Ashneer last month threatened legal action against BharatPe CEO Suhail Sameer and the board of directors for his comments on the professional networking site LinkedIn about his sister Ashima Grover, as well as a resignation from Chairman Rajnish Kumar.
Ashneer Grover, co-founder and former Managing Director of fintech platform BharatPe, stated that he intends to launch his own venture without seeking investment. Grover, who has been stripped of all company titles along with his wife Madhuri Jain Grover for alleged “extensive misappropriation of company funds” and using “company expense accounts” to “enrich themselves and fund their lavish lifestyles,” has stated that he will not return to investors.
According to media reports, he said at the TiECon-2022 start-up and entrepreneurial event in Chandigarh, “I wish to start my own venture with my own money and make it profitable.”
“I don’t want to go back to the investors,” Grover said to a panellist, adding that his battle with BharatPe is a “badly fought corporate battle.” Ashneer last month threatened legal action against BharatPe CEO Suhail Sameer and the board of directors for his comments on the professional networking site LinkedIn about his sister Ashima Grover, as well as a resignation from Chairman Rajnish Kumar.
Ashneer stated in a letter to the BharatPe Board that Sameer should be “immediately served a show-cause notice for his despicable public behaviour and immediately put on a leave of absence to manage the damage to the company’s brand.” The letter was addressed to company shareholders, as well as Chairman Kumar, CEO Sameer, and co-founder Shahshvat Nakrani.
The Ashneer-BharatPe saga, along with a few other incidents (the most recent being Singapore-based fashion-tech startup