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<keyword id="19895875" type="General" weightage="20" keywordseo="Delhi-High-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Delhi High Court" meta.hostid="261" meta.entityid="Delhi High Court">Delhi High Court</keyword> on Thursday, has appointed a sole <keyword id="20233811" type="General" weightage="20" keywordseo="arbitrator" source="keywords">arbitrator</keyword> to address the conflicts between <keyword id="19956322" type="General" weightage="20" keywordseo="BharatPe" source="keywords" meta.keywordsubtype="org" meta.entityname="BharatPe" meta.hostid="261" meta.entityid="BharatPe">BharatPe</keyword> and its former MD <keyword id="20115473" type="General" weightage="100" keywordseo="Ashneer-Grover" source="keywords">Ashneer Grover</keyword>. The disputes center around allegations that Grover breached confidentiality terms outlined in his <keyword id="20424040" type="General" weightage="20" keywordseo="employment-agreement" source="keywords">employment agreement</keyword> with the fintech firm. Justice C. Hari Shankar of the Delhi High Court has ordered the appointment of a sole arbitrator to resolve disputes between Ashneer Grover and BharatPe. BharatPe's plea under a relevant section of the Arbitration and Conciliation Act sought to resolve issues stemming from Grover's alleged breach of confidentiality by disclosing sensitive company information on social media. BharatPe proposed former <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword> Justice Hemant Gupta as the arbitrator, but Grover suggested Justice (Retired) J.R. Midha instead. Grover's advocate, Giriraj Subramanium, did not oppose arbitration, but proposed that the matter be handled by the Singapore International Arbitration Centre (SIAC), given its ongoing involvement with related disputes over the shareholders' agreement. BharatPe's advocate, Anuj Berry, contested this, asserting that the employment agreement specifies arbitration under the Delhi International Arbitration Centre (DIAC), which the Court upheld. Additionally, BharatPe had previously sought a restraining order to prevent Grover from publicly disclosing company details. The Delhi High Court had previously imposed a penalty of Rs. 2 lakh on Ashneer Grover for breaching a court order by posting derogatory content about BharatPe on social media. Justice Rekha Palli, expressing disapproval of Grover's repeated violations, mandated that he pay the costs to the Delhi High Court Clerk Association. Grover issued an unconditional apology, which the court accepted, contingent upon the payment of the imposed costs.

Delhi HC appoints arbitrator to address conflict between Ashneer Grover and BharatPe

<keyword id="20115473" type="General" weightage="20" keywordseo="Ashneer-Grover" source="keywords">Ashneer Grover</keyword>, known for his blunt persona on the Indian edition of Shark Tank, has once again found himself embroiled in a controversy, this time involving a popular comedy roast. The co-founder and former managing director of <keyword id="19956322" type="General" weightage="20" keywordseo="BharatPe" source="keywords" meta.keywordsubtype="org" meta.entityname="BharatPe" meta.hostid="261" meta.entityid="BharatPe">BharatPe</keyword>, Grover is no stranger to the limelight, but his latest escapade has stirred considerable buzz of the negative kind on social media. Grover recently featured on "<keyword id="21736600" type="General" weightage="20" keywordseo="Pretty-Good-Roast" source="keywords">Pretty Good Roast</keyword>," a show hosted by comedian <keyword id="21736601" type="General" weightage="20" keywordseo="Aashish-Solanki" source="keywords">Aashish Solanki</keyword>. During the episode, Solanki made light of Grover's tumultuous exit from BharatPe — a topic that has been a hot-button issue ever since Grover and his wife were ousted from the fintech startup in 2022 amid allegations of financial impropriety. The roast, which included jabs at Grover’s departure from his own company, quickly became a viral sensation. However, the humour did not sit well with Grover. He reportedly demanded the removal of the segments featuring these jokes and subsequently sent Solanki a <keyword id="20476156" type="General" weightage="20" keywordseo="legal-notice" source="keywords">legal notice</keyword> to take down the entire episode. Solanki complied, announcing on Instagram: "Friends, I have removed the Ep 5 of Pretty Good Roast. I don't have money to fight the legal battle. I had spent all of it on the show," he stated, highlighting the financial strain legal actions can impose on independent creators. Solanki also expressed his disappointment, noting, "The response on previous episodes led us to believe our audience were ready for roast humour. However, it seems that some, especially those in power, are not quite there yet." This incident has triggered a wave of backlash against Grover, with many accusing him of "<keyword id="20415529" type="General" weightage="20" keywordseo="doglapan" source="keywords">doglapan</keyword>" (duplicity). The term gained popularity during Grover’s stint on <keyword id="19913228" type="General" weightage="20" keywordseo="shark-tank-india" source="keywords">Shark Tank India</keyword> and even became the title of his book, "Doglapan: The Hard Truth about Life and Start-Ups." Social media users were quick to point out the irony of Grover, who once prided himself on his no-holds-barred attitude, now seeking to censor comedic content. <div type="twitter" handle="samratsingh23" handlename="samratsingh23" favoritecount="0" retweetcount="0" id="1792498229701161312"></div> <div type="twitter" handle="memes_hallabol" handlename="memes_hallabol" favoritecount="0" retweetcount="0" id="1792750542655295852"></div> The controversy draws attention to Grover's complex public persona. After his high-profile exit from BharatPe, Grover pivoted to content creation, leveraging his fame to build a substantial following on platforms like Instagram, YouTube, and various podcasts. He has even claimed that he has made more money through content creation than during his tenure at BharatPe. Despite his success as a content creator, Grover’s latest actions have sparked a debate about the boundaries of humour and criticism, especially concerning public figures. The legal threat against Solanki underscores the precarious balance comedians must navigate when their satire targets influential individuals. As the dust settles, one thing is clear: Ashneer Grover remains a polarising figure. His journey from a controversial entrepreneur to a content creator and now to a central figure in a comedy roast controversy reflects the multifaceted and often contentious nature of public life.

