Amid the tussle with the board, the founder of the Fintech Unicorn, Ashneer Grover has resigned as the managing director and a director on the company BharatPe’s board, according to a source close to the development.
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Ashneer Grover has found himself on the opposite side of the Board, key investors in the company and his co-founders.
In the resignation Grover wrote, “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 ostensibly they are trying to protect,”.
“From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am now wasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what is actually at stake – BharatPe,” he added.
The board is yet to reply on the same.
The tussle between the company and Grover started some time ago due to various reasons, e had filed an arbitration plea earlier this month to stop a probe into alleged financial mismanagement in the company. He also went on leave last month till March-end, is also said to be seeking indemnity against future action by the company through the plea.
The company and Grover are also reportedly in talks to settle the matter by buying out the latter’s stake in the unicorn. Grover’s stake of 9.5 per cent in the company was worth Rs 1,915 crore based on the last funding round in August, when BharatPe was valued at $2.8 billion.
