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<ul><li><keyword id="17303910" type="General" weightage="20" keywordseo="trillion-loans" source="Orion">Trillion Loans</keyword> provides secured and unsecured loans to SMEs, as well as small business and working capital loans.</li><li>It will operate as an independent entity and will seek partnerships with other fintechs.</li><li>The new deal will see advisor to the board, Ravindra Pandey, CFO Nalin Negi, and head, banking vertical, Sabyasachi Senapati <keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> joining Trillion Loans' board. </li></ul>BharatPe Group on Tuesday announced the successful acquisition of a majority stake in Mumbai-based NBFC Trillion Loans in April. Trillion Loans provides secured and unsecured loans to SMEs, as well as small business and working capital loans. The NBFC also offers auto, gold, and education loans to consumers. Says Shashvat Nakrani, founder and COO, BharatPe, “Acquiring controlling stake in Trillion Loans is aligned to the BharatPe Group’s larger purpose and will enable us to facilitate access to capital to a wider set of underserved and unbanked businesses as well as customers. Trillion Loans will work independently and will be a technology-driven NBFC.” Trillion Loans will operate as an independent entity with its own team and will seek partnerships with other fintechs to provide credit to businesses and consumers. It will be open to partner with other fintechs and startups, to offer a quick and streamlined experience. “BharatPe values its existing partnerships with NBFCs, and financial institutions and this acquisition will have no impact on these relationships,” Nakrani said. The new deal will see advisor to the board, Ravindra Pandey, CFO Nalin Negi; and head of banking vertical, Sabyasachi Senapati of BharatPe joining Trillion Loans' board. BharatPe Group has invested a substantial amount of money into Trillion Loans to help grow its loan book. “BharatPe plans to leverage its expertise in product development and technology to support Trillion Loans in creating innovative digital lending products for various business owners and customers and that this partnership presents a significant opportunity for Trillion Loans to continue growing and address the large MSME credit gap and meet consumer credit demands in India,” said Nakrani. BharatPe was established in 2018, and introduced the country's first UPI interoperable QR code and the first zero MDR payment acceptance service. In response to the Covid-19 pandemic, BharatPe launched BharatSwipe, a card acceptance terminal. The company presently serves one crore merchants in more than 400 cities, and is a leading provider of UPI offline transactions, handling over 30 crore UPI transactions monthly, with an annualized Transaction Processed Value of over $24 billion in payments. The company has disbursed loans worth nearly ₹8,000 crore, and its POS business processes over $3.5 billion in payments annually on its machines. BharatPe has raised more than $583 million in equity to date, with investors including Tiger Global, Dragoneer Investment Group, Ribbit Capital, and Sequoia Capital, among others. Most recently, the BharatPe Group was given an in-principle authorization by the RBI to function as an online payment aggregator.

BharatPe acquires 51% stake in Mumbai-based NBFC Trillion Loans

<ul><li>BharatPe’s founder <keyword id="13239935" type="General" weightage="20" keywordseo="bhavik-koladiya" source="Orion">Bhavik Koladiya</keyword> has resigned from his position at the fintech company.</li><li>He wants to spend time on assignments outside of BharatPe, the company said.</li><li>The development comes a few months after Asheer Grover was stripped of his co-founder title.</li></ul>BharatPe’s founder Bhavik Koladiya has resigned from his position at the fintech company, a few months after <keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword>’s exit. The four-year-old company has confirmed the development, saying Koladiya has been associated with BharatPe as an ‘independent consultant’. “Bhavik Koladiya has been associated with BharatPe as an independent consultant, guiding our product and technology teams. His contract tenure ended on July 31, 2022, and he expressed his desire to spend time on other assignments outside BharatPe,” BharatPe told Business Insider. <cmsannotation type="cmsannotation" annotationid="BharatPe seeking settlement with Ashneer Grover?" comment="subhead" text="BharatPe seeking settlement with Ashneer Grover?">BharatPe seeking settlement with Ashneer Grover?</cmsannotation> According to a Mint<a href="https://www.livemint.com/companies/news/bhavik-koladiya-the-tech-backbone-of-bharatpe-is-out-11659424560247.html"> report</a>, Koladiya’s departure is due to a disagreement between him and the company. The newspaper also said that Koladiya did not see eye to eye with BharatPe’s CEO Suhail Sameer. The company is seeking a settlement with Ashneer Grover, the report added. Business Insider could not independently verify these claims. “Bhavik has been one of our biggest advocates and has been an integral part of our journey in becoming one of India’s largest fintech companies. While we wish him the very best, we are also sure that he will continue to guide us in the future as well, as and when we need,” BharatPe has said, in its statement. Koladiya added, “I have been relentlessly at it for five years. I want to focus on balancing my work and family. I am a zero to one guy who likes to keep innovating with new ideas. From the day I and Shashvat founded BharatPe, we have always believed and worked towards making BharatPe into a movement that will outlive and outgrow our own ambitions.” <cmsannotation type="cmsannotation" annotationid="Ashneer Grover resigned in March this year" comment="subhead" text="Ashneer Grover resigned in March this year">Ashneer Grover resigned in March this year</cmsannotation> Earlier this year, Ashneer Grover and his wife Madhuri Jain had also exited front he company. While <a href="https://www.businessinsider.in/business/startups/news/bharatpe-fires-ashneer-grovers-wife-madhuri-jain-and-she-takes-to-twitter-to-make-a-new-set-of-allegations-against-the-company/articleshow/89767491.cms">Madhuri Jain was terminated </a>over allegations of misappropriation of funds,<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"> Grover resigned </a>a few weeks later on March 1 from his position as the managing director. Grover was later stripped of the co-founder title too. The company was founded by Bhavik Koladiya and <keyword id="10222571" type="General" weightage="20" keywordseo="shashvat-nakrani" source="Orion">Shashvat Nakrani</keyword> in 2018. Grover was the first investor in the company who later joined in as the co-founder and CEO. Grover had accused the company of leveraging his personal network to scale up their payments business and later treating him in a “the most disgraceful manner”. The issue behind <a href="https://www.businessinsider.in/business/startups/news/the-series-of-events-that-led-to-ashneer-grovers-resignation-from-bharatpe/articleshow/89926634.cms">BharatPe and Grover started with a leaked audio</a>, where Grover was allegedly heard hurling abuses at a Kotak Mahindra employee for not being able to finance Nykaa’s IPO allotment for him and his wife Madhuri Jain. This controversy triggered off a chain of events that led to Grover’s resignation from BharatPe. SEE ALSO <a href="https://www.businessinsider.in/finance/news/the-worst-of-the-rupees-decline-might-be-over-as-market-expects-us-fed-to-dial-down-pace-of-hikes/articleshow/93290895.cms">The worst of the rupee's decline might be over as market expects US Fed to dial down pace of hikes</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/markets-on-a-wait-and-watch-mode-as-they-await-cues-from-rbi/articleshow/93290015.cms">Markets on a wait and watch mode as they await cues from RBI</a> <a href="https://www.businessinsider.in/business/auto/news/as-new-cars-get-pricier-pre-owned-bmws-audis-and-porsches-get-more-attractive/articleshow/93275786.cms">As new cars get pricier, pre-owned BMWs, Audis and Porsches get more attractive</a>

