Ashneer Grover vs BharatPe: The saga continues

In a media interview, the BharatPe co-founder said he will either run the company or the company must buy him out.

Saturday February 05, 2022 , 3 min Read

Good Morning,

In a new turn of events, Ashneer Grover, Co-founder and Managing Director, BharatPe, demanded that either the board of directors of the fintech giant allow him to run the company, or buy out his stake for Rs 4,000 crore.

However, BharatPe reiterated that its board of directors followed due process in the best interest of the company,

"We are deeply pained that the integrity of the BharatPe board or individual board members is being questioned time and again through misrepresented facts and baseless allegations," the company said in a press release.

Ashneer's demands come at a time when BharatPe's board of directors has launched an independent audit of the company's internal processes and systems. The investigation — acting on allegations of financial wrongdoings — has reportedly highlighted instances of fraud surrounding the co-founder and his wife, Madhuri Grover.

Last month, Ashneer took a voluntary leave of absence from BharatPe until the end of March after a leaked audio clip surfaced on Twitter where Ashneer and Madhuri were heard allegedly abusing and threatening a Kotak Mahindra Group employee.

The Interview

Ecovia is India’s first returnable packaging solution for D2C brands, ecommerce companies and hyperlocal players. It works on ‘returnable packaging-as-a-service’ model where brands pay for the packaging on a per-use basis.

Watch this fireside chat, at YourStory’s Brands of New India Mega Summit, with Dhwani Mehta, CEO and Co-founder to learn more about this innovative startup.

Editor’s Pick: Turning Point

Founded by former Flipkart executive and Cultfit founder Ankit Nagori, Curefoods, with a Thrasio-like model, acquires cloud kitchen brands across different cities and helps them scale their business.

A network of cloud kitchens, the startup recently announced a merger with Maverix, a Mumbai-based foodtech player, making it the second-largest cloud kitchen player in India in terms of footprint. Read more.

Startup Spotlight

Bringing style to Indian e-bikes

Kochi-based VAAN Electric Moto, founded by Jithu Sukumaran Nair in 2019, wants to create a strong differentiation in the Indian electric vehicle (EV) market with its premium e-bikes.

The startup has two e-bike models that feature a unisex compact frame, 20-inch wheels, detachable batteries, indicator lighting, etc. These bikes can operate in three modes — normal pedalling, pedal-assist mode, and throttle mode. Read more.

News & Updates

Aditya Birla Group backed Aditya Birla Fashion and Retail Limited (ABFRL) announced board approval to set up a new subsidiary focused on D2C business, with a focus on brands in the fashion and beauty verticals.

A record high of 79 percent of professionals (including freshers) plan to upskill this year, with another 11 percent of respondents saying they are considering the option, according to a report by edtech company Great Learning, titled 'Upskilling Outlook in India 2022'.

Three days after the Union Budget 2022 announcement on tax on income from transfer of virtual digital assets such as cryptocurrencies and NFTs, tax services and fintech SaaS startup Clear (formerly ClearTax) has launched a crypto tax platform to track and manage portfolios across exchanges and wallets.