Roasted shark? Ashneer Grover faces backlash over legal tussle with comedian Aashish Solanki

Ashneer Grover clarifies his Shark Tank investment details in 11 companies

<keyword id="6359298" type="General" weightage="20" keywordseo="indore" source="Orion">Indore</keyword>, Amid a row over his comments on Indore's top rank in the Centre's cleanliness survey, BharatPe's co-founder <keyword id="2988161" type="General" weightage="20" keywordseo="Ashneer-Grover" source="Orion">Ashneer Grover</keyword> has said while he will say sorry to the city, he will not apologise to the politicians. A non-cognisable offence information report (NCR) was registered on Monday against Grover after a video showed him commenting on Indore's top rank in the Centre's cleanliness survey and purportedly claiming it had been "bought". Following the development, Grover shared the video of his controversial statement in a post on his X. "Sorry to Indore. You've got great people and a city. But politicians everywhere have got no chill! Unnecessary politics being made out of a statement made in jest in a playful conversation on Bhopal vs Indore. Where the audience had fun - no offence was meant. None taken by anyone. No one getting offended now was even present in the room," he said in the post late on Monday night. He further said, "Not sorry to any politician. Ever. No one. Any party. FIR kar lo (register an FIR). Case kar lo (register a case). Koi farak nahi padta (it doesn't make any difference) - I am not a pushover - won't be bullied. Don't make an issue where there is none. It might be an election year - but people are smart. Indori people - super smart. I'll come to Indore when I wish, as many times I wish - and am confident of Indori mehmaan nawazi (good hospitality)." On Bhopal vs Indore, his favourite remains Bhopal, Grover wrote, adding that it would be dishonest of him to put Bhopal lower when he feels it is not only Madhya Pradesh's best city but also India's. Indore city of Madhya Pradesh has remained on top in the Centre's Swachh Sarvekshan for six consecutive years. Addressing an event here on Sunday, Grover is heard in the video saying, "See, there is a concept - playing to the gallery, that is, wherever you go, praise it saying I have never seen such a nice city. Now the problem with me is that for three-four years I have heard that Indore is the cleanest city...you have bought the survey. It's a simple thing." Grover, however, immediately clarified that he was not saying there was filth in Indore, and that he meant several construction works are going on in the city. An NCR was registered against Grover under the Indian Penal Code (IPC) sections 499 (defamation) and section 500 (punishment for defamation) on the complaint received from the Indore Municipal Corporation, Lasudia police station in-charge Taresh Kumar Soni had said on Monday. After an NCR is registered, if the complainant wishes, he can file a case in court at his personal level, he explained. Indore's Mayor Pushyamitra Bhargava said, "I have seen Grover's video. His statement is an insult to the hard work of the city's people and sanitation workers for cleanliness. We will take appropriate legal action against this insult and also serve him a notice for defamation." State Home Minister Narottam Mishra, who is in-charge of Indore district, also criticised Grover's statement and said, "Those who have garbage in their mind will only see filth." Indore Municipal Corporation chief sanitary inspector Sanjay Ghavri, on whose complaint the NCR was lodged, told PTI that Grover's controversial statement had insulted the people of the city. "This statement has hurt thousands of sanitation workers of the city who are engaged in cleanliness work from early morning till late night," Ghavri said.