BharatPe founder Bhavik Koladiya quits months after Ashneer Grover’s exit

With an aim to leave behind the <keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> controversy and bring business on track, fintech platform <keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> on Thursday launched an investment platform for its merchant partners. In the first phase, the company is going live with peer-to-peer (P2P) investments and bank-deposit products with its partners on the platform. The P2P investment product is being powered through RBI regulated non-banking financial companies (NBFCs) LenDenClub and Liquiloans. BharatPe said in a statement that it is also working on providing its merchants an option to invest in fixed deposits by Unity Small Finance Bank. "We believe that it should be the merchant who should have the power to decide which investment product and which partner he/she would like to invest with," said Suhail Sameer, CEO, BharatPe. With the P2P lending product, merchants will have an option to earn interest of up to 12 per cent per annum in the first phase, and around 8 per cent on the fixed deposit product. BharatPe intends to offer a range of investment products under a single window, including mutual funds and ETFs, etc., in the coming months. "The aim is to make BharatPe's Investment Platform the most sought after investment vehicle for millions of offline retailers in the country," said Sameer. Based on the success of the pilot, the company aims to facilitate investments for more than 20 lakh merchant partners over the next 12 months via this platform. The platform will enable RBI regulated entities to market their investment products to more than eight million BharatPe merchants across the country. Last week, the fintech platform said it has initiated necessary action against the company's former founder Ashneer to "claw back his restricted shares as per the shareholders' agreement" and will take all steps to enforce its right under the law. As part of its corporate governance review of the company after the financial irregularities were unearthed during Ashneer and his wife Madhuri Jain Grover's time, the company found many vendors were involved in malpractices, such as incorrect or inflated invoices, who have been blocked for further business with the company. The company terminated the services of several employees in departments who were directly involved with these blocked vendors. Grover, along with his wife Madhuri Jain Grover, has been stripped of all company titles over alleged "extensive misappropriation of company funds" and using "company expense accounts" to "enrich themselves and fund their lavish lifestyles". SEE ALSO <a href="https://www.businessinsider.in/business/news/heatwave-has-turned-acs-from-a-luxury-to-a-necessity-but-margins-remain-muted-for-the-players/articleshow/91655568.cms" data-type="tilCustomLink">Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players</a> <a href="https://www.businessinsider.in/stock-market/news/delhivery-ipo-heres-how-you-can-check-the-allotment-status/articleshow/91650014.cms">Delhivery IPO: Here’s how you can check the allotment status</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-vs-bharti-airtel-four-charts-to-showcase-how-indian-telecom-giants-faired-in-2022/slidelist/91640306.cms" data-type="tilCustomLink">Reliance Jio Vs Bharti Airtel — Four Charts That Showcase How The Indian Telecom Giants Faired In 2022</a>

BharatPe launches investment platform for merchants after Ashneer Grover saga

<ul><li><keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword>, along with his wife Madhuri Jain, are not part of <keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> anymore due to alleged "misappropriation of company funds".</li><li>A former employee of BharatPe took to LinkedIn to request the company’s management to pay his salary for the month of March.</li><li>Earlier today, Grover had also questioned the former chairperson of SBI and Sameer’s ability to run a fintech business.</li></ul>The brawl between Ashneer Grover and BharatPe’s management has been going on for quite some time, and there seems to be no sign of cooldown between the two. There have been mudslinging, uncalled for jibes and a slew of comments disrespecting each other. On Wednesday (April 6), a former BharatPe employee took to LinkedIn to request the company’s management to pay his salary for the month of March. The individual, Karan Darki, alleged that BharatPe terminated the employment of all the old administrative staff and has not yet paid their salaries. “We were with BharatPe ever since the company started and now we are nowhere because of your internal policies. We are poor people and have our houses to run, small kids to take care of. We have been spending our own money for the company's petty cash and our reimbursement bills have not yet been paid since December,” the LinkedIn post read. <div type="image" title="BharatPe CEO takes a jibe at Ashneer Grover, says no money left to pay salaries since Grover stole it all" msid="90705996" hostid="261"></div> Ashneer Grover, who was <a href="https://www.businessinsider.in/business/startups/news/bharatpe-accuses-ashneer-grovers-of-misappropriation-of-funds-strips-him-off-founder-title/articleshow/89943581.cms">stripped of all BharatPe titles</a> last month for alleged “misappropriation of company funds”, commented on the post requesting the company to look into this matter. He also tagged BharatPe’s chief executive officer (CEO) <keyword id="4534514" type="General" weightage="20" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword> and new head of financial control Hersimran Kaur in the comment. <div type="image" title="BharatPe CEO takes a jibe at Ashneer Grover, says no money left to pay salaries since Grover stole it all" msid="90706006" hostid="261"></div> Grover’s sister had also commented on a separate thread of the same post, selling BharatPe’s top management “a shameless bunch”. To which, Suhail responded that the company doesn't have enough capital to pay terminated employees’ salaries since her brother stole it all. “Aashima Behen - tere bhai ne saara Paisa Chura liya [your brother stole all the money]. Very little left to pay salaries,” Suhail said. <div type="image" title="BharatPe CEO takes a jibe at Ashneer Grover, says no money left to pay salaries since Grover stole it all" msid="90706268" hostid="261"></div> He later apologized for the comment. <div type="image" title="BharatPe CEO takes a jibe at Ashneer Grover, says no money left to pay salaries since Grover stole it all" msid="90710122" hostid="261" caption="&amp;lt;p&amp;gt;Suhail Sameer&amp;#39;s comment made on April 7.&amp;lt;/p&amp;gt;"></div> BharatPe's spokesperson has denied any social media comments which suggest that the company has not paid salaries to its employees. "All the employees of the company have been paid their March salary in full. As per the company policy, employees serving their notice period will receive their full and final settlement amount in the due course as per company policy,” the company's spokesperson told Business Insider. Earlier today, Ashneer Grover had also questioned Rajnish Kumar, the former chairperson of the State Bank of India (SBI), and Sameer’s<a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-mocks-former-sbi-chairperson-and-bharatpe-ceos-ability-to-run-fintech-business/articleshow/90701831.cms"> ability to run a fintech business</a>. Kumar has been the chairperson of BharatPe since 2021. “So I just heard @bharatpeindia 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 &amp; truth," Grover posted on Twitter. <div type="image" title="BharatPe CEO takes a jibe at Ashneer Grover, says no money left to pay salaries since Grover stole it all" msid="90706290" hostid="261"></div> Rajnish Kumar has over four decades of experience in the Indian banking industry. During his tenure, SBI focused on its digital drive with the introduction of the “You Only Need One” platform. He was also in charge of managing the <a href="https://www.businessinsider.in/stock-market/news/yes-bank-shares-are-cheaper-than-what-they-were-a-year-ago-and-what-could-revive-the-investment-if-at-all/articleshow/82448509.cms">bailout of Yes Bank</a> of 2020. SEE ALSO <a href="https://www.businessinsider.in/business/news/gautam-adani-is-now-the-sixth-richest-person-in-the-world-as-per-forbes-real-time/articleshow/90698849.cms" data-type="tilCustomLink">Gautam Adani is now the sixth richest person in the world</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/idfc-bank-hdfc-bank-titan-among-trending-stocks-to-watch-out-for-on-april-7/slidelist/90697674.cms">IDFC Bank, HDFC Bank, Titan among trending stocks to watch out for on April 7</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/byjus-swiggy-dream11-and-ola-are-among-the-highest-valued-startups-in-india/slidelist/90689106.cms">Byju’s, Swiggy, Dream11 and Ola are among the highest valued startups in India</a>

