BharatPe MD Might Lose Association Over Skirmish With Kotak Mahindra Bank
The MD and Founder of BharatPe Ashneer Grover seems to have stepped the line as his audios of hurling abuses on a Kotak Mahindra employee has gone viral, pulling him into controversy. The recent Shark Tank prestigious shark seems to have his foot-in-the-mouth.
The outburst might cost him his job and reputation as a recent tank in Shark Tank, as the company is now asking him to quit. In response, he has denied the allegations and is now seeking compensation of a whooping Rs. 4000 crores from BharatPe.
He took to Twitter saying it was a scam to extort money from him and later deleted the tweet as well. Things have really got out of hand with Mr. Grover, who is now being pulled into legal litigation by Kotak Mahindra Bank for use of “inappropriate language”. In a new interview with an online media portal, Ashneer has said “What have I done to resign? This is like execution before trial. I am the MD (managing director). I run the company. If the board thinks I don’t need to be the MD and someone else should run the company, please put my ₹4,000 crore on the table and take the key away from me. If you want to buy me out you want to buy me out at the fair market value, right? In my view, the fair market value is $6 billion. Either I’ll run the company or they buy me out, there is no third option.”
Despite being accused of fraud, abrasive behavior, and corporate governance issues leading to an investigation. The BharatPe board doesn’t seem to be standing with him on this. Speaking about his business growth, he has said in media interviews that, “From May 2021, when the round was priced, my merchant business today is 50% higher. I have got a bank license, which was not there then. I have built the largest P2P (peer-to-peer) platform, 12% Club, which wasn’t there. I have built PostPe, a BNPL (Buy Now Pay Later) play. We have also merged PMC (Bank) in addition to getting the license. If I was running the business, I am extremely confident of doing a $6 billion valuation round,”. In the last year valuation, BharatPe was valued at $3 billion when the fintech company raised $370 million from Tiger Global, Coatue and others.