Sorry to Indore, won't apologise to politicians, says BharatPe co-founder Ashneer Grover on row over his comment on cleanliness tag

<keyword id="637412" type="General" weightage="20" keywordseo="infosys-founder" source="Orion">Infosys founder</keyword> <keyword id="6355623" type="General" weightage="20" keywordseo="narayana-murthy" source="Orion">Narayana Murthy</keyword>'s advice to youngsters in India, urging them to work 70 hours a week, has sparked sharp reactions from founders and leaders who said that while extended working hours can boost productivity, a balanced approach is equally necessary. During a podcast, Murthy had said that if India wants to compete with developed economies that have made remarkable progress in recent decades, youngsters should work for 70 hours a week. Reacting to Murthy's comment, <keyword id="1353462" type="General" weightage="50" keywordseo="abhishek-desai" source="Orion">Abhishek Desai</keyword>, founder of CricHeroes, told that while extended working hours can boost productivity in certain contexts, "it's equally vital to focus on work-life balance, employee well-being, and harnessing technology to enhance efficiency". "The success of countries like Japan and Germany is undoubtedly commendable, but we must also acknowledge that their work culture may not be entirely replicable in the Indian context," Desai added. Former BharatPe Co-founder <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> said that the public got offended at Murthy's comment as the measure of work done still gets notified based on hours spent rather than the outcome. "I think junta (public) got offended here because work is still being measured in 'hours' rather than 'outcome'. The other thing is people feeling as if youngster's laziness is the only thing keeping India from becoming developed," he posted on X on Friday. Ola CEO <keyword id="1543567" type="General" weightage="50" keywordseo="bhavish-aggarwal" source="Orion">Bhavish Aggarwal</keyword>, however, agreed with Murthy's view. "Totally agree with Murthy's views. It's not our moment to work less and entertain ourselves. Rather it's our moment to go all in and build in 1 generation what other countries have built over many generations," he posted on X. According to Shrijay Sheth, founder of Legalwiz.in, working long hours does not necessarily translate into better work, bigger outcomes and higher returns for the company. "Primarily, it is about enhanced productivity and achieving the organisational goals. Especially for workforces in the Indian context, longer working hours may result in lower efficiency and, thus, impede the realisation of business objectives," he added.

