Fintech company BharatPe said on Wednesday that its co-founder and MD, Ashneer Grover, has opted to take leave of absence till the end of March. The news comes after a squabble between Grover and his wife, as well as Kotak Mahindra Bank.
While BharatPe did not give a valid reason for Grover’s decision, it did say that the co-founder notified the board on Wednesday of his intention to take a voluntary leave of absence from the company.
‘Ashneer has co-built BharatPe from the scratch and his decision is consistent with his passionate commitment to the future success of the company. The Board has accepted Ashneer’s decision, which we agree is in the best interests of the company, our employees and investors, and the millions of merchants we support each day’, BharatPe said in a statement.
According to the statement, the firm will continue to be directed by CEO Suhail Sameer and his management team.
Grover and his wife Madhuri are being pursued by Kotak Mahindra Bank in connection with the abusive call situation, as per a statement released on January 9. The lender admitted that the couple had issued it a legal notification on October 30, but did not elaborate on the grounds behind it. The pair had accused the bank of failing to arrange money and allotment of shares in the Nykaa initial public offering (IPO) and claimed Rs 500 crore in damages.
Also Read: YouTuber Sreekanth Vettiyar booked in rape case in Kerala, suspected to be on the run
Over 75 lakh retailers in 150 cities use BharatPe. Since its inception, the firm has enabled the disbursement of loans totalling over Rs 3,000 crore to its merchants. So far, BharatPe has raised more than USD 650 million in stock and debt. Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, and others are among its investors.
Post Your Comments