<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.

Mumbai, Dec 24 () The RBI believes that the country can create some global banking majors if the ongoing mergers of state-owned banks achieve desired impacts of creating stronger and well-capitalised lenders of global scale.
Currently, there is not a single domestic lender in the global top 50 list, which since the 2008 global financial meltdown has been dominated disproportionately by Chinese lenders.
Soon after the merger of its five associates, the SBI had a short stint in the global 50 list with a balance-sheet of around USD 450 billion, but soon slipped following the massive pile of bad loans in the system, which shrank its balance-sheet.
As a way to recapitlise the crippled state-owned lenders, the government had in August announced merger of 10 PSBs into four. Under the scheme, Oriental Bank of Commerce and United Bank of India will merge with Punjab National Bank creating the second largest public sector lender after the SBI; Syndicate Bank would merge with Canara Bank; Union Bank would take over Andhra Bank and Corporation Bank; and Allahabad Bank would merge with Indian Bank.
The process, likely to be completed by March, will see the number of state-owned banks coming down to 12 from 19 now and as many as 27 in 2017.
In FY19, the government had merged Vijaya Bank and Dena Bank with Bank of Baroda and in 2017, the State Bank absorbed five of its associates along with the Bharatiya Mahila Bank.
"The merger of PSBs is likely to transform the face of our banking sector with the emergence of stronger, well-capitalised banks aided by cutting-edge technology and state-of-the-art payment systems. Our banks have the potential to become global baking leaders," the Reserve Bank of India said in its annual report on 'trends &amp; progress of banking 2018-19', released on Tuesday.
The report also warned banks about the rising competition from fintech and other large tech companies and noted that the global growth slowdown has impacted the financial system worldwide, especially banks, which is visible in their plunging profitability and shrinking balance-sheets.
"Banks are facing increasing challenges from non-traditional players such as fintech and big technology firms which are taking advantage of digital innovation," the report warned.
It can be noted that the global tech giants like Google, Amazon, Whatsap/Facebook and domestic players like Paytm and tens of dozens of small tech players are chipping away a large portion of the payments market. On the crippled NBFCs, the report expects them to come out of the mess faster as the liquidity situation has been improving since recent months.
As liquidity strains recede, and solvency shored up, NBFCs are expected to regain their niche and expand their reach, the report said.
Going forward, the need of the hour is to continue the policy coordination with a view to developing the banking system on one hand and securing a competitive and resilient non-banking sector, it added. BEN BAL