BharatPe CEO takes a jibe at Ashneer Grover, says no money left to pay salaries since Grover stole it all

Leading fintech platform <keyword id="7349800" type="General" weightage="20" keywordseo="BharatPe" source="Orion">BharatPe</keyword> on Tuesday said it has initiated necessary action against the company's former founder <keyword id="2988161" type="General" weightage="20" keywordseo="Ashneer-Grover" source="Orion">Ashneer Grover</keyword> to "claw back his restricted shares as per the shareholders' agreement" and will take all steps to enforce its right under the law. As part of its corporate governance review of the company after the financial irregularities were unearthed during Ashneer and his wife Madhuri Jain Grover's time, the company found many vendors were involved in malpractices, such as incorrect or inflated invoices, who have been blocked for further business with the company. "These vendors were also identified during the GST Enquiry. The company has already issued legal notices to these vendors to recover the amount and will be filing civil/criminal cases against them in the coming days," said BharatPe. The company has terminated the services of several employees in departments who were directly involved with these blocked vendors. "If required, the company will be filing criminal cases against some of these employees for the misconduct and act of cheating committed by them against the company," it added, In January, the board of BharatPe appointed Alvarez &amp; Marsal (A&amp;M), a global professional services firm and Shardul Amarchand Mangaldas &amp; Co. (SAM) to help the board and management with its governance review and PwC to determine wilful misconduct and gross negligence by a former founder. BharatPe said that a new code of conduct will be applicable to senior management and employees and has now been implemented. "A new and comprehensive Vendor Procurement Policy has also been developed to ensure that a robust mechanism is in place for on-boarding and engaging with vendors and mitigate any risk of employees indulging in suspicious transactions to enrich themselves," said the company. A full-time CHRO and an interim CFO have joined the company, said the company, and it is in the process of finalising the candidate for the role of CFO. Mazars India, a global audit firm, has been appointed by the company as an internal auditor. Grover, along with his wife Madhuri Jain Grover, has been stripped of all company titles over alleged "extensive misappropriation of company funds" and using "company expense accounts" to "enrich themselves and fund their lavish lifestyles". Ashneer Grover, co-founder and former Managing Director of fintech platform BharatPe, recently said that he is planning to start his own venture without seeking funds from the investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/how-a-group-of-youtubers-pranked-a-scam-call-centre-in-india-that-earns-18-million-per-year/articleshow/91463331.cms">Here's how a group of YouTubers pranked a scam call centre in India that earns $18 million per year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/one-year-between-2022-and-2026-likely-to-be-the-warmest-on-record-says-a-new-report/slidelist/91462950.cms">One year between 2022 and 2026 likely to be the warmest on record, says a new report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rainbow-childrens-medicare-makes-a-weak-debut-on-exchanges-as-it-lists-at-a-6-discount/articleshow/91458342.cms">Rainbow Children’s Medicare makes a weak debut on exchanges as it lists at a 6% discount</a>

BharatPe initiates actions to claw back Ashneer's restricted shares

<ul><li><keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword>’s resignation from the board and management of <keyword id="7349800" type="General" weightage="20" keywordseo="Bharatpe" source="Orion">BharatPe</keyword>.</li><li>It all started with a leaked audio, where Grover was allegedly heard hurling abuses at a Kotak Mahindra employee.</li><li>He continues to be the largest individual shareholder at BharatPe with 9.5% shareholding.</li></ul>Ashneer Grover’s <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" data-type="tilCustomLink">resignation </a>from the board and management of BharatPe has been the top news from the Indian startup ecosystem on Tuesday. The company was among the youngest unicorns of India, but it has been surrounded by controversies ever since it entered its fourth year of operations. It all started with a leaked audio, where Grover was allegedly heard hurling abuses at a Kotak Mahindra Employee for not being able to finance Nykaa’s IPO allotment for him and his wife Madhuri Jain. One thing led to another and Grover had to resign from BharatPe. Here is how one of the biggest boardroom fights in India’s corporate history panned out over the past few months: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Event </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BharatPe was founded by Shashvat Nakrani and Bhavik Koladiya. Ashneer Grover, an angel investor in the company, came onboard as a cofounder. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 5, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">An anonymous Twitter handle called “Bongo babu” shared a soundcloud link to an audio clip, where Grover was allegedly heard hurling abuses at an employee of Kotak Mahindra Bank. The conflict happened because Kotak Mahindra Bank was allegedly unable to get Nykaa’s IPO allotment for Grover and his wife, the audio clip revealed. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 6, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grover claimed that the audio clip circulating on social media was fake and someone was trying to exhort $240,000 in bitcoin from him. He later deleted the tweet thread after the audio was taken off SoundCloud. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 9, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Media reports revealed that Grover and his wife had sent a legal notice to Kotak Mahindra Bank on October 31, 2021 for failing to provide financing in Nykaa’s IPO. The bank said that they will take “appropriate legal action” against Grover over the content of the audio clip. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 17, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A report by The Economic Times has relieved that previously there was a brawl between Grover and Sequoia India’s Harshjit Sethi as well as the investment firm was looking to take a step back from the company’s upcoming funding round. The report was based on email exchange between the two in august 2021. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 19, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashneer Grover was sent on voluntary leave till the end of March, 2022. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 29, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The board of BharatPe decided to conduct an independent audit of the company’s internal processes and systems. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 30, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grover hired a Delhi-based law firm alleging that the company pressured him to quit. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 4, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Media reports suggested that the preliminary audit has revealed certain fraudulent transactions in recruitment and payments to non-existent vendors. Grover’s wife Madhuri Jain’s name was being linked to these transactions. Grover had also sought removal of CEO Suhail Sameer’s removal from the board. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 5, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashneer Grover had demanded ₹4,000 crore in exchange for his 9.5% stake in the company. The company later rejected the demand. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 10, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jain had written to Alvarez &amp; Marsal (A&amp;M), who conducted the independent audit. She questioned the consulting firm about the recent media leaks, she also raised concerns over the alleged irregularities in the recent probe at the fintech firm. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 22, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grover sought protection from any future action against him as a part of settlement with BharatPe, an Economic Times report revealed. He also filed an arbitration plea in Singapore to protect his shareholdings in the company. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 23, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BharatPe <a href="https://www.businessinsider.in/business/startups/news/bharatpe-fires-ashneer-grovers-wife-madhuri-jain-and-she-takes-to-twitter-to-make-a-new-set-of-allegations-against-the-company/articleshow/89767491.cms">terminated</a> Madhuri Jain on charges of misappropriation of funds. Jain, who had been in charge BharatPe’s finance. After her termination, she accused BharatPe’s founders and CEO of misdemeanor. Grover also launched an attack on board chairman Rajnish Kumar, who was the former chairperson of SBI. “The entire façade of the alleged governance review is riddled with premeditation, bias and prejudice,” Grover said. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 27, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The Singapore International Arbitration Center (SIAC) rejected Grover’s plea. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 1, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashneer Grover resigned as the managing director and director of BharatPe. He continues to be the largest individual shareholder at BharatPe with 9.5% shareholdings. </td></tr></tbody><tbody></tbody></table> SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/lic-ipo-may-get-postponed-as-the-government-may-review-the-timing-due-to-russia-ukraine-uncertainty/articleshow/89926212.cms">LIC IPO may get postponed as the government may review the timing due to Russia-Ukraine uncertainty</a> <a href="https://www.businessinsider.in/business/corporates/news/new-air-india-under-tata-ceo-declines-job-offer-at-the-last-moment-amid-his-alleged-political-links/articleshow/89920258.cms" data-type="tilCustomLink">New Air India CEO declines the role at the last moment, says Indian media ‘coloured’ his appointment</a> <a href="https://www.businessinsider.in/india/news/cheap-liquor-in-delhi-is-a-thing-of-the-past-now/articleshow/89919730.cms">Cheap liquor in Delhi is a thing of the past now</a>

