My book has crushed many feathers at BharatPe : Ashneer Grover
- ByStartupStory | December 12, 2022
Ashneer grover has stated, in a cloaked attack on his former employer BharatPe, that his book, Doglapan, has ruffled the feathers of many at the fintech powerhouse. Grover claimed that the publication of his book caused panic among fintech executives, implying that the case filed against him by BharatPe was likely the result of the book.
A tweet by Ashneer Grover stated that, “…yeh case to isliye aaye kyun ki kitaab se sab ki fat li.” (The lawsuits, most likely filed because the book scared everyone.)
Meanwhile, Grover took a jab at BharatPe cofounder Shashvat Nakrani on Twitter, writing, “Doglapan: Shashvat (cofounder) to me.” Poori karni hai bhai degree. IIT poora kar leta hoon ek saal office bunk kar leta hoon. Secondary kara dena aur salary bhi mat rokna – investor ko mat batana. Shashvat to the Board: “There is no objection to filing a case against Ashneer.” (Hypocrisy: Shashvat told me he wanted to take a year off from work to finish his degree at IIT. He also approached me to ensure that his salary was not interrupted during the period, to support him with secondary sales, and to keep investors informed of this information. When it came to me, on the other hand, he had no objections when the board decided to file a case against me).
Grover’s tweets emerge a week after ace investor Sanjeev Bikhchandani slammed him and other founders for engaging in secondary sales, citing an epilogue from Grover’s book Doglapan.
The latest round of public conflict comes just a few days after BharatPe launched a multi-pronged legal assault on Grover, including a civil suit seeking INR 89 Cr in damages and an injunction to prevent the founder from making alleged derogatory comments about the company.
The allegations made by BharatPe against Ashneer Grover, his wife, the company’s former head of controls Madhuri Jain Grover, and his family members are at the center of the controversy. The company claimed in its petition to the Delhi High Court that the couple reimbursed fake vendors, committed GST fraud, and used company funds for personal benefits.
For the time being, BharatPe is hoping the next hearing, while Ashneer Grover is making headlines for the release of his book, Doglapan.The shift of notable Startups in India has risen from 471 in 2016 to 72,993 in 2022, which is a convincing 15,400 percent jump. According to official figures, the new-age enterprises are spread across 56 diverse sectors, with over 4,500 start-ups recognised in sectors such as the internet of things (IoT), robotics, artificial intelligence, and analytics.
The unified tech model ecosystem and startups are the backbone for the growth of any country. Recognizing this, the government introduced the Startup India initiative on January 16, 2016, with the goal of “building a stronger ecosystem for nurturing India’s startup culture in order to further push our economic growth, support entrepreneurship, and enable large-scale employment opportunities,” according to a statement from the commerce and industry ministry.
Minister of State for Commerce and Industry Som Prakash stated in a written reply to a Rajya Sabha question that the authority is implementing the Fund of Funds for Startups (FFS) Scheme and the Startup India Seed Fund Scheme (SISFS) to provide financial support to startups through Alternative Investment Funds (AIFs) and incubators, respectively.
To meet the fund requirements of startups, the government has established FFS with a budget of Rs 10,000 crore. The monitoring agency is DPIIT and the Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.
In order to proving the concept the SISFS Scheme has sanctioned Rs 945 crore for four years beginning in 2021-22 for prototype development, product trials, market entry, and commercialization. According to the ministry’s statement, the Department of Science and Technology (DST) launched the ‘National Initiative for Developing and Harnessing Innovations’ (NIDHI) in 2016 to encourage the development of ideas and innovations (knowledge-based and technology-driven) into successful startups.
NIDHI offers a variety of programmes, including the Entrepreneurs-In-Residence (EIR) Program, which provides fellowships to students interested in entrepreneurship, and the Promoting and Accelerating Young and Aspiring Innovators and Startups (PRAYAS) Program, which provides financial support for converting ideas into prototypes. On January 16, 2016, the Startup India Action Plan was unveiled to promote the country’s start-ups. The action plan includes 19 action items that cover topics like “simplification and handholding,” “funding aid and incentives,” and “industry-academia partnership and incubation.” The action plan set the stage for the government’s assistance, schemes, and incentives aimed at creating a thriving startup ecosystem in the country.
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