BharatPe, Ashneer Grover lock horns after co-founder’s resignation

The Grover family and their relatives engaged in extensive misappropriation of company funds, BharatPe said in its first statement after the board meeting on Tuesday.
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Ashneer Grover is no longer an employee, a founder, or a director of Resilient Innovations because of his misdeeds, according to a statement from the company on Wednesday.

Resilient Innovations is the company that runs BharatPe, which was valued at $2.8 billion in August 2021.

“The Grover family and their relatives engaged in extensive misappropriation of company funds,” the BharatPe statement said, “including creating fake vendors, through which they siphoned money away from the company’s account and grossly abused company expense accounts to... fund their lavish lifestyles.” 

The BharatPe statement followed the board’s meeting on Tuesday evening to discuss the findings of a governance review of its practices.

On March 2, in response to BharatPe’s statement, Ashneer issued a statement, which says 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.

Ashneer highlighted the secondary stake sale transactions amounting to $12 million he had undertaken with BharatPe investors in the funding rounds. Read more.


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Before you go, stay inspired with…

Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of the Tata Trusts.

“Don’t just have a career or academic goals. Set goals to give you a balanced, successful life.”

Ratan Tata, Chairman Emeritus, Tata Sons


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