Feud between Ashneer Grover and BharatPe CEO continues
By MYBRANDBOOK
The clash between co-founder Ashneer Grover and BharatPe continued as Ashneer Grover has taken a fresh dig at the company for first quarter's de-growth, along with maximum cash burn. Grover tweeted, "So I just heard BharatPe closed its first quarter of ‘degrowth’ and ‘maximum cash burn’ under able (sic) leadership of Rajnish Kumar and Suhail Sameer. Chaabi chheenna and hatti chalana do alag alag skills hai! Ab Nani yaad aayegi- markets are the ultimate test and truth.”
He said in a mixture of Hindi and Punjabi on twitter, translated, his tweet's means that wrestling control is different from running a business. Grover's tweet added, referring to a Hindi proverb which warns of hard lessons to be learnt.
BharatPe defended the company's performance last quarter. In a statement, BharatPe said that it "registered the strongest quarter in its history". The company said, "We have registered 4x growth in our overall revenue over the same period last year. On a sequential-quarter basis, the growth has been 30%, despite the third wave of Covid-19. Comparing month-on-month, all our metrics have grown at the fastest pace, i.e., merchant Total payments value, i.e., TPV (17%), consumer TPV (39%), loans facilitated (31%), and revenue (21%) in March 2022 over Feb 2022. Going forward, we are tracking well to break even on our merchant business and further strengthen our consumer business. We request the media to take official comments from the company and not from former employees who no longer have business information."
BharatPe Chairman Rajnish Kumar is also Former Chairman of State Bank of India (SBI). Earlier this month, Kumar said that the BharatPe board management is aiming for an IPO in 18-24 months. Grover, who had to go on leave in January following allegations of using abusive language against Kotak Mahindra Bank staff and of fraudulent practices, had accused CEO Sameer of siding with the investors to remove him from office.
BharatPe, which allows shop owners to make digital payments through QR codes, last month, first sacked his wife Madhuri Jain which was followed by Grover himself resigning. Thereafter, Grover was stripped of all titles and positions after a third-party audit alleged grave governance lapses under him.
The board and the audit report has alleged Grover of "extensive misappropriation of company funds" by "creating fake vendors" to siphon money and using "company expense accounts" to "enrich themselves and fund their lavish lifestyles."
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