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As per media reports, Grover has been accused of financial fraud, had demanded a payout of Rs 4,000 crore from investors, in return for his stake and his exit from the company
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In a controversial development, Shark Tank fame and BharatPe Co-founder Ashneer Grover has resigned from the company and its board.
Grover alleged that he was forced and humiliated by the investors of his company. However, he added that he will continue as the “single largest individual shareholder of the company.”
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."
He added that 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.
As per media reports, Grover has been accused of financial fraud, had demanded a payout of Rs 4,000 crore from investors, in return for his stake and his exit from the company.
Here is all you need to know about BharatPe:
Founded on 20 March 2018, BharatPe is an Indian financial technology (fintech) company that caters to small merchants and Kirana store owners across the country.
According to the official information, the company offers a range of fintech products like interoperable QR code for UPI payments, Bharat Swipe (POS machine) for card acceptance and small business financing.
The company was founded by Ashneer Grover and Shashvat Nakrani with its headquarters in New Delhi.
In June 2021, the Reserve Bank of India (RBI) ordered an in-principle green signal to Centrum Financial Services to establish a small finance bank with BharatPe.
As of March 2021, BharatPe expanded its network to 100 Indian cities, including tier 2 and 3 cities.
In the middle of the COVID-19 pandemic, BharatPe in June 2021 acquired Payback India from American Express and ICICI Investments Strategic Fund.
Grover in January 2022, went on a two-month leave of absence following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices and had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company's investigation against him was illegal.
The emergency arbitrator (EA) had, however, rejected all the five grounds of his appeal and denied a single relief, sources with direct knowledge of the development told news agency PTI.
Last month, the company's board sacked his wife Madhuri Jain Grover over alleged financial irregularities and cancelled ESOPs vested with her.
She was accused of using company funds for personal beauty treatments, buying electronic items and family trips.