The series of events that led to Ashneer Grover’s resignation from BharatPe

<ul><li><keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> has resigned from his position as the managing director of <keyword id="7349800" type="General" weightage="20" keywordseo="Bharatpe" source="Orion">BharatPe</keyword>.</li><li>He was the CEO of the merchant payments platform until last year and was replaced by Suhail Sameer.</li><li>Grover accused BharatPe’s core team of leveraging on his personal network to scale up their payments business.</li></ul>Ashneer Grover, the cofounder and managing director of BharatPe, has resigned from his position at the merchant payments platform. The development comes a week after his wife, <a href="https://www.businessinsider.in/business/startups/news/bharatpe-fires-ashneer-grovers-wife-madhuri-jain-and-she-takes-to-twitter-to-make-a-new-set-of-allegations-against-the-company/articleshow/89767491.cms">Madhuri Jain, was terminated</a> on allegations of misappropriation of funds. Grover, in the resignation letter dated March 1, accused the BharatPe’s core team of leveraging on his personal network to scale up their payments business and later treating him in a “the most disgraceful manner”. “Am I perfect? As every other human being does, I am sure I have my follies. I have been told that I am too straight forward [sic], headstrong, and have very demanding standards when it comes [to] work. But it is these qualities that have resulted in BharatPe’s exponential growth in becoming an industry behemoth,” the letter read. Here is the full text of Grover’s letter: Dear Board, I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect. From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am nowwasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what [sic] is actually at stake – BharatPe. People who know me and have worked closely with me know that I believe in building - whatever the odds may be. I am an IIT Delhi – IIM Ahmedabad graduate, the best of what Indian [sic] education system has to offer. I am the child of middle-class parents who’ve imbibed in me the values of hard work, integrity and honesty. I am a professional with an impeccable track record who has been instrumental in building two unicorn businesses, i.e. Grofers and BharatPe from scratch. I have not only encouraged the youth of this country to follow their dreams but have also created an arena of job opportunities for tens of thousands of India’s gig-economy workers. I am proud that my journey and growth has not only been limited to me but has also encompassed within its fold people associated with me, professionally and personally. In my endeavor to promote and grow the start-up ecosystem in our country, I have invested back what I have earned and have helped many along the way. I have nurtured BharatPe as my baby. I’ve built it along with my co-founder and an amazing team of individuals. Most times the circumstances were hostile (to say the least) but it did not stop me. BharatPe was the last entrant in UPI space and competed with goliaths like PayTM, PhonePe and GooglePay – but it still emerged as a leader in the industry. I had the vision to disrupt payments with ‘0% MDR’, lending with shopkeeper ‘loans against payments’, P2P with ‘12%Club’ and BNPL with ‘postpe’. With my efforts and hard work, the Company has created a network of more than 1 Crore (10M) shopkeepers who transact more than Rs 100,000 Crores (US$ 16B) annually and lent out more than Rs 4,000 crores (US$ 0.5B) as loans. It is indisputable that BharatPe loans have helped lakhs of small businesses fight organised e-commerce and COVID. Most importantly and the only time for any Fintech in India – with my constant efforts the Company has acquired a Small Finance Bank license to create ‘Unity Small Finance Bank’. I’ve shown the gumption and intent to find a solution for PMC Bank and Ten Lakh of its depositors to give them back their hard-earned funds. The height at which BharatPe stands today is the result of the hard work of the last four years. With a team of less than Five hundred on-roll employees, an aggregate spending of less than US$ 150 Mn, and by raising US$ 615 Mn from ten of the marquee investors without using a single banker, the success story of BharatPe is for everyone to see. While scripting the commercial success of BharatPe, the Company was also affording liquidity to our employees of more than Rs 100 crores against their ESOPs and giving at least Eighty times returns to each of its twenty-eight angel investors. While the Company was valued at Rs 20,000 crores (US$ 3B) as per the Series E round; today it would be valued at Rs 40,000 crores (US$ 6B), within a span of less than a year. No other startup of similar valuation has been able to achieve what BharatPe has achieved today that too by utilizing less than Rs 1,000 crores. Clearly, BharatPe’s success story is for the world to see. Am I perfect? As every other human being does, I am sure I have my follies. I have been told that I am too straight forward, headstrong, and have very demanding standards when it comes [to] work. But it is these qualities that have resulted in BharatPe’s exponential growth in becoming an industry behemoth. Unfortunately, what has happened in the recent past seems to be a battle of egos being played to the gallery of the media under the charade of “good governance”. The fundamental fact is that all of you as investors are so far removed from reality that you’ve forgotten what real businesses look like and have no appreciation for what it took to run this enterprise day in and day out. Your outlook towards BharatPe has been limited to the small window on your Zoom Meetings application, far removed from the sweat of the brow that goes into making BharatPe the business leader that it is. None of you, including the ones based in India, have ever been to our office even once, since the andemic turned our lives upside down and sought to suffocate the economy. Not even once. Not Micky. Not Harshjit. Not Mohit. Not Teru San. Not Rahul. Not Deven. No one. None of you even turned-up despite an invitation for the inauguration of our new office. This is how connected you are to BharatPe. Your views of businesses and problems on the ground are so colored by the windows of the Ivory Tower in which you all reside that you have no connect whatsoever with the human element of the business. It is sad that you have even lost touch with the Founder. You’ve lost touch with me. For you, the Founder of this company has been reduced to a button to be pressed when needed. I cease to be a human for you. Today,you have chosen to believe gossip and rumours about me instead of having a frank conversation. You are so easily spooked because you have no touch with reality. The fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since then, the fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since the investor template to make an unwanted Founder go away is to make them the villain of the piece, that’s what you have gone ahead and done – “Let’s invoke the SHA. Let’s put him on leave under the pretext of a governance review. Let’s terminate his wife’s employment. Let’s vilify his whole clan. We as investors are on top of the food chain – let’s cut him down to size and make an example of him.” When you wanted to leverage my personal network, you were very happy to do so – today I am being vilified and treated in the most disgraceful manner. You treat us Founders as slaves – pushing us to build multi-billion-dollar businesses and cutting us down at will. Investor-Founder relation in India is one of Master-Slave. I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again. Unfortunately, I refuse to walk that path and refuse to tolerate this continuous and shameful vilification of me and my family. I have been the one who founded this company and built it up to its enviable position today, no wonder you want to oust me for your vested interests. So when do we end this? We end this now. While I maintain that you will not find a single act of impropriety against me, I will not be participating in your charade. Since you clearly believe you can run this Company better without me – I am leaving you with this challenge. Build incrementally even half of the value I created so far – I am leaving you with three times the funds I’ve utilised till date. I hereby resign as the Managing Director of BharatPe, effective immediately. I also resign as a Director of the Board. I will continue as the single largest individual shareholder of the Company. I have founded and built BharatPe into what it is today, and this identity, none of you can take away from me. Best regards, Ashneer Grover The resignation letter was<a target="_blank" class="c-link" href="https://www.moneycontrol.com/news/business/companies/read-the-full-text-of-ashneer-grovers-resignation-letter-8176891.html"> first </a>made public by Network 18. Business Insider has accessed and verified the same. Grover was the chief executive officer (CEO) of the merchant payments platform until last year and was replaced by Suhail Sameer, who was group president in the company. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/swiggy-dunzo-zepto-and-grofers-should-roll-back-10-minute-delivery-says-petition/articleshow/89900739.cms">A netizen is seeking roll back of the 10 minute delivery feature on Swiggy, Dunzo, Zepto and Grofers</a> <a href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a> <a href="https://www.businessinsider.in/india/news/indian-economy-grows-by-5-4-in-oct-dec-lower-than-8-5-in-the-previous-quarter/articleshow/89898660.cms">Indian economy's growth slows down to 5.4% between October to December</a>

