BharatPe co-founder Ashneer Grover has resigned from the post of Managing Director and Board Director. This comes days after BharatPe sacked his wife Madhuri Jain Grover for alleged financial irregularities ranging from producing fake invoices to billing the company for personal beauty treatment and trips abroad.

What really happened?

BharatPe has come under intense investor and media scrutiny since Grover sought damages from bank boss Uday Kotak, alleging that Kotak Mahindra Bank declined financing for a personal investment.

Ashneer Grover was sent on leave following allegations of using abusive language against a Kotak Mahindra Bank staff member and fraudulent practices, which he has denied. He and his wife had accused the bank of reneging on a promise to get him shares worth Rs 500 crore when Nykaa’s initial public offering (IPO) was launched.

Grover had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company’s investigation against him was illegal. The SIAC, though, rejected his plea, giving him no relief in the matter

Ashneer Grover’s letter

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 “from being celebrated as the face of Indian entrepreneurship he is now wasting his time fighting a long, lonely battle against his own investors and management. Unfortunately, in this battle, the management has lost what is actually at stake – BharatPe.”

What did Ashneer Grover say?

In an interview with a news website, Grover refused to disclose his next move, and said, “I will be a private person. Not here to lead my life as per the media, not going to be a slave to these investors again in my life. Will lead life on my own terms. I am now looking up to people like Turakhias (Bhavin) and Kamath (Nitin) who have the courage to build businesses with 100 percent ownership. It will take a bit longer to build, I will be in control of what I build and not build it for these people who are opportunistic.”

While giving a message to all the founders in the country, Grover says, “Don’t be a slave to these VCs. They act as the East India Company and make everyone a slave. They think that we will build a business for them even if it means destroying our own lives. Then they will sideline you using their politics.”

(Featured Image Credits: Instagram)