BharatPe founder Ashneer Grover may have finally decided to take the high road and leave the company. However, it may not be in the way the board of the company wanted. A new report has surfaced suggesting that Grover is looking to sell his 9.5 percent stake in BharatPe to get his payday. This move comes ahead of the final findings of an independent probe of the company’s operations. Also Read - Best deals on smartphones for under Rs 30,000: OnePlus 10T, iQOO Z6 Pro and more
A report from ET Tech has quoted two sources privy to the matter claiming that Grover is looking to sell his stake in the company. The sources also suggested that Ashneer Grover is planning on selling his shares before the final findings of the investigation will be revealed. Also Read - iPhone 13 selling with massive discounts: How to get 128GB variant at Rs 49,999 or lower
The news of the stake sale comes a few days after the co-founder and MD of BharatPe, Ashneer Grover was reportedly demanding Rs 4000 crore for his shares in the brand. Also Read - Uber-Zomato deal: Cab aggregator likely to sell stake in Zomato for Rs 2,938 crore
Now, the ET Tech report suggests that Grover is looking at a valuation of around $1 billion for his 9.5 percent stake. The sources also suggested that Grover may even try to sell these shares at a discounted price to make an early exit from BharatPe.
A consulting firm Alvarez & Marsal is conducting an independent investigation in the operations of BharatPe. The firm disclosed that it had found some irregularities in the hiring, vendor management, and more. Both Ashneer Grover and his wife Madhuri Jain are at the center of this investigation.
For Grover, things took a turn for worse after an audio clip surfaced where he was found heckling a Kotak Mahindra Bank employee. Grover planned to press charges against the bank for mishandling his attempt to invest in Nykaa IPO listing. Later he confirmed that he is not seeking damages. However, the audio clip put a dent in his reputation.
According to the report, it may not be very easy for Grover to sell his shares in the company. He may first have to go through the second founder of BharatPe Shashvat Nakrani and other major stakeholders.