Ashneer Grover resigns from BharatPe. This is what he had to say.

<ul><li>The development comes after CEO <keyword id="4534514" type="General" weightage="20" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword> responded to a comment by <keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword>’s sister on LinkedIn.</li><li>Sameer noted that the company did not have any money to pay salaries since her brother, Ashneer, stole it all.</li><li>Ashneer Grover was stripped of all <keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> titles last month for alleged “misappropriation of company funds”.</li></ul>Ashneer Grover — the former founder, managing director and chief executive officer (CEO) of BharatPe — has written to the board of the merchant payments platform, calling out the existing CEO Suhail Sameer on his “unprofessional” behaviour on social media. He also sought chairperson <keyword id="254056" type="General" weightage="20" keywordseo="rajnish-kumar" source="Orion">Rajnish Kumar</keyword>’s resignation. The development comes only after a former employee of BharatPe had taken to LinkedIn to raise issues over BharatPe’s failure to pay timely salaries and clear dues. While Sameer did not respond to the employee, he did<a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-takes-a-jibe-at-ashneer-grover-says-no-money-left-to-pay-salaries-since-grover-stole-it-all/articleshow/90706030.cms"> comment on the post responding to Ashneer grover’s sister</a>’s comment. Suhail said, “Aashima Behen - tere bhai ne saara Paisa Chura liya [your brother stole all the money]. Very little left to pay salaries.” <div type="image" title="Ashneer Grover writes to BharatPe calling out CEO’s behavior on LinkedIn, demands Rajnish Kumar’s resignation" msid="90719986" hostid="261"></div> Ashneer Grover was <a href="https://www.businessinsider.in/business/startups/news/bharatpe-accuses-ashneer-grovers-of-misappropriation-of-funds-strips-him-off-founder-title/articleshow/89943581.cms">stripped of all BharatPe titles</a> last month for alleged “misappropriation of company funds”. His wife Madhuri Jain was also <a href="https://www.businessinsider.in/business/startups/news/bharatpe-fires-ashneer-grovers-wife-madhuri-jain-and-she-takes-to-twitter-to-make-a-new-set-of-allegations-against-the-company/articleshow/89767491.cms">let go over the same allegations</a>. “Suhail's reply is not only blatantly defamatory, it is inappropriate language towards any female on social media and tone deaf to the trials of a poor admin level employee seeking his dues. It is also blatantly public lie [sic] and admission of the Company being bankrupt by no less than its own CEO and member of the Board – the same Suhail Sameer had less than couple of months ago claimed more than $ 500 million in the bank account of the Company,” Grover said in the email to board members of BharatPe. The email was seen by Business Insider. The letter was marked to investors including Micky Malka of Ribbit Capital, Teruhide Sato of BEENEXT, Hashjit Sethi of Sequoia Capital, John Weinstein and Deven Parekh of Insight Partners and Rahul Kishore of Coatue Management. He was also marked to chairperson Kumar, CEO Sameer and cofounder Shashvat Nakrani. Once again Ashneer Grover pointed fingers at Rajnish Kumar, the former chairperson of State Bank of India (SBI) and the current chairperson of BharatPe. “As a Board which under the Chairmanship of Rajnish Kumar has claimed to be the epitome of corporate governance, I would want to ask what action the Board is going to take against Suhail Sameer?,” Grover said. Grover demanded that BharatPe should immediately issue a show cause notice against Sameer and put him on leave of absence to manage to “damage on the Brand [sic] of the company.” BharatPe had sent Grover on a leave of absence after an audio recording was leakes where Grover was allegedly heard hurling abuses at a Kotak Mahindra employee. Kotak Mahindra had confirmed that the conversation did happen. He further added that if Sameer did not provide a written apology to him or his sister, they may seek damages and pursue a criminal defamation case against the board of BharatPe and CEO Sameer. Business Insider has reached out to BharatPe seeking their response to the letter. Here is the full unedited transcript of letter: Dear BharatPe Board Members I wanted to inform you about the behaviour of Suhail Sameer - CEO BharatPe in social media today, which has led him to be trolled on LinkedIn, Twitter and across all the newspapers. His behaviour is unbecoming of any professional and brings disrepute to the office he occupies with tacit support from all of you. I am attaching screenshots of what he said in a reply to my sister on LinkedIn. The Indian Board members should help translate the literal meaning of the statement along with the demeaning tone to the foreign Board members. He said: “Aashima Behen - tere bhai ne saara Paisa Chura liya. Very little left to pay salaries”. This was in response to a post put by an employee in admin team who was terminated without reason and whose salary / reimbursements was not paid for months - making him desperate to seek his dues on social media. Suhail's reply is not only blatantly defamatory, it is inappropriate language towards any female on social media and tone deaf to the trials of a poor admin level employee seeking his dues. It is also blatantly public lie and admission of the Company being bankrupt by no less than its own CEO and member of the Board - the same Suhail Sameer had less than couple of months ago claimed more than US$ 500 Mn in the bank account of the Company. As a Board which under the Chairmanship of Rajnish Kumar has claimed to be the epitome of corporate governance, I would want to ask what action is the Board going to take against Suhail Sameer ? Going by precedents and self proclaimed high standards of this Board, the CEO should be immediately served a show cause notice for his despicable public behaviour and immediately put on leave of absence to manage the damage on the Brand of the company. Suhail has to conclusively prove to the Board that he was not under the influence of alcohol and drugs when he put the said reply on LinkedIn. The said reply was put in the wee hours of 7th March after a night of drunken debauchery by Suhail at BharatPe’s offsite in Goa, videos of which are attached for your perusal and all over social media. Moreover Suhail Sameer’s all dealings should be audited by an independent auditor and he should only be reinstated as CEO once the audit report has been tabled with the Board and exonerates him of any wrong doing. Anything lesser in terms of action here would undeniably prove what is a fact - that what was done to me was a well planned discriminatory conspiracy by the Board at behest of investors, not a governance review. Moreover the Chairman Rajnish Kumar should immediately resign. The current incident clearly brings out the fact that Rajnish Kumar condoning the life threat to me by Bhavik Koladiya from his own house and all the planned media leaks leading to my resignation in self respect, has further emboldened the current management to act as hooligans. They feel they have a carte blanche from the Board and its Chairman to target me and my family without fear of any repercussions, even at the cost of the Board’s decency. It also proves that in the Governance Review which was supposed to be all encompassing, the Chairman refused to look into the allegations made against Suhail altogether, further leading him to believe he is above everything. More importantly it proves Shashvat’s refusal to withdraw Suhail’s nomination as a Board member was bad judgement in light of his proven alcoholism and attitude towards women. I hereby seek a written apology from Suhail to me, my sister and the Board. In absence of a written apology I and my sister reserve our rights to seek damages and pursuing criminal defamation against Suhail Sameer and the BharatPe Board. My sister, whose reputation has been irreparably damaged by this comment, will also be in her right to take up this with the Women’s commission and appropriate authorities. Regards Ashneer Grover SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/tech/enterprise/news/profit-margins-of-tcs-infosys-wipro-and-other-tech-companies-under-pressure-for-jan-mar-due-to-record-hiring-and-salary-hikes/articleshow/90719782.cms">Profit margins of IT companies must be under pressure for January-March quarter due to record hiring and salary hikes</a> <a href="https://www.businessinsider.in/stock-market/news/banks-infosys-mm-among-top-stocks-to-watch-on-april-8/slidelist/90718346.cms" data-type="tilCustomLink">Banks, Infosys, M&amp;M among top stocks to watch on April 8</a> <a href="https://www.businessinsider.in/india/news/covid-19-exposed-a-need-for-efficient-healthcare-delivery-system-technology-and-research-solutions-niti-aayog-ceo/articleshow/90719125.cms" data-type="tilCustomLink">COVID-19 exposed a need for efficient healthcare delivery system, technology and research solutions: NITI Aayog CEO</a>