RBI optimistic about mergers creating global scale PSBs

The Delhi chapter of <keyword id="139680" type="COMPANY" weightage="20" keywordseo="The-Indus-Entrepreneurs">The Indus Entrepreneurs</keyword> (TiE) will host on Thursday the 8th iteration of the <keyword id="4390638" type="PERSON" weightage="20" keywordseo="India-Internet-Day">India Internet Day</keyword>, one of the largest conferences for Internet entrepreneurs in the country. India Internet Day 2019 targets entrepreneurs which attracts start-ups, unicorns, industry leaders, investors, mentors, policy-makers, and many more key domain experts from across the country every year India is presently home to over 500 million internet users and 21 unicorns. With the aim of raising a hundred start-ups and enterprises to become billion-dollar companies on the back of their internet-centric innovations, TiE Delhi-NCR is hosting the 8th iteration of India Internet Day. The vision of #iDay2019 is encapsulated in the headline of the event’s main theme: “India Internet Unboxed: Getting ready for a 100 Unicorns”. Enabling the next generation of leaders At iDay 2019, leaders of the internet and entrepreneurial community will deliver content for the benefit of young entrepreneurs, enabling the next generation of leaders to gain a deeper insight into the opportunities and evolving trends in the industry, Tie said in a statement. Building on the theme of ‘unboxing’, iDay2019 plans to have focused and thought-provoking discussions during the session line-up on topics including: Unboxing Indian Tech Going Global, Unboxing Funding, Unboxing Talent, Entrepreneurial Milestones: Unboxing Pivots &amp; Pirouettes to Exits, Unboxing 2nd Innings, Unboxing Valuations. It will also have a special focus on the Chinese startup ecosystem, key speakers will speak on Unboxing China, its Landscape &amp; Overview, Chinese VCs in India - A perspective and Cross Border Learnings. Additionally, entrepreneurs will be provided with a platform to showcase internet-centric innovations and get constructive feedback on their ventures. All about networking The conference is one of the most anticipated entrepreneurial conferences across the world as it gathers entrepreneurs and vision-holders in the midst of key investors, industry leaders, and policy-makers under the same roof. It will have sessions that will chaired by prominent industry leaders including Vani Kola, MD, Kalaari Capital, and Rajesh Sawhney, CEO &amp; Co Founder of Innerchef, the conference will open with a keynote address by Vijay Shekhar Sharma, Founder &amp; CEO of PayTM. The opening address will be followed by conversations with industry experts including Anant Maheshwari, President - Microsoft India and Rajan Anandan, Vice President, Google &amp; President, TiE Delhi-NCR. Other ace speakers include Lathika Pai, Country Head - Microsoft for <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">Startups</keyword> MENA and SAARC , Gaurav Deepak, Co-founder &amp; MD - Avendus Capital, Anand Lunia, General Partner – India Quotient, Helen Wong, Partner at Qiming Venture, Yun Lou, Founder &amp; CEO of Clubfactory, Hans Tung - Partner, GGVC Kunal Shah, Founder &amp; CEO – Cred, Amrish Rau, Ex CEO – CitrusPay, Aprameya Radhakrishna, Founder &amp; CEO of Vokal, Raul Rai, Co-Founder of Nicobar.com, and Mukund Kulashekaran from Urban Clap. Power Breakfast with the iDay Committee The event will kick off with a breakfast with industry leaders and the best in the startup ecosystem. The committee members who will be a part of this event include Rajan Anandan, Vice President, Google &amp; President, TiE Delhi-NCR; Alok Mittal, Co-Founder, Indifi Technologies; Amarjit Singh Batra, Managing Director, Spotify India; Arvind Jha, Multipreneur, Movico Technologies; Miten Sampat, VP, Times Internet; Deep Kalra, Founder &amp; Group CEO, MakeMyTrip; Gautam Gandhi, Angel Investor; Prasanto K Roy, Policy Consultant ; Karan Mohla, Partner &amp; Executive Director of Chiratae Ventures; Ravi Gururaj, Founder &amp; CEO, Qikpod; Dev Khare, Partner, Lightspeed India Partners. B2B Founders' Lunch Ace B2B founders who will be part of this session include Shridhar Gupta, Co-Founder - Loconav; Pranav Tyagi, Founder - Eigen; Ajay Chauhan, Co- Founder -SalezShark; Sachin Bhatia, Co-Founder &amp; Ex VP - Drishtisoft solutions; Rahul Bhalla, CEO &amp; Co Founder -Zeanatix will be part of the lunch tables Fintech Lunch Leading Fintech founders who will be part of the lunch include Ajay Vikram Singh, Consumer Business Head- Clix Capital ; Jonathan Bill, CEO &amp; Co- Founder – Creditmate; Kshitij Puri, CEO &amp; Co- Founder - Ziploan ;Sandeep Srinivas, Co-Founder &amp; CMO - Redcarpet Tech ; Kapil Mehta, Co - Founder – SecureNow; Alok Bansal, Co-Founder &amp; CFO – PolicyBazaar ; Mukesh P Kalra, Founder &amp; CEO – ETMoney #iDay Launchpad A platform at India Internet Day where tech businesses have a chance to demo/launch their new products/services in front of a large relevant audience of VCs, entrepreneurs etc. The start-ups will be selected by an influential jury panel #iDay Workshop A stellar workshop on product management professionals with Anshumani Ruddra, VP of Product (Social &amp; Gaming) – Hotstar will equip participants with new strategies &amp; principles to ace their field Gala Evening Network, interact, explore synergies over dinner and jive the evening away with a rocking band performance! The conference will take place from 8:00 am to 6:00 pm on 25th April, 2019, at Leela Ambience, Gurugram. Register here now! <a href="https://www.iday.in/">https://www.iday.in/</a> Note: Business Insider India is a media partner at the event.

