BharatPe co-founder Ashneer Grover: Ashneer Grover, MD of BharatPe, a $ 3 billion fintech company, said that he has taken voluntary leave till the end of March. He has taken this decision amidst increasing scrutiny and pressure due to the use of abusive language against a Kotak employee, toxic culture of BharatPe and strict behavior on Shark Tank show.
Investors stressed
However, the main reason behind the scenes was the unanimous leave of Grover from the board of directors of BharatPe – investors like Sequoia India, Ribit Capital, Kotu Management and senior bankers like former SBI chairman Rajnish Kumar and former Union Bank chairman Kewal Handa. Emphasis was placed on what was needed. This information has come to the fore by quoting people related to this matter.
One person said, “The board was not in favor of his expulsion and wanted to let the media reports to calm down. He wanted to give them time to settle down and change. It is a personal issue and not a profession for which he should be fired.”
Grover has been accused
Grover’s fortunes have changed rapidly over the past two weeks. Recognized as the founder of one of India’s best startups, Grover has been blamed on social media and fellow investors and founders on misogynistics of the Indian startup ecosystem – misbehaving with people, big funding rounds for shaky businesses allegations are being made. Grover’s Startup India is valued at $3 billion in 3 years.
BharatPe co-founder Ashneer Grover goes on voluntary leave till March end
Ashneer was upset over not getting the allocation of Nykaa IPO
Even though BharatPe’s poor work culture has been in the news for the past two years, Grover’s not getting the allocation of Nykaa’s IPO led to a ruckus over the language used by a Kotak Mahindra employee. Grover originally denied having his voice in the leaked video, but Kotak’s legal notice made it impossible to dismiss. The bank had accused him of “using inappropriate language”. One person said, “There is no clause in his contract for such personal reasons. You can generally fire someone only if there is a criminal case or financial fraud or a morally wrong act.”
Shark tank show also made sharp comments
Grover also made scathing and lewd comments on the Shark Tank show, where the founders lure investors like Grover (Sharks) to sell their company’s stake and raise money. In one case he told an 8-month-old pregnant woman that she was not taking her business seriously.
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Already angry investors protested
“In this case they see it as a personal issue and hence it was decided to send them on leave instead of being fired. Even though his dispute with Kotak was of personal nature, Grover’s callous behavior was opposed by already angry investors and senior employees, which is directly affecting the company.
Suhail Sameer is watching daily operation
In late 2020, Consumer Goods Veteran Suhail Sameer joined BharatPe and became CEO. He was looking after the daily operations and Grover was assigned the task of fundraising and overseeing the big plans. Both Sameer and Grover sit on the board of BharatPe. Sameer and Bhavik Koladia will continue to look after the daily work.
An investor said, “When they appointed Suhail as CEO, the board had made it clear that Ashneer would not run the company. His job as MD was to manage Reputation. Now in the event of a dispute with a reputed party like Kotak, the board may consider having a relationship with Ashneer. He will only need time to work on his current contract.
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