Ashneer Grover, co-founder and managing director of BharatPe, has resigned, enterprise publication Mint reported Wednesday morning. The report mentioned Grover – embroiled in controversy over the previous two months after he allegedly abused a Kotak Mahindra Financial institution worker – despatched an e mail to his firm’s board late final night time, by which he wrote: “I hereby resign because the managing director of BharatPe, efficient instantly. I additionally resign as a director of the Board. I’ll proceed as the one largest particular person shareholder of the corporate.”
“I write this with a heavy coronary heart as immediately I’m being compelled to bid adieu to an organization of which I’m a founder. I say with my head held excessive that immediately this firm stands as a pacesetter within the fintech world. Because the starting of 2022, sadly, I’ve been embroiled in baseless and focused assaults on me and my household by just a few people who’re prepared not solely to hurt me and my status but in addition hurt the status of the corporate, which they’re ostensibly making an attempt to guard,” Grover wrote in his e mail, in line with the Financial Instances.
Grover’s resignation comes days after his spouse, Madhuri Jain, was sacked by the corporate’s controller on prices of ‘misappropriation of funds’.
Each Grover and Jain went on go away from January.
Earlier this month, an audio clip surfaced on social media with claims of Grover abusing and threatening a Kotak Mahindra Financial institution worker for lacking out on share allotment through the preliminary public providing (IPO) of FSN E-Commerce Ventures, which operates on-line style and wellness firm Nykaa.
Grover had denied the allegations, calling the audio clip “faux” and put out by a “scamster”. It later emerged that he and Madhuri had in October final 12 months despatched a authorized discover to Kotak for failure to supply financing for the Nykaa IPO.
On January 9, the Mumbai-based lender had responded saying it’s going to take authorized motion in opposition to Grover. Kotak Mahindra Financial institution had acknowledged the authorized discover.
Valued at USD 2.8 billion, BharatPe serves over 75 lakh retailers throughout 150 cities. The corporate has already facilitated the disbursement of loans totalling over ₹3,000 crore to its retailers since its launch.
BharatPe has raised over USD 650 million in fairness and debt thus far. Its traders embody Tiger International, Dragoneer Funding Group, Steadfast Capital, Coatue Administration, Ribbit Capital and others.