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BharatPe has sacked Madhuri Jain Grover, wife of the fintech firm's co-founder and managing director Ashneer Grover, over alleged financial irregularities and cancelled ESOPs vested with her, spokesperson told PTI. Madhuri Jain Grover allegedly used company funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai, sources with direct knowledge of the matter told PTI.
Additionally, she has been accused of paying her personal staff out of company accounts and produced fake invoices from known/friendly parties, they added. While an email sent to Madhuri for comments remained unanswered, a company spokesperson confirmed the termination.
"As per your query, we can confirm that services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement," the spokesperson said. The spokesperson did not give reasons for the termination.
However, sources have said action follows an external audit commissioned by BharatPe board to look into the conduct of Grovers. Stock options vested with Madhuri have also been cancelled, they said adding the alleged financial irregularities have been detailed in the termination letter.
Meanwhile, Ashneer Grover was sent on a three-month leave following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices. He has denied all allegations. Grover in media interviews reportedly stated that the current CEO Suhail Sameer does not have his support and that he is the "investors' puppet."
He has reportedly stated that he will leave the company only if an investor buys out his 9.5% stake for ₹4,000 crore (USD 6 billion valuation for BharatPe). BharatPe serves over 75 lakh merchants across 150 cities. Its investors include Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others.
Additionally, Grover was quick to deny a clip, saying it was "fake" and was put out by a "scamster" but he subsequently deleted the post. It later emerged that he and his wife Madhuri Grover had on October 31, 2021, sent a legal notice to Kotak for failure to provide IPO financing for the Nykaa IPO. On January 9, the Mumbai-based lender had responded saying it will take legal action against Grover, who was last seen on TV show Shark Tank India.
(With inputs from agencies)
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