Ashneer Grover, a cofounder of BharatPe, has resigned from the firm and its board of directors, bringing to a close to two months of high drama that began after an audiotape of him reportedly abusing a Kotak Mahindra Bank employee appeared online. Grover, who was managing director at BharatPe, stated in an email to the fintech’s board that he had been “vilified” and treated “disrespectfully” since the start of the year.
“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 they are ostensibly trying to protect.”
Grover claims that after being hailed as the face of Indian business, he is now wasting his time battling his own investors and management. Unfortunately, the management has lost what is really at risk in this war – BharatPe, he added.
Grover’s departure comes after the Singapore International Arbitration Centre (SIAC) rejected Grover’s emergency request against the company’s ongoing “governance review” last week, leaving him with little recourse.
“ ..It is sad that you have even lost touch with the founder. For you, the founder of the 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 in gossip and rumors about me instead of having a frank conversation,” said Grover.
“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 and done … Today I am being vilified and treated in the most disgraceful manner,” added Grover in his letter.