Here’s all that you need to know about the upcoming India Internet Day 2019

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bd837359e8c530f5f5806b4-2400/2018-10-30t042048z1467616375rc1c709e16e0rtrmadp3northkorea-politics.jpg" border="0" alt="Kim Jong Un" data-mce-source="Reuters/KCNA" data-mce-caption="North Korean leader Kim Jong Un inspects Samjiyon County." />Reuters/KCNANorth Korean leader Kim Jong Un inspects Samjiyon County.</div></div></div>Here is what you need to know. <a href="https://www.businessinsider.com/trump-china-trade-war-tariffs-on-all-chinese-goods-if-xi-talks-fail-2018-10?r=UK&amp;IR=T">Trump is readying tariffs on the final $257 billion worth of Chinese goods</a>. The Trump administration is preparing to levy tariffs on the final $257 billion of Chinese goods in case trade talks at the G20 summit between President Donald Trump and Chinese President Xi Jinping fail in late November.The Chinese yuan hits its lowest level in a decade. The onshore Chinese yuan fell to 6.9741 per dollar in overnight trading, its weakest since May 2008. <a href="https://www.businessinsider.com/new-us-debt-in-2018-how-much-highest-recession-2018-10">The US is on track to issue the highest amount of debt since the depths of the recession</a>. The federal government is projected to issue $1.34 trillion of new debt in 2018 - the most since the depths of the Great Recession - according to Treasury Department projections released Monday. <a href="https://markets.businessinsider.com/news/stocks/tech-stocks-faang-short-sellers-made-billions-october-2018-10-1027669825">Betting against FAANG stocks has made traders $5.5 billion during the brutal October sell-off</a>. Short sellers of FAANG stocks have seen $5.52 billion in mark-to-market profits since the beginning of October, a return of 17.14% on an average short position of $32.2 billion, according to data from S3 Partners, a financial-analytics firm.<a href="https://markets.businessinsider.com/news/stocks/ibm-red-hat-stock-price-rich-valuation-2018-10-1027665422">IBM is paying a "rich valuation" for Red Hat</a>. "Rich valuation likely keeps others on sidelines," Jefferies analyst John DiFucci said in a note sent out to clients on Monday. "At $190 per share, IBM is acquiring Red Hat at an EV/LTM subscription revenue of 12.3x, or 10.7x EV/NTM. We are surprised by this multiple given that historically IBM has been extremely disciplined with its acquisitions."<a href="https://www.businessinsider.com/snap-ceo-withdrew-offer-kristen-ohara-chief-business-officer-2018-10">Evan Spiegel named a new chief business officer and then gave someone else the job two days later</a>. The Snap CEO named Kristen O'Hara, its vice president of sales, to the role of chief business officer and then two days later gave the position to Jeremi Gorman, who headed Amazon's advertising sales effort. O'Hara has since left the company. <a href="https://www.businessinsider.com.au/warren-buffetts-berkshire-hathaway-just-made-another-fintech-investment-2018-10">Warren Buffett's Berkshire Hathaway just made another fintech investment</a>. Berkshire Hathaway made a $400 million investment in the Brazilian payments platform StoneC0, according to the Wall Street Journal. The deal comes just a few months after Berkshire invested $300 million in the Indian mobile-payment platform Paytm. <a href="https://markets.businessinsider.com/indices">Stock markets around the world are mostly higher</a>. Japan's Nikkei (+1.48%) led the advance in Asia and Britain's FTSE (+0.14%) clings to gains in Europe. The S&amp;P 500 is set to open up 0.48% near 2,654.<a href="https://markets.businessinsider.com/earnings-calendar">Earnings season rolls on</a>. Coca-Cola, Fiat Chrysler, General Electric, Mastercard, and Under Armour are among the names reporting ahead of the opening bell while Cheesecake Factory, EBay, and Facebook release their quarterly results after markets close. <a href="https://markets.businessinsider.com/economic-calendar#date=10/30/2018&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">US economic keeps coming</a>. S&amp;P home prices will be released at 8:30 a.m. ET and consumer confidence will cross the wires at 10 a.m. ET. The US 10-year yield is up 3 basis points at 3.12%. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/places-on-google-maps-you-cant-see-2016-11">7 places you can't find on Google Maps</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/nef4UEuk-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

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

Kritti Bhalla

RBI optimistic about mergers creating global scale PSBs

PTI

Here’s all that you need to know about the upcoming India Internet Day 2019

BI India Bureau

10 things you need to know before the opening bell

Jonathan Garber