Murthy's 70-hr-a-week work call to youth trigger sharp reactions from founders

<ul><li>Low ticket size and low margin can never be solved through forced low delivery cost, said <keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> on 10-minute grocery delivery. </li><li>Hari Menon, the CEO of BigBasket said that consumers never wanted quick delivery, and that it was thrust on them. </li><li>Legacy e-commerce companies who have not generated significant net profit have no authority to make remarks on quick commerce, said Aadit Palicha, the co-founder of Zepto. </li></ul>A war of words has been raging between the heads of quick commerce companies and their non-quick counterparts in the last few weeks. Entrepreneur and startup investor Ashneer Grover too joined in the conversation — insisting that 10-minute quick commerce delivery has no economics. He was commenting on the Blinkit (by Zomato) delivery personnel strike. “Low ticket size and low margin can never be solved through forced low delivery cost,” Grover tweeted summarising Zomato’s Blinkit journey in three steps — 90 Min (bull run) —&gt; Next day (bear run) —&gt; 10 Min (bull run) —&gt; ?? Quick commerce sector has players like Zepto, Reliance-backed Dunzo, Zomato’s Blinkit and Swiggy’s Instamart. While most of them provide 10-minute deliveries, others too offer lightning-fast deliveries of a wide range of groceries — catching the imagination of consumers. However, quick commerce has had its set of detractors, and recently Hari Menon, the chief executive officer (CEO) of BigBasket stirred up the controversy with his comments against quick commerce. While BigBasket has its quick commerce avatar called BigBasketNow, it delivers its groceries in 30 minutes. ‘Qcommerce was thrust on customers’ Grover’s negative opinion on the economics of quick commerce delivery has another backer. Last week at the Sharrp Summit, Menon said that consumers never wanted quick delivery, and that it was thrust on them. A sensible business case involves 15-30 minutes to make a delivery, he added. “Quick commerce has certain dynamics required for unit economics to work, which means you need a high density of orders, it will be cut off at some point. The Bigbasket model will scale, but quick commerce without density doesn't work,” <a href="https://www.cnbctv18.com/business/companies/consumers-never-wanted-10-minute-delivery-says-bigbaskets-co-founder-16394831.htm">Menon said</a>. Menon’s comments had irked Aadit Palicha, the co-founder of Zepto and a Stanford dropout, who started the business during the pandemic when he was 19 years old. He hit back at Menon at the very summit saying that legacy e-commerce companies who have not generated significant net profit have no authority to make remarks on quick commerce’s sustainability. Palicha, who is preparing to take the company public in the next two years,<a href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms"> had told Business Insider India</a> in a recent interview that a large part of his ‘dark stores’ are profitable, and the financial metrics of the company are very strong. Indians take to quick commerce According to Redseer, Indian consumers are taking to quick commerce, and the adoption is much better than in other countries. India has a quick commerce penetration of 13% versus 7% in China and 3% in EU, respectively. The current market size of quick commerce in India is $5.5 billion – and as of now caters to only 1% of the total domestic grocery market. Redseer also says that the total addressable market (TAM) of quick commerce is at $45 billion. “Emerging as one of the fastest growing e-commerce models, quick commerce is fundamentally changing consumer purchase behaviour and the grocery retail market on the whole by providing faster delivery options (in as little as ten minutes) as well as a more convenience-driven shopping experience,” said the Redseer report. Quick commerce players who have set up dark stores that aid quick deliveries, cater to the mid to upper middle-class consumers, and also offer an eclectic mix of products —- in order to stay ahead of the competition from local kiranas. As of now however, around 70% of all quick commerce purchases are top-up orders. Many platforms have informed that milk, eggs and more are the most searched and purchased items for fast deliveries. Stockup purchases like staples and packaged foods are either purchased offline or through online e-commerce. Apart from the time and the economics, the war of words around e-commerce is about average order value (AOV). Many players are trying to push for it by offering free delivery for larger sized orders. A few services like Instamart charge different delivery prices for faster delivery of services. Moreover, the funding winter which has been taking the wind off the sails for most startups has also had its effect on quick commerce players. Moreover, grocery delivery – fast or otherwise – itself is becoming a tougher business to be in. JioMart Express, which offers 90-minute deliveries, has recently shut this service. At the same time last year, fast delivery service Ola Dash folded up. This, however, can be a blessing in disguise, say analysts. “Competitive intensity has slowed down in quick commerce, which gives incumbents room to build scale moats; and the expectation that the life cycle value of the incremental transacting user in quick commerce could be significantly better than in food delivery at the current stage,” says a recent report by JM Financial. When the dust settles on the war of words around quick commerce, it will be incumbent on the existing players to prove their detractors wrong by delivering profitable businesses. SEE ALSO <a href="https://www.businessinsider.in/business/news/samosas-versus-burgers-the-great-indian-dilemma/articleshow/99488590.cms">Samosas versus burgers: The Great Indian Dilemma</a> <a href="https://www.businessinsider.in/thelife/personalities/keshub-mahindra-the-man-who-played-in-a-role-in-building-indias-auto-industry/articleshow/99425922.cms">Keshub Mahindra: The man who thought impossible is possible</a>

