BharatPe MD Ashneer Grover takes go away of absence until March-end

Fintech agency BharatPe on Wednesday mentioned its co-founder and MD Ashneer Grover has determined to take a voluntary go away of absence from BharatPe until March-end. The improvement comes amid an ongoing tussle between Grover and his spouse, and Kotak Mahindra Bank.
While BharatPe didn’t specify a cause for Grover’s resolution, it mentioned the co-founder had on Wednesday knowledgeable the Board of his resolution to take a voluntary go away of absence from BharatPe until March-end.

“Ashneer has co-built BharatPe from scratch and his decision is consistent with his passionate commitment to the future success of the company. The Board has accepted Ashneer’s decision, which we agree is in the best interests of the company, our employees and investors, and the millions of merchants we support each day,” BharatPe mentioned in an announcement.

It added that the corporate will proceed to be led by its CEO Suhail Sameer and its administration workforce. On January 9, Kotak Mahindra Bank had mentioned it’s pursuing “legal action” in opposition to Grover and his spouse Madhuri in reference to the abusive name matter.

The lender acknowledged that the couple had on October 30 despatched a authorized discover to it, with out elaborating on the explanations for a similar. According to media stories, the couple had accused the financial institution of failing to safe finance and allocation of shares within the Nykaa preliminary public provide (IPO) and sought Rs 500 crore in damages.
 

An audio clip had surfaced on social media the place a pair is purportedly talking to what seems to be a relationship supervisor from a financial institution. The male voice hurls abuses and the opposite male voice is heard pacifying him. It was speculated that it’s the Grover couple within the viral clip, and Ashneer Grover denied the identical calling the tape “fake”.

Grover had mentioned it’s faux audio by “some scamster trying to extort funds (USD 2,40,000 bitcoins)” and added that he “refused to buckle”. BharatPe serves over 75 lakh retailers throughout 150 cities. The firm has already facilitated the disbursement of loans totalling over Rs 3,000 crore to its retailers since its launch. BharatPe has raised over USD 650 million in fairness and debt to this point. Its buyers embody Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others.