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."
BREAKING NEWS
TECHNO TRENDS
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
UiPath ropes in Raghu Malpani as Chief Technology Officer
UiPath has announced Raghu Malpani as Chief Technology Officer. Malpani w
DigiCert names Atri Chatterjee as CMO
DigiCert has announced the appointment of Atri Chatterjee as Chief Market
OPEN YOUR EYES
INTERVIEWS
Committed to follow future roadmap with 'Make-in-India' 2.0 Vi
As technology advances, AI is used in increasingly disparate ways to help a
HPE Aruba Networking bridging the physical and digital worlds
The information technology industry is a critical component of the 21st cen
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
CP PLUS INDIA PVT. LTD.
FINOLEX INDUSTRIES LTD.
TALLY SOLUTIONS PVT. LTD.
INFOSYS TECHNOLOGIES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Ashwini Vaishnaw
Ashwini Vaishnaw is an Indian politician and former IAS officer and is...
Technology Icons Of India 2023: Alok Ohrie
Alok plays a critical role in the Government of India’s Atal Innovat...
Technology Icons Of India 2023: Anant Maheshwari
As President of Microsoft India, he is responsible for Microsoft’s o...
PARTNER SPEAKERS
PSU
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
TCIL continues to strengthen India with its technology expertise
TCIL undertakes consultancy & turnkey projects in the field of Telecom...
STPI encouraging software exports from India
Software Technology Parks of India (STPI) is an S&T organization under...
VIDEOS
Top 25 Brands
Value-Added Distribution
SUPERTRON ELECTRONICS PVT. LTD.
Supertron deals in servers, laptops, components, accessories and is a...
INFLOW TECHNOLOGIES PVT. LTD.
Inflow Technologies is a niche player in the IT Infrastructure Distrib...
EXCLUSIVE NETWORKS SALES INDIA PVT. LTD.
Exclusive Networks is a globally trusted cybersecurity specialist hel...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