The Big Fight: Ashneer Grover wades into controversy around 10-minute delivery

<ul><li><keyword id="2988161" type="General" weightage="80" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> has spoken about being excluded from <keyword id="11924074" type="General" weightage="80" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> Season 2.</li><li>The former BharatPe managing director was replaced with CarDekho’s Amit Jain.</li><li><keyword id="3433" type="General" weightage="100" keywordseo="grover" source="Orion">Grover</keyword> has claimed that he was also approached for reality show <keyword id="4646" type="General" weightage="20" keywordseo="big-boss" source="Orion">Big Boss</keyword>.</li></ul>BharatPe cofounder and former managing director Ashneer Grover has finally spoken about being <a href="https://www.businessinsider.in/entertainment/news/shark-tank-season-2-is-here-but-popular-shark-ashneer-grover-is-missing-meet-the-new-shark/slidelist/95271549.cms">excluded</a> from Season 2 of <keyword id="1417364" type="General" weightage="20" keywordseo="shark-tank" source="Orion">Shark Tank</keyword> India, a business reality show where contestants pitch their businesses, looking to <a href="https://www.businessinsider.in/business/news/shark-tank-india-season-2-will-start-soon-checkout-first-seasons-top-10-deals/slidelist/95300176.cms">raise capital</a> from the sharks. Ashneer Grover was one of the most popular sharks from the first Season and was known for his famous one-liners such as “ye sab doglapan hai”, “kya kar raha bhai tu” and “bilkul bakwaas idea hai.” Speaking to Red FM while promoting his upcoming autobiography titled <a href="https://www.businessinsider.in/business/news/former-bharatpe-founder-ashneer-grover-pens-memoir-called-doglapan/articleshow/95451416.cms">Doglapan</a>, Grover was asked by the host whether the show could not get him for Shark Tank India Season 2 as they couldn’t afford him. Grover replied, “Afford sirf paise se nahi hota, aukaat se hota hai” (You cannot afford a person just with money, it’s about status). Shark Tank India has revealed the Season 2 trailer, which showcased the judges for the upcoming season. After fans noticed Grover was missing, several fans took to social media platforms to ask for his return. The show’s creators have replaced Grover with Amit Jain, the cofounder, and chief executive officer of CarDekho, a used cars platform, as the new shark. The other sharks for the upcoming season are Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, and Peyush Bansal. Mamaearth’s Ghazal Alagh will also be missing from the next season. <cmsannotation type="cmsannotation" annotationid="Grover talks about Big Boss" comment="subhead" text="Grover talks about Big Boss">Grover talks about Big Boss</cmsannotation> After Grover’s popular appearance in Shark Tank India’s Season 1 and infamous <a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-resigns-from-bharatpe-heres-what-he-wrote-in-his-resignation-letter/articleshow/89912762.cms">exit</a> from BharatPe, Grover was reportedly approached for the popular reality show Big Boss, hosted by Bollywood actor Salman Khan. Grover claimed that he was approached for the show, and he declined. He added that only failed individuals go on the show. "Failed individuals go on that show, not successful people… There was a time when I used to watch the show, but I feel it’s become stale now. They approached me. I said sorry, not happening,” said Grover. SEE ALSO: <a href="https://www.businessinsider.in/business/news/shark-tank-india-season-2-will-start-soon-checkout-first-seasons-top-10-deals/slidelist/95300176.cms">Popsicles to canned cocktails - the top 10 deals cracked in Shark Tank India Season 1</a> <a href="https://www.businessinsider.in/entertainment/news/shark-tank-season-2-is-here-but-popular-shark-ashneer-grover-is-missing-meet-the-new-shark/slidelist/95271549.cms">Shark Tank India S2 returns without Ashneer Grover, meet the new shark</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-introduces-the-message-yourself-feature-working-on-voice-status-updates-and-more/articleshow/95851566.cms">WhatsApp introduces the “Message Yourself” feature, working on voice status updates and more</a>

Ashneer Grover talks about being excluded from Shark Tank India, calls Big Boss a show for failed individuals

Despite Delhi High Court's order to restrain from making defamatory statements against the company and its executives amid the ongoing Rs 88.6 crore fraud case, former <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> Co-founder and Managing Director <keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> on Monday took a serious dig at CEO <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, saying the CEO allegedly spent money on personal expenditures that he raised, but is unable to help the fintech firm grow. In a tweet, <keyword id="3433" type="General" weightage="80" keywordseo="grover" source="Orion">Grover</keyword> alleged that Sameer allegedly spent money raised by him to travel to Australia for the recently-concluded T20 World Cup. "Suhail (CEO) -- bahut aish kar li <keyword id="12917061" type="General" weightage="100" keywordseo="ashneer" source="Orion">Ashneer</keyword> ke raised funds pe. Ladkiya bhi ghuma li Australia. Par hai to hum nalle - hiring, product, tech, UNITY bank, PA license, mkt share -- kuchh nahi hil raha humse. Kya karenge? (Had a gala time with money Ashneer raised in Australia but I am unable to help the company on the hiring, product, tech UNITY Bank, payment aggregator (PA) license and market share fronts, what to do?)", tweeted Grover. Grover then targeted <keyword id="218116" type="General" weightage="50" keywordseo="sumeet-singh" source="Orion">Sumeet Singh</keyword>, a partner with Shardul Amarchand Mangaldas who joined BharatPe as its general counsel (GC) last year. "Sumeet (GC): Case karenge ! case karenge ! Case karenge ! (But Sumeet went ahead to file case (against me)," Grover further posted. The Delhi Hight Court last week issued notice and summons to BharatPe's former Managing Director and his kin in a plea filed by the company, seeking orders to restrain them from making defamatory statements against the company. In April this year, Grover had threatened legal action against CEO Sameer and the board for his comments on professional networking platform LinkedIn against his sister Ashima Grover, along with seeking a resignation from Chairman Rajnish Kumar. Grover last week attacked the fintech platform's co-founder Shashvat Nakrani, saying he once asked him to bunk office for a whole year in order to complete his IIT degree while remaining on the payroll. He also alleged that his book "Doglapan" created panic among BharatPe executives and this is the reason the fintech company had apparently filed cases against him. SEE ALSO: <a href="https://www.businessinsider.in/business/news/bharatpe-filed-cases-because-my-book-doglapan-created-panic-ashneer-grover/articleshow/96132598.cms">BharatPe filed cases because my book 'Doglapan' created panic: Ashneer Grover</a> <a href="https://www.businessinsider.in/business/news/ashneer-grover-reacts-on-big-boss-and-shark-tank-india-season-2/articleshow/95908444.cms">Ashneer Grover talks about being excluded from Shark Tank India, calls Big Boss a show for failed individuals</a> <a href="https://www.businessinsider.in/entertainment/news/shark-tank-season-2-is-here-but-popular-shark-ashneer-grover-is-missing-meet-the-new-shark/slidelist/95271549.cms">Shark Tank India S2 returns without Ashneer Grover, meet the new shark</a>

