing director of BharatPe, has resigned from the firm and its board of directors.

The news: This comes days after BharatPe sacked Ashneer’s wife, Madhuri Jain Grover for alleged financial irregularities, ranging from producing fake invoices to billing the company for personal beauty treatments and trips abroad.

What happened: Grover claimed he had been ‘vilified’ and handled in the ‘most disrespectful manner’ since the start of the year in his email to the fintech’s board.

  • In a letter addressed to the BharatPe board, Grover said, “I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect.”
  • He also stated that “I am now wasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost what is actually at stake – BharatPe.”
  • Grover was sent on leave following the ongoing scandal surrounding an audio clip of him allegedly abusing a Kotak Mahindra Bank employee, which he has denied.
  • Meanwhile, Grover did not get an emergency relief from the Singapore International Arbitration Centre (SIAC), allowing an investigation on alleged financial wrongdoings and governance lapses at the fintech to continue.
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