As you might already know that a first information report – FIR was filed by the Economic Offences Wing (EOW) against the ex-managing director of BharatPe Ashneer Grover and his family.
The founder said that the fintech unicorn is a $3 billion write-off and its value has been declined by Chairman Rajnish Kumar.
In an interview with MoneyControl, Grover said how the company BharatPe is no longer a company and how its value of $3 billion has been destroyed by Rajnish Kumar. He admitted that he had earlier also said that hiring Kumar for the position was his biggest mistake.
The company saw 0 growth in any metrics since he left BharatPe, said Grover, and thus, everyone is leaving the company. He advised the media to ask the people who left the company why chief executive officer Suhail Sameer also left BharatPe.
Sameer stepped down from his CEO post in January 2023. Last year, he had a fallout with Grover.
Grover and his family have been alleged in a minimum of 5 legal proceedings by BharatPe, and the company’s present co-founders Shashvat Nakrani and Bhavik Koladiya.
BharatPe has also filed an Rs. 88 crore damage suit from the Grovers and other family members. BharatPe alleges that the Grovers and family made fake bills, create fake vendors in order to provide services to the company, and also increased the company’s recruitment processes without proper reasons and requirements.
Last month, the company’s other co-founder Shashvat Nakrani filed a case against Grover for “unpaid shares”. The company MZM legal is advising BharatPe with regard to the criminal complaint. BharatPe in a statement to the media said, “…The registration of the FIR is a step in the right direction which unearths various suspicious transactions made by the family for their personal pecuniary gains. This FIR will now enable the Law enforcement agencies to investigate deeper into criminality and bring the culprits to books. We have full faith in our country’s judicial and law enforcement systems and are optimistic that this case will reach its logical conclusion. We will continue to extend all possible cooperation to the authorities.”
In 2018, BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani to provide a holistic fintech platform for small merchants. The company was founded with the commitment to empower over 50 million strong SME communities by providing them with a range of financial products that will be suited to their needs.
Even BharatPe when launched was the first company in India to have a interoperable zero MDR UPI QR, which was an initiative to make digital payments universal. The company in a span of two years became the #1 offline acquirer for UPI QR transactions in India.
The company also offered loans, investments, and financial and insurance services. It had plans in 2020 to expand its presence to 65 cities in India. It also raised close to US$ 143 million over four rounds of funding from all across the globe.