BharatPe CEO enjoying life with money I raised but fails to grow company, says Ashneer Grover

<ul><li>Delhi Police has filed an FIR against former <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> co-founder Ashneer <keyword id="3433" type="General" weightage="100" keywordseo="grover" source="Orion">Grover</keyword>, his wife <keyword id="10739150" type="General" weightage="50" keywordseo="madhuri-jain" source="Orion">Madhuri Jain</keyword> Grover.</li><li>The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery).</li></ul>New Delhi, The Economic Offences Wing of the Delhi Police has filed an FIR against former BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, <keyword id="346867" type="General" weightage="50" keywordseo="suresh-jain" source="Orion">Suresh Jain</keyword> and Shwetank Jain for an alleged Rs 81 crore fraud after a complaint by the fintech unicorn. The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery). BharatPe in the complaint alleged that Grover and his family caused damages of about Rs 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri Jain and destruction of evidence. If convicted, Grover, Madhuri and others can face up to anything between 10 years to life imprisonment. EOW now has the power to arrest all the accused. BharatPe welcomed the registration of FIR saying, "For the last 15 months, the company has been facing a vicious and malicious campaign run by Grover against the company, the board and its employees". "The registration of the FIR is a step in the right direction, which unearths various suspicious transactions made by the family for their personal pecuniary gains," it said in a statement. The FIR, it said, will now enable law enforcement agencies to investigate deeper into the criminality and bring the culprits to books. "We have full faith in our country's judicial and law enforcement systems and are optimistic that this case will reach its logical conclusion. We will continue to extend all possible cooperation to the authorities," it added. In December 2022, BharatPe filed a criminal complaint against Grover and his family with the EOW of Delhi Police, alleging fraud of Rs 81.28 crore, criminal breach of trust, conspiracy, cheating, forgery and destruction of evidence. The same month, it also filed a civil suit with the Delhi High Court against its former MD and co-founder Grover and his family, seeking up to Rs 88.67 crore in damages for alleged cheating and embezzlement of funds. The suit, running into 2,800 pages, alleges that Grover, his wife Madhuri Jain and other family members created fake bills, enlisted fictitious vendors to provide services to the company and overcharged the company for recruitment. Madhuri Jain was the head of controls at BharatPe and was fired earlier in 2022 after a forensic audit revealed several irregularities. Subsequently, Ashneer Grover resigned as CEO in March 2022. BharatPe, last year, hit the headlines when Grover was accused of using inappropriate language and threatening a Kotak Group employee for failing to secure an allotment and funding for the Nykaa IPO for himself and his wife Madhuri Jain Grover. Thereafter, BharatPe appointed Alvarez and Marsal, Shardul Amarchand Mangaldas and PwC to conduct a corporate governance review and determine whether Grover had committed willful misconduct. This led to the ouster of Jain and Grover from the company and its board in March. On May 10, 2022, BharatPe said that after the detailed review, the company had decided to take steps against employees involved in misconduct and claw back Ashneer Grover's restricted shares. "The complaint was received at EOW and enquiry has been conducted into the allegations levelled against alleged persons. From the contents of the complaint and enquiry conducted so far, prima-facie offences punishable under Sections 406/408/ 409/420/467/468/471/120B IPC (Indian penal code) are made out," the FIR copy reads. BharatPe had filed an arbitration claim in Singapore to claw back restricted shares (1.4 per cent) allotted to Grover and prevent him from using the title of a founder. In January this year, Koladiya sued Grover reclaiming the shares transferred in December 2018. Last month, the company's co-founder <keyword id="10222571" type="General" weightage="50" keywordseo="shashvat-nakrani" source="Orion">Shashvat Nakrani</keyword> sued Grover over "unpaid shares". MZM Legal is advising BharatPe on the criminal complaint. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/is-whatsapp-secretly-listening-to-your-private-conversations-heres-how-to-check/articleshow/100155980.cms">Is WhatsApp secretly listening to your private conversations? Here’s how to check</a> <a href="https://www.businessinsider.in/tech/news/artificial-intelligence-takes-center-stage-at-google-i/o-here-are-all-the-ai-announcements-made-at-the-annual-conference/articleshow/100151380.cms">Artificial Intelligence takes center stage at Google I/O: Here are all the AI announcements made at the annual conference</a>