Ashneer Grover writes to BharatPe calling out CEO’s behaviour on LinkedIn, demands Rajnish Kumar’s resignation

In a new twist to the ongoing <keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> saga, the fintech platform's Co-founder and Managing Director Ashneer Grover has now written to the company board asking for the removal of newly-appointed CEO Suhail Sameer from the board. In a letter to the board, Grover, who has gone on voluntary leave till March-end over the controversy over him allegedly using inappropriate language against Kotak Mahindra Bank's staff and BharatPe launching an independent audit of the company's internal processes and systems, asked the Board for Sameer's removal. "I, now, in exercise of the power vested in me by Clause 3.7 of the SHA and Clause 91.7 of the AoA do hereby withdraw, my nomination of Suhail Sameer as a Director nominated by me to the Board of Directors of the Company. "In light thereof, I, Ashneer Grover request the Board of Directors of the Company to complete the necessary processes to record the cessation of the Directorship of Suhail Sameer as a Director of the Company," Grover wrote in the letter. Earlier, reports surfaced that BharatPe has terminated Grover. But BharatPe said last week it has not terminated the services of any employee (including Grover) at this stage. "The Board remains committed to an independent and thorough audit process. No action has been taken or will be taken till the audit has been completed," the company had said in a statement. Through its legal firm, Shardul Amarchand Mangaldas, BharatPe has appointed Alvarez and Marsal, a leading management consultant and risk advisory firm, to advise the Board on its recommendations. The Board of BharatPe is "committed to the highest standard of corporate governance at the company and is doing an independent audit of the company's internal processes and systems". Grover has taken voluntary leave while his wife, Madhuri Jain Grover who is the Head of Controls at the fintech company, has also gone on leave after the controversy. In Grover's absence, the fintech company had appointed Sameer as the CEO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/aditya-birla-fashion-retail-d2c-unit-will-sell-ethnic-and-wedding-wear-from-top-designers/articleshow/89347587.cms">Birla has the best wedding suits stacked up and he wants them displayed on your phone</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/textile-cigarette-metal-and-electric-batteries-sectors-stocks-up-budget-day/articleshow/89346157.cms">Textile, cigarette makers and others sector stocks that rallied since budget speech</a>

Shark Tank anchor and BharatPe founder Ashneer Grover seeks removal of new CEO from board

<ul><li>Indian markets opened slightly higher as <keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of the market, was up 0.25%.</li><li>Cues from global market remain jittery amid US-China tension that emerged as US House Speaker Nancy Pelosi is visiting Taiwan</li><li>RIL, ONGC, ITC, Adani Green among stocks to watch out for on August 3.</li></ul>Indian markets are expected to open slightly higher mirroring most of its Asian peers and SGX Nifty, an early indicator of the market which was up 0.25% On Monday, <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> closed 20 points or 0.03% higher at 58,136 and <keyword id="66115" type="General" weightage="20" keywordseo="nifty-50" source="Orion">Nifty 50</keyword> ended 5 points or 0.03% higher at 17,345. On the global front, China and US markets are jittery amidst US-China tension that emerged as US House Speaker Nancy Pelosi is visiting Taiwan. This could add to the tensions between the countries as China does not officially recognise Taiwan as an independent state. On the domestic front, the government has once again revised the <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> levied on crude oil, diesel and jet fuel (ATF). The tax on domestically produced crude oil has been raised to ₹17,750 ($226.14) per tonne from ₹17,000 per tonne, while export taxes on jet fuel have been cut to zero from ₹4 per litre. Here are some of the stocks that will remain in focus Reliance Industries, ONGC The government has raised the windfall tax on domestically produced crude oil to ₹17,750 per tonne and export taxes on jet fuel will be zero from ₹4 per litre. Adani Green Energy The company reported over 2% fall in consolidated net profit at ₹214 crore in the June quarter due to higher expenses. ITC The company has exited the lifestyle retailing business after a strategic review of its portfolio on August 2. Bank of India The lender reported a 22% decline in standalone profit after tax to ₹561 crore in the June quarter on higher provisioning for bad loans. Earnings today Godrej Consumer Products, Adani Power, Adani Transmission, Adani Wilmar, Lupin, Gujarat Gas, Aditya Birla Capital, Vodafone Idea, Interglobe Aviation, Inox Leisure among companies to report quarterly results. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/kotak-investment-advisors-launches-new-fund-of-funds-intends-to-raise-1500-crore/articleshow/93299652.cms">Kotak Investment Advisors launches new fund of funds, intends to raise ₹1,500 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bharatpe-founder-bhavik-koladiya-quits-months-after-ashneer-grovers-termination/articleshow/93296794.cms">BharatPe founder Bhavik Koladiya quits months after Ashneer Grover’s termination</a>

