Ashneer Grover demands Rs. 4,000cr to leave BharatPe amid probe
What's the story
BharatPe co-founder Ashneer Grover has reportedly demanded Rs. 4,000 crore from investors if they want him to leave the company. Grover's statement comes amid a sensational probe by the fintech start-up into allegations of fraud and abrasive behavior against him and his family members. Both Grover and his wife, Madhuri, are currently on a leave of absence from the company.
Statement
'This is like execution before trial'
"What have I done to resign? This is like execution before trial," Grover reportedly said. "I am the MD (Managing Director). I run the company. If the board thinks I do not need to be the MD and someone else should run the company, please put my Rs. 4,000 crore on the table and take the key away from me," he added.
Allegations
Board 'arm-twisting' me to exit company: Grover
Grover also alleged that BharatPe's investors "arm-twisted" him into going on leave, which was announced a few weeks ago. He also said he did not trust CEO Suhail Sameer, whom he called an "investors' puppet." The company had hired Sameer in 2020, and promoted him to chief executive in August 2021, around the same time that Grover assumed the role of MD.
Reaction
BharatPe responds to Grover's accusations
In response to Grover's allegations, BharatPe issued a statement on Friday. "We are deeply pained that the integrity of the BharatPe board or individual board members is being questioned time and again through misrepresented facts and baseless allegations," the company said. "The board in all its actions has followed due process in the best interest of the company," it added.
Probe
Probe highlights recruitment and other frauds
Meanwhile, a probe conducted by an external specialist at BharatPe has highlighted at least two instances of fraud at the company, media reports claim. The investigation report pointed out irregularities in recruitment and payments to several non-existing vendors. Madhuri, Grover's wife and head of control at BharatPe, as well as other members of her family are allegedly linked to the fraudulent activities.
Controversy
Grover's audio clip controversy
The investigation was launched in the aftermath of an audio clip controversy involving Grover. In the audio clip that had surfaced last month, he and his wife could be allegedly heard abusing an employee of the Kotak Mahindra Bank. Soon after the clip went viral, Grover had issued a statement on Twitter claiming it was fake. He, however, later deleted that tweet.
Information
A brief about BharatPe
BharatPe—founded in 2018—offers financial services and products to more than 75 lakh merchants across 150 cities. It has so far raised over $650 million in equity and debt, and its investors include Tiger Global, Dragoneer Investment Group, and Steadfast Capital, among others.