Former MD of BharatPe Ashneer Grover says he’ll start his own venture without investors
- ByStartupStory | May 3, 2022
Ashneer Grover, co-founder and former Managing Director of fintech firm BharatPe, said that he’s planning to start his own venture without any finances from the investors.
Grover, who with his wife Madhuri Jain Grover has been ousted of all company titles over alleged “extensive misappropriation of company finances” and also the usage of ” company expense accounts” to ” reinforce themselves and fund their lavish lifestyle”, so he said he’ll not go back to investors again.
“I wish to start my own adventure with my own funds and make it profitable,” he said during the recent TiECon-2022 startup and entrepreneurial event in Chandigarh, as per the reports.
“I do not want to go to the investors again,” Grover told a panelist, adding that his hassle with BharatPe is a “poorly fought corporate battle”.
Ashneer last month floated a legal action against BharatPe CEO Suhail Sameer and the board for his commentary on professional networking platform LinkedIn against his sister Ashima Grover, along with seeking resignation from BharatPe Chairman, Rajnish Kumar.
In the letter written to BharatPe Board, Ashneer clarified that Sameer should be “incontinently served a show-cause notice for his despicable public attitude and incontinently put on leave of absence to deal with the damage to the Brand of the company” The letter was marked to company investors, along with Chairman Kumar, CEO Sameer and co-founder Shahshvat Nakrani of BharatPe.
The Ashneer-BharatPe saga, along with some further similar incidents (most recent Singapore- grounded fashion-tech incipiency Zilingo) has brought commercial governance in the Indian entrepreneurial ecosystem to the forefront.
Startled at the recent fraud allegations at some of its portfolio startups, Sequoia Capital India has said that it’ll continue to respond explosively when it encounters “willful misconduct or fraud”, and take strong action wherever demanded.
Sequoia Capital India has said it’ll continue its zero tolerance towards proven wrongdoing.
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