Markets to open slightly higher following most Asian peers

The stock value of diversified conglomerate <keyword id="186707" type="General" weightage="50" keywordseo="itc-limited" source="Orion">ITC Limited</keyword> saw a fresh three-year high of Rs 316.65 on the stock exchange in Tuesday's intra-day trade. The share value was up by 3 per cent. The development came soon after the company declared its results for the first quarter of FY23, recording an all-round robust growth across businesses in terms of both revenue and profitability. On Monday, <keyword id="1968926" type="General" weightage="50" keywordseo="sanjiv-puri" source="Orion">Sanjiv Puri</keyword> led <keyword id="6357073" type="General" weightage="100" keywordseo="itc" source="Orion">ITC</keyword> reported a 38 per cent year-on-year (YoY) growth in its consolidated net profit which stood at Rs 4,169 crore, as compared to Rs 3,013 crore last crore. The company's net sales too saw a 41 per cent spike and stood at Rs 18,164 crore, while EBITDA was up 41.5 per cent on Y-o-Y basis. According to ITC, a strong performance by all business segments is responsible for the Q1 growth. Some of the highlights of the company's performance in FY23 include a record quarterly growth in the revenue and profits for Paperboards, Paper, and Packaging segments; highest quarterly revenue, highest profits in over 14 years, and highest ever Q1 profits in the Hotels segment; and highest quarterly revenue for the Agri and <keyword id="34523" type="General" weightage="50" keywordseo="fmcg" source="Orion">FMCG</keyword> segments. According to ITC, the out-of-home, and education and stationery segments too performed strongly. People aware about developments within the conglomerate said that through the strategic initiatives led by Sanjiv Puri, ITC's attempts to mitigate high input costs through strategic cost management, premiumization, supply chain agility, judicious pricing actions, fiscal incentives, leveraging digital, optimizing channel assortments, and favorable business mix can be credited for this robust growth. The company's deep and wide multi-channel distribution network with growing presence in emerging channels and tailored channel-specific assortments continue to deliver competitive advantage through superior product availability, visibility, and freshness. "While inflation continues to be a big concern for the industry, moderation in prices of key commodities in recent times, along with strategic interventions by the central government and the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>, could result in economic recovery. This could lead to companies like ITC faring well in the coming quarters of FY23 and beyond. In my opinion, ITC will record double-digit growth across business segments going forward," said <keyword id="13079" type="General" weightage="50" keywordseo="rahul-sharma" source="Orion">Rahul Sharma</keyword>, Market Strategist and Head of Research, Equity 99. In a recent interaction with the media a day after the company's AGM, ITC Chairman Sanjiv Puri had highlighted how an asset-right strategy for Hotels, focus on consumer needs and newer segments for FMCG, and the launch of ITC MAARS for Agri business will create new vectors of growth for the group and enable it to perform better than the industry average. ITC's stock hit a 52-wwek high of Rs 308.80 on Monday ahead of the company announcing its quarterly results. The stock is already up 40 per cent year-to-date. "The industry had expected a strong fiscal quarter show from the company but the Q1 FY23 numbers reflect a performance above expectations. This development is likely to give a fresh upward push to ITC stock in the near future, as is being predicted by most experts," added Rahul Sharma of Equity99. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-commodity-boom-is-over-across-energy-metals-and-agri-products-sp/articleshow/93297349.cms">The commodity boom is over across energy, metals and agri products: S&amp;P</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bharatpe-founder-bhavik-koladiya-quits-months-after-ashneer-grovers-termination/articleshow/93296794.cms">BharatPe founder Bhavik Koladiya quits months after Ashneer Grover’s termination</a>

ITC stock hits a 3-year high after strong Q1 results

<ul><li><keyword id="761157" type="ORGANIZATION" weightage="20" keywordseo="Infibeam">Infibeam</keyword> is looking to acquire a fintech company that is into point of sale (POS) business, said Vishwas Patel, executive director at <keyword id="6674939" type="UNKNOWN" weightage="20" keywordseo="infibeam-avenues">Infibeam Avenues</keyword> in an interview with Business Insider.</li><li>With more than 3 million merchant databases, the company has announced its plans in the lending space by partnering with banks and NBFCs who can finance credit to merchants.</li><li>The gateway payment company aims at $28 billion of transaction processing value in the current financial year.</li></ul>Ahmedabad-based Infibeam is looking to acquire fintech companies that are into point-of-sale (POS) business. The company is eyeing to acquire a company in the POS terminal business with presence in 1000 cities and towns across India. “It is better to acquire a firm who has put all (POS terminal) infrastructure in place rather than building from scratch,” said Vishwas Patel, executive director at Infibeam Avenues in an interview with Business Insider To put into perspective, startups like Pine Labs and Mswipe are POS companies that provide point-of-sale solutions including payments, inventory management and accounting softwares. What is Point of Sale? Point of sale (POS) is the time and place where a customer makes a payment for products or services at your store. A digital retail point of sale system typically includes a POS terminal that can read debit/credit cards and enable payments through a swipe. Service providers that provide both POS hardware and software solutions are called POS companies. Patel said that the company already has a payment gateway -- CCAvenue -- that allows online merchants to process their all online transactions, but is lacking point of sale (POS) terminal business in order to complete its payment solutions portfolio. <div type="image" title="infibeam chart" height="900" width="1200" msid="85292292" hostid="261"></div> Latest acquisition In June last year, Infibeam had acquired Cardpay, which offers a spending management platform to corporations under the brand name “Grit.” The platform offers help with physical and virtual credit cards, invoice processing and early payments discounts. Now to enter lending space Further, with more than 3 million merchant databases, the company will enter the lending space by partnering with banks and non-banking financial companies (NBFCs) to provide loans to merchants. R Srikanth, global president of finance at Infibeam, explained in an interview with Business Insider that its detailed database on the transaction history of merchants will help the banks to authenticate the customer before processing the loan. While these small shopkeepers may or may not meet the requirements of a bank to prove their creditworthiness, Infibeam’s data on the shop’s revenue and cash flow will help it determine the same without the formal documentation that banks would seek. Fintech startup BharatPe’s newly appointed chief executive officer (CEO), Suhail Sameer, also explained the same in an interview with Business Insider in June, right after its application for a banking licence with Centrum was approved. <div type="Video" msid="83975924" hostid="261" title="Crisis capital for capital crisis" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=83975924"></div> There is a $100 billion lending market out there. Therefore growth acceleration is also huge. “With 2.6 million merchants even if 5-10% lending customers happens through banks we will make money on every loan,” Infibeam’s Srikanth added. Confident to cross $30 billion transaction processing value in FY22 The payment gateway and e-commerce platform service provider’s profit rose by 18.14% year-on-year to ₹14.07 crore in June quarter while revenue reached ₹218.93 crore. Infibeam Avenues aims at $28 billion of transaction processing value in the current financial year compared to $19 billion in FY21. Awaiting response from RBI Besides, the company has a pending application for a new umbrella entity (NUE) licence along with consortium partners Jio Platforms, the telecom giant owned by India’s richest man Mukesh Ambani, Google and Facebook to offer payments globally. <a href="https://www.livemint.com/news/india/five-things-to-know-about-the-nue-license-being-chased-by-ambani-amazon-11614757036972.html">Reportedly</a>, those who receive the license will set-up, manage and operate new payment systems in the retail space, including ATMs, points of sales, remittance services, and Aadhaar-based payments. The entities will also manage newer payment methods, standards, and technologies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/irctc-tata-steel-hero-motocorp-and-other-top-stocks-to-watch-out-for-on-august-13/slidelist/85291580.cms">IRCTC, Tata Steel, Hero MotoCorp and other top stocks to watch out for on August 13</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/hacker-behind-610-million-crypto-hack-conducts-ama-claims-returning-the-money-was-always-a-part-of-the-plan/articleshow/85268481.cms">Hacker behind $610 million crypto hack conducts AMA — claims returning the money was always ‘a part of the plan’</a>

INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company

<ul><li><keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> is reportedly downsizing employees at the senior level including <keyword id="9323073" type="UNKNOWN" weightage="20" keywordseo="delivery-managers">delivery managers</keyword>, associate vice presidents, senior vice presidents and others. </li><li>According to a TOI report, the IT major plans to trim up to 15% of the staff at JL-7 and above — which will directly impact 13,000 employees. </li><li>This is aimed at accelerating the decision making process, thereby reducing the employee costs significantly. </li><li>Meanwhile, the executives at the senior most level in the company — CEO <keyword id="328377" type="PERSON" weightage="20" keywordseo="Salil-Parekh">Salil Parekh</keyword> and COO Pravin Rao — saw over 25% jump in the annual remuneration in FY20. </li></ul>Infosys is undergoing a major structural rejig across the senior management — which accounts for nearly 30,000 employees — to keep up with the COVID impact. The company is reportedly downsizing employees at the senior level including delivery managers, associate vice presidents, senior vice presidents and others. <a href="https://timesofindia.indiatimes.com/business/india-business/infosys-to-cut-roles-flatten-co-for-speedy-decision-making/articleshow/76126971.cms">According to</a> a TOI report, the senior management at the company functions across job level 6,7 and 8. Of this, the IT major plans to trim up to 15% of the staff at JL-7 and above. This will directly impact 13,000 employees. For IT giants wages, employee costs and campus placement drives make up for over half of its operational costs. Moreover, the economic slowdown has cost the company termination of several projects, squeezing the profit margin. Infosys’ CEO Salil Parekh said that the company is now reviewing overlaps in the functional hierarchy. “We have no plans or targets for workforce reduction. Nor do we have any predefined percentage of exits as a result of our half-yearly and yearly performance cycles. However, as a performance-driven organisation, some involuntary attrition is integral to the normal course of business every year at Infosys, Infosys spokesperson <a href="https://timesofindia.indiatimes.com/business/india-business/infosys-to-cut-roles-flatten-co-for-speedy-decision-making/articleshow/76126971.cms">told</a> The Times of India. At present, the company has several managers or heads at the senior level. For instance, there are delivery managers who report to the senior delivery managers. These senior executives then report to the delivery head — and the delivery team then reports to the service head. So, the idea is to trim the managerial workforce. This is aimed at accelerating the decision making process, thereby reducing the employee costs significantly. At the senior level, the employee salaries at Infosys vary between ₹35 lakh to ₹40 lakh. And for the VP, SVP roles, the remuneration is even higher than that. Meanwhile, the executives at the senior most level in the company — CEO Salil Parekh and COO Pravin Rao — saw over <a href="https://www.financialexpress.com/industry/infosys-sees-marginal-impact-on-profits-amid-covid-ceo-salary-at-6-15-million-in-fy20/1976982/">25% jump in the annual remuneration</a> in FY20. In its latest earnings call, the company also said that it has temporarily froze hiring, promotions and appraisals in view of the Coronavirus pandemic, calling it a ‘no regret’ move. See also: <a href="https://www.businessinsider.in/business/startups/news/bharatpe-laid-off-several-employees-after-announcing-salary-hikes-in-april/articleshow/76128348.cms">BharatPe laid off several employees after announcing salary hikes in April</a> <a href="https://www.businessinsider.in/tech/apps/news/remove-china-apps-races-to-1-million-downloads-within-two-weeks-as-anti-china-sentiment-gains-momentum/articleshow/76128369.cms">‘Remove China Apps’ races to 1 million downloads within two weeks as anti-China sentiment gains momentum</a>

You Searched For "bharatpe terminal" and got 13 results

BharatPe acquires 51% stake in Mumbai-based NBFC Trillion Loans

Anagh Pal

BharatPe founder Bhavik Koladiya quits months after Ashneer Grover’s exit

Kritti Bhalla

BharatPe launches investment platform for merchants after Ashneer Grover saga

IANS

BharatPe CEO takes a jibe at Ashneer Grover, says no money left to pay salaries since Grover stole it all

Kritti Bhalla

BharatPe initiates actions to claw back Ashneer's restricted shares

IANS

The series of events that led to Ashneer Grover’s resignation from BharatPe

Kritti Bhalla

Ashneer Grover resigns from BharatPe. This is what he had to say.

Kritti Bhalla

Ashneer Grover writes to BharatPe calling out CEO’s behaviour on LinkedIn, demands Rajnish Kumar’s resignation

Kritti Bhalla

Shark Tank anchor and BharatPe founder Ashneer Grover seeks removal of new CEO from board

IANS

Markets to open slightly higher following most Asian peers

Bhakti Makwana

ITC stock hits a 3-year high after strong Q1 results

IANS

INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company

Bhakti Makwana

Infosys reportedly plans to reduce the number of managers— the CEO and COO got over 25% salary raise in FY20

Prerna Sindwani

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