After Infamous BharatPe Debacle, Ashneer Grover To Start New Business Without Any Investors

Ashneer Grover, co-founder and former Managing Director of fintech platform BharatPe, has been making headlines for a few months now. Ashneer rose to popularity and fame when he appeared on the first season of 'Shark Tank India' as one of the judges.

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However, the popularity and fame soon turned into controversial headlines after the infamous BharatPe controversy.

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Leaving the past behind, Ashner, recently said that he is planning to start his venture without seeking funds from the investors.

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Grover, who, 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," said he will not go back to investors again.

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"I wish to start my venture with my own money and make it profitable," he said during the recently-held TiECon-2022 start-up and entrepreneurial event in Chandigarh. "I don't want to go to the investors again," Grover told a panelist, adding that his tussle with BharatPe is a "badly fought corporate battle."

Ashneer threatened legal action against BharatPe CEO Suhail Sameer and the board for his comments on the professional networking platform LinkedIn against his sister Ashima Grover and sought resignation from Chairman Rajnish Kumar.

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In a letter written to BharatPe Board, Ashneer said that Sameer should be "immediately served a show-cause notice for his despicable public behavior and immediately put on a leave of absence to manage the damage to the Brand of the company."

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The letter was marked to company investors, Chairman Kumar, CEO Sameer, and co-founder Shahshvat Nakrani.

The entire Ashneer-BharatPe drama and a few more incidents, (the latest being Singapore-based fashion-tech startup Zilingo) have brought corporate governance into the Indian startup ecosystem.

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Alarmed at the recent fraud allegations at some of its portfolio startups, Sequoia Capital India has said it will continue to respond strongly when it encounters "willful misconduct or fraud" and take strict action wherever needed. Sequoia Capital India has said it will continue to have zero tolerance toward proven wrongdoing.

(With inputs from IANS)

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