Ashneer Grover, the co-founder of BharatPe, has quit from the startup and its board, perhaps addressing the company’s several issues, which range from boardroom disagreement to public mudslinging.
Grover stated that he and his wife Madhuri Jain Grover were constantly criticized by the board and investors in the public amid nearly two months of controversies that dragged BharatPe into the spotlight. Grover highlights the following difficulties, his experience with investors, and the decisions that led to his departure in a long interview with media outlet Moneycontrol that follows the news of his resignation today.
On asked if any monetary compensation was offered by the board Grover replied, “I am not a beggar. The board can’t even look me in the eyes. I am not at their mercy. They are at our mercy. The investors need founders, we don’t need them. We would have built up irrespective.”
He also talked about his next move saying, “Not here to lead my life as per the media, not going to be a slave to these investors again in my life. Will lead life on my own terms. I am now looking up to people like Kamath (Nitin) and Turakhias (Bhavin) who have the courage to build businesses with 100 percent ownership. It will take a bit longer to build, I will be in control of what I build and not build it for these people who are opportunistic.” Grover also advised all the founders in the country saying, “don’t be a slave to these VCs. They act as the East India Company and make everyone a slave.”
BharatPe also released a statement after Ashneer Grover’s resignation which reads, “Ashneer Grover resigned as Managing Director and Board Director of BharatPe minutes after receiving the agenda for an upcoming Board meeting.” The forthcoming agenda of the BharatPe board meeting includes the submission of the PWC’s internal audit review on his (Grover’s) conduct and consideration of actions based on it, it added. The company’s board also reserves the right to take action based on the report’s conclusions.
The BharatPe board of directors will meet on Tuesday, March 1 to evaluate the findings of a ‘governance review’ prepared by one of the independent consultants, PwC. The consultant is slated to present the report at the board meeting.
Grover’s resignation comes after Singapore International Arbitration Centre (SIAC) dismissed his emergency arbitration request opposing the firm’s decision to undergo a governance review.