FIR against BharatPe co-founder Ashneer Grover, his wife, family

Electric vehicles (EV) financing digital platform <keyword id="12028811" type="General" weightage="50" keywordseo="revfin-services" source="Orion">RevFin Services</keyword> is targeting to finance 20 lakh vehicles in the next five years, with an aim to grow three to four times every year, according to its CEO &amp; Founder <keyword id="1116564" type="General" weightage="50" keywordseo="sameer-aggarwal" source="Orion">Sameer Aggarwal</keyword>. With the Indian electric vehicle industry poised for an accelerated growth, he said the company is confident of meeting its target and would continue to raise funds through debt and equity going forward for the purpose. "From a long-term perspective we have taken a very strong position on EVs, and we have committed to financing two million electric vehicles in the next five years," <keyword id="11517" type="General" weightage="80" keywordseo="aggarwal" source="Orion">Aggarwal</keyword> told PTI. Asked if the target is not too steep, considering <keyword id="6952105" type="General" weightage="100" keywordseo="revfin" source="Orion">RevFin</keyword> has financed 17,118 EVs in the last 51 months, he said,"The monthly loan disbursement is growing month-on-month by about 15 per cent. So overall, it has grown almost four times in the last one year. If we continue the kind of growth that we are currently on we will actually achieve these numbers." In 2023-24, the company is looking at financing around 50,000 EVs. "The following year we would do three to four times of that. Obviously, a lot of those numbers will be achieved after the year-two or year-three, but there is a 3-4x growth that we are experiencing," Aggarwal asserted. RevFin has also expanded its portfolio from primarily financing electric rickshaws earlier, adding electric two-wheelers, high speed electric three-wheelers and four-wheelers as well, he added. Apart from offering financing to products of a slew of EV makers, RevFin also has strategic partnerships with manufacturers, including Kinetic Green, Yatri, Saarthi, Mayuri, Lectrix, <keyword id="195740" type="General" weightage="50" keywordseo="hero-electric" source="Orion">Hero Electric</keyword>, and <keyword id="272382" type="General" weightage="50" keywordseo="piaggio" source="Orion">Piaggio</keyword> among others. When asked about the funding requirements, he said,"Capital is the raw material for us. We are always raising capital in equity and debt." While the company raises debt capital almost every month, Aggarwal said,"Equity we raise 12 to 18 months, which will continue. Every 12 to 18 months we'll be raising equity and then we'll be raising debt to leverage that equity." In October last year, the company had raised USD 10 million (over Rs 80 crore) in a Series A round of funding. As part of its growth strategy, the company plans to expand its presence to around 25 states from the current 16 and take its footprint to about 300 cities, up from around 200 cities at present. Most of these will be focussed for electric two and three-wheelers while for electric four-wheelers it will be in the bigger cities, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ashneer-grovers-new-startup-crickpe-is-a-fantasy-sports-app-that-will-also-reward-cricketers/articleshow/98964195.cms">Ashneer Grover's new startup CrickPe is a fantasy sports app that will also reward cricketers</a> <a href="https://www.businessinsider.in/tech/news/you-will-soon-lose-your-legacy-blue-tick-on-twitter-heres-everything-you-need-to-know/articleshow/98960333.cms">You will soon lose your legacy blue tick on Twitter – here’s everything you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/three-out-of-four-premium-smartphones-sold-in-2022-were-an-iphone/articleshow/98855033.cms">Three out of four premium smartphones sold in 2022 were an iPhone</a>

RevFin targets financing 20 lakh electric vehicles in next 5 years

Former <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> Founder and CEO <keyword id="2988161" type="General" weightage="80" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> has written his memoir called 'Doglapan' (double standards) - the Hard Truth about Life and Start-ups' which is available for pre-order and will be available next month. Billed as an "unfettered story of <keyword id="12917061" type="General" weightage="100" keywordseo="ashneer" source="Orion">Ashneer</keyword> Grover - the favourite and misunderstood poster boy of Startup India", the memoir is being called a "raw, gut-wrenching in its honesty and completely from the heart, storytelling at its finest". "Is kitab ko padhne ke baad ya to aap ek dum apni naukri chhod doge ya fir zindagi bhar naukri hi karoge. At least beech mein nahi phase rahoge (After reading this book, you will either quit your job or continue to only be in jobs your whole life. At least, you won't be stuck in the middle)," Grover said in a tweet on Friday. On Friday, he again tweeted: "So overnight my autobiography has become #1 Best Seller. And SOLD OUT as well !! I've scampered to print more copies - get yours before my publisher hits their max capacity." According to the book's brief description on Amazon.in, a young boy with a 'refugee' tag growing up in Delhi's Malviya Nagar outpaces his circumstances by becoming a rank-holder at the pinnacle of academic excellence in India, IIT Delhi. "He goes on to do an MBA from the hallowed halls of IIM Ahmedabad, builds a career as an investment banker at Kotak Investment Banking and AmEx, and is pivotal in the making of two unicorns-Grofers, as CFO, and BharatPe, as co-founder," it reads. As a judge on the popular TV show <keyword id="6533612" type="General" weightage="80" keywordseo="shark" source="Orion">Shark</keyword> Tank India, Grover became a household name even as his life turned upside down. "Controversy, media spotlight, garrulous social media chatter descend, making it difficult to distinguish fact from fiction," read the description. He said the book will offer readers "absolute clarity" on life. After swindling fintech platform BharatPe, Ashneer and his wife Madhuri Jain Grover have formed a new company called Third Unicorn Private Ltd, and are set to launch a third startup. Before co-founding BharatPe, Grover was associated with Grofers, which is now a 15-minute delivery platform Blinkit that has been acquired by Zomato for Rs 4,447 crore (about $568 million) in an all-stock deal. According to data accessed through Tofler, the Grovers have now registered a new company to begin their new journey. The nature of the startup is not known yet. Ashneer and Madhuri, former Head of Controls at BharatPe, are both directors of the firm that was founded in July this year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ashok-leyland-posts-rs-199-crore-pat-for-q2/articleshow/95449676.cms">Ashok Leyland posts Rs 199 crore PAT for Q2</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/amazon-unveils-design-of-new-prime-air-delivery-drone/articleshow/95446738.cms">Amazon unveils design of new Prime Air delivery drone</a>

You Searched For "ashneer" and got 12 results

Delhi HC appoints arbitrator to address conflict between Ashneer Grover and BharatPe

ANI

Roasted shark? Ashneer Grover faces backlash over legal tussle with comedian Aashish Solanki

Ashmita Gupta

Ashneer Grover clarifies his Shark Tank investment details in 11 companies

Sourabh Jain

Sorry to Indore, won't apologise to politicians, says BharatPe co-founder Ashneer Grover on row over his comment on cleanliness tag

PTI

Murthy's 70-hr-a-week work call to youth trigger sharp reactions from founders

IANS

The Big Fight: Ashneer Grover wades into controversy around 10-minute delivery

Katya Naidu

Ashneer Grover talks about being excluded from Shark Tank India, calls Big Boss a show for failed individuals

Sourabh Jain

BharatPe CEO enjoying life with money I raised but fails to grow company, says Ashneer Grover

IANS

FIR against BharatPe co-founder Ashneer Grover, his wife, family

PTI

RevFin targets financing 20 lakh electric vehicles in next 5 years

PTI

Former BharatPe founder Ashneer Grover pens memoir called 'Doglapan'

IANS

Shark Tank India S2 returns without Ashneer Grover, meet the new shark

Sourabh Jain

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