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.

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.

The Interview

How to position yourself and put your best foot forward to potential investors? Watch this insightful interview on ‘The nuances of fundraising for aspiring unicorns.’ featuring Ashutosh Sharma, Head of Investments, India, Prosus Ventures. 

Editor’s Pick: Singhi Advisors

Mahesh Singhi started his entrepreneurial journey after quitting his job 30 years ago. His Mumbai-based investment banking firm Singhi Advisors has advised over 100 transactions valued at over $4.2 billion, covering 18 sectors across 20 countries. Read more.

Startup Spotlight

Solving healthcare connectivity barriers in remote areas

Vikram Singh Meena, Founder of drone delivery startup TechEagle, grew up in a small, disconnected village called Kishanganj in the Tonk district of Rajasthan.

Growing up in a village with poor road connectivity, Vikram saw his family and the larger community suffer due to want of access to better medical facilities. Losing loved ones to snake bites and accidents, Vikram was determined that this is a problem he would solve one day. 

And he did solve this by founding Gurugram-based TechEagle in 2015, which manufactures long-range, high speed, heavy payload delivery drone solutions. Read more.

News & Updates

  • Gurugram-based home services marketplace Urban Company has announced a Partner Stock Ownership Plan (PSOP), under which it will award stocks worth Rs 150 crore to thousands of its service partners over the next 5-7 years.
  • MeitY Startup Hub, an initiative of the Ministry of Electronics and Information Technology (MeitY), and Google announced a cohort of 100 Indian early to mid-stage startups as it aims to help build high-quality global apps and games as part of the Appscale Academy.

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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