Ashneer Grover hits back, says sold $12 mn in BharatPe shares to investors

In his latest statement, Ashneer - BharatPe’s single-largest shareholder, - counters the company statement alleging ‘extensive misappropriation of company funds’ by the Grover family.
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The BharatPe-Ashneer Grover saga continues beyond the sudden resignation of Ashneer on midnight of March 1.

Through his fiery resignation letter, Ashneer made scathing attacks on BharatPe investors in his resignation

letter, calling them out for treating founders as ‘slaves’.

On March 2, in response to BharatPe’s statement, Ashneer issued a statement which says that he is "appalled at the personal nature of the company’s statement, but not surprised".

"It comes from a position of personal hatred and low thinking,” Ashneer countered.

Further, Ashneer highlighted the secondary stake sale transactions amounting to $12 million that he had undertook with BharatPe investors in the funding rounds.

“I think the Board needs to be reminded of $1 million of secondary shares investors bought from me in Series C, $2.5M million in Series D and $8.5 million in Series E,” said Ashneer.

Ashneer took a dig of sorts on BharatPe board’s claim on the Grover family and their relatives engaged in extensive misappropriation of company funds and siphoning company money to enrich themselves and fund their lavish lifestyles.

I would also want to learn who among Amarchand (Shardul Amarchand Mangaldas), PWC and A&M (Alvarez and Marsal) has started doing audit on ‘lavishness’ of one’s lifestyle,” Ashneer asked in his statement.

Picture credit: Ashneer Grover

In his LinkedIn post, along with his statement Ashneer also posted the picture of a mattress placed on the floor alongside a bed.

"I get invited by friends with open hearts to their homes, where I have no qualms sleeping on the floor. And this is when I am on the road in US and UK raising $370 million Series E," Ashneer wrote. "And I've the right to stay in any lavish hotel and charge it on the company issued credit card in my pocket".

Those who haven't built from scratch will never understand the Founder's mentality," Ashneer added in his LinkedIn post.

“The only thing lavish about me is my dreams and ability to achieve them against all odds through hard work and enterprise,” Ashneer added.

At the end of the statement, Ashneer said that he hoped that the BharatPe board can get back to working soon. “I as a shareholder am worried about the value created,” he said.

“I wish the company and the board a speedy recovery,” Ashneer said at the statement’s end.

Clearly, there is lot more to come in the The BharatPe-Ashneer Grover saga.

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