Ashneer Grover whom we see on Shark Tank, also the founder of BharatPe is in talks with the investors to sell his 9.5% stake in the fintech company. This according to sources is his way of exiting the company.
What’s the issue?
The sale discussions initiated by him come in the backdrop of an ongoing investigation and an independent audit of BharatPe, which has indicated financial irregularities at the startup. The company and its founder have been embroiled in a month-long corporate saga triggered by a leaked audio clip, in which Grover is allegedly hurling abuses at an employee of Kotak Mahindra Bank.
It has been reported that Grover has hired lawyers anticipating the same and it is also reported that he is rushing towards the same.
“While Grover is offering his stake at full price (current valuation), he would settle for anywhere around $1 billion valuation… But finding a buyer won’t be easy considering the events of the past month,” said another person aware of developments. Some are also of the opinion that he could sell the same at a discounted price.
The other stakeholders in the company have also refused to comment on the same.
The company’s valuation had trebled from the $900 million ascribed to it in February 2021 to $370 million.
Now time will tell if Grover will be able to make his way out of this or it will fall back on him.