What Made BharatPe’s Co-Founder Ashneer Grover Resign? Here’s The Reason

Ashneer Grover, co-founder of BharatPe has recently resigned from the fintech firm and its board. The reason behind it came out when an audio clip surfaced online where he allegedly abused a Kotak Mahindra Bank employee.

In an email sent to the board, Grover said he had been ‘vilified’ and treated in the ‘most disrespectful manner’ since the beginning of the year attacking the company’s investors.

In a letter addressed to the BharatPe board, Mr 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 they are ostensibly 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 investors and management. Unfortunately, in this battle, the management has lost what is actually at stake – BharatPe.”

He said the views of the board members, on business and problems on the ground, have been “coloured by the windows of the Ivory Tower in which you all reside”.

Further, while ending the letter he said to investors, “I am leaving you with this challenge. Build incrementally even half of the value I created so far – I am leaving you with three times the funds I’ve utilized till date.”

Meanwhile, reports of News18 suggest that, earlier when the audio of the abusive language went viral, BharatPe managing director claimed the audio was ‘fake’ in a tweet on a social media platform. Later, he deleted the tweet. Kotak Mahindra Bank allegedly initiated a case against Ashneer Grover and his wife Madhuri Jain Grover for using “inappropriate language” against their employees.

Speaking of Shark Tank’s judge Ashneer’s resignation, it comes a few days after he lost an arbitration that he had filed with the Singapore International Arbitration Centre (SIAC) claiming that BharatPe’s investigations against him were illegal.

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