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21 May, 2022
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Hindustan Times

Ashneer Grover Asked for THIS Amount To Quit BharatPe!

BharatPe co-founder Ashneer Grover has asked ?4,000 crores from investors to buy his shares if they want Ashneer to exit the company. Ashneer demanded his share percentage, followed by recent events that accused him of fraud, abusive behaviour, and corporate governance issues that led to an investigation against him.

However, Grover has repeatedly denied all accusations and cited that he will leave the company only if the board members ask investors to buy out his 9.5% stake in the company that values around $6 billion. He told in his recent interview with a business portal.

Here are some excerpts from Ashneer Grover’s recent interview.

“What have I done for which I should resign? This is similar to execution before trial. I am the Managing Director (MD), I run the company. So, if the board feel I don’t need to continue as the MD and someone else should run the company, kindly put my ? 4,000 crores on the table and take the key away from me,” said Ashneer.

“If you want to buy me out, you have to buy me out at the fair market value, right? As per my valuation, the fair market value of the company is $6 billion. Either they should allow me to run the company or buy me out. There is no third option,” Grover added.

As per the recent valuation of BharatPe, the company’s value was $3 billion when it raised $370 million from Tiger Global, Coatue, and others. 

“Since May 2021, when the round was priced, my merchant business has almost doubled. I have got a bank licence which was not there. I have built the largest P2P (peer-to-peer) platform, 12% Club, which the company lags then. I have built PostPe, a Buy Now Pay Later (BNPL) play. We have also merged PMC (bank) in addition to getting the licence. If I was running the business, I am extremely confident of doing a $6 billion valuation round,” Grover stated.

The Story So Far…

Ashneer Grover was recently caught in a series of controversies after one of his audio clips with a Kotak Mahindra Bank employee went viral, in which he was abusing that employee. In that audio clip, Grover was also cursing the manager as the manager failed to get an allotment and finance for Nykaa’s IPO. However, Ashneer maintained that the audio clip was illegitimate. 

After the matter came in the spotlight, Kotak Mahindra Bank took legal action against Ashneer. In response to that action, Ashneer and his wife Madhuri Jain Grover also sent a legal notice to MD and CEO of Kotak Mahindra Bank, Uday Kotak. 

As per preliminary reports, numerous conflicts of interest have been found, which revolves around Grover and financial payments made between the associated stakeholders.

Due to such past acts, the board-level relationships of Ashneer Grover have significantly shattered. BharatPe’s investors and CEO Suhail Sameer-led board appointed Alvarez and Marsal firm for a audit against Mr Grover. However, Grover went on a temporary leave of absence with his wife, citing he would be back before March 31, 2022. 

Watch the full story of Ashneer Grover VS BharatPe here:

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