Ashneer Grover, co-founder and former Managing Director of banking platform BharatPe, has stated that he intends to launch his own business without seeking investment.
Grover, who has been stripped of all corporate titles along with his wife Madhuri Jain Grover for allegedly misappropriating business assets and utilizing company expense accounts to enrich themselves and fund their luxurious lives, stated he will not return to investors.
According to media sources, he declared at the TiECon-2022 start-up and entrepreneurial event in Chandigarh, “I wish to start my own venture with my own money and make it profitable.”
Grover told a panelist, “I don’t want to go to the investors again,” and that his battle with BharatPe is a “badly fought corporate battle.”
Ashneer threatened legal action against BharatPe CEO Suhail Sameer and the board of directors last month, as well as seeking the resignation of Chairman Rajnish Kumar, for his statements on the professional networking platform LinkedIn against his sister Ashima Grover.
Sameer should be “immediately served a show-cause notice for his despicable public behavior and immediately put on a leave of absence to manage the damage to the Brand of the company”, Ashneer wrote in a letter to the BharatPe Board.
Chairman Kumar, CEO Sameer, and co-founder Shahshvat Nakrani were all listed as recipients of the letter.
The Ashneer-BharatPe saga, as well as a few other events (the most recent being the Singapore-based fashion-tech business Zilingo), has brought corporate governance to the forefront of the Indian startup sector.
Sequoia Capital India, alarmed by recent claims of fraud at some of its portfolio companies, has stated that it will continue to respond aggressively when it faces “willful misconduct or fraud,” and will take stern action if necessary. Sequoia Capital India has stated that it will continue to have zero tolerance for misbehavior which has been proven.
Ashneer Grover is the former co-founder and managing director (MD) of BharatPe, an Indian financial startup that he co-founded in 2018 with Shashvat Nakrani and Bhavik Koladiya. Grover has appeared on the reality TV show ‘Shark Tank India’ as an investor.
Ashneer Grover was born in Delhi on June 14, 1982. His mother was a teacher and his father was a Chartered Accountant (CA). He received his primary and secondary schooling in the nation’s capital before graduating from the Indian Institute of Technology (IIT) Delhi with a bachelor’s degree in civil engineering.