BharatPe has been in the news for the past few months and not for good reasons. The controversy between the company and its co-founder Ashneer Grover. The entire episode has culminated in Grover’s resignation, just a week after his wife Madhuri Jain was fired as head of operations. Also Read - Ashneer Grover controversy: BharatPe removes Grover's profile from official website
A copy of the resignation letter was found by ET Tech. In the letter, Ashneer 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.” Also Read - BharatPe accuses Ashneer Grover, family of fraud for ‘siphoning money’ from company
Grover claimed that he is fighting a long and lonely battle against his own (BharatPe) investors and management. He further said that the management has lost BharatPe in the process. Also Read - BharatPe sacks Ashneer Grover’s wife over financial irregularities
In his letter to the board, Grover further said, “It is sad that you have even lost touch with the founder. For you, the founder of the company has been reduced to a button to be pressed when needed. I cease to be a human for you. Today, you have chosen to believe in gossip and rumours about me instead of having a frank conversation.”
He blamed the board for vilifying him in order to cut him loose. He claimed that he served his utility and is becoming a liability for the company.
Grover said, “The fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since the investor template to make an unwanted founder go away is to make them the villain of the piece, that’s what you have gone and done … Today I am being vilified and treated in the most disgraceful manner.”
Last week, Madhuri Jain, the former operations head of BharatPe and wife of Grover was fired from the company. These developments have come before the company revealed the final report of the internal investigation by Alvarez & Marshal (A&M).
Grover was also looking for a sum of Rs 4000 crore buyout from the company for his 9.5% stake. However, the conditions and the sum still haven’t been disclosed. BharatPe board will reportedly meet today and the findings from one of the internal investigations will be tabled at the meeting.