Ashneer Grover Resigns as BharatPe MD After Month-Long Controversy

Grover also resigned as resign as a director of the BharatPe board.

File image of Ashneer Grover.

(Photo: Altered by The Quint)

Ashneer Grover, the co-founder and Managing Director (MD) of BharatPe, has resigned from the fintech firm with immediate effect.

"I hereby resign as the MD of BharatPe, effective immediately. I also resign as a director of the board. I will continue as the single largest individual shareholder of the company," Grover said, in his resignation statement.

This comes a month after a controversy surrounding Grover put the spotlight on BharatPe and its troubled history.

"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."

Ashneer Grover in his resignation letter

Earlier last week, BharatPe sacked Madhuri Jain Grover, Head of Controls and Ashneer's wife, over allegations of misappropriation of funds.

Background

Grover and his wife had both gone on a two-month leave, after an audio clip went viral in which he allegedly threatened and hurled abuses at a Kotak Mahindra Bank employee for failing to secure shares during Nykaa's IPO.

Grover initially called it a "fake audio by some scamster trying to extort funds," but later deleted his tweet. The bank said that it was exploring legal action against him for using inappropriate language against its staff.

The emergency arbitrator (EA) had rejected all five grounds of his appeal, and denied him any relief.

He has roped in New Delhi-based law firm Karanjawala & Co to safeguard his position in the company amid mounting pressure on him to quit permanently, sources told The Economic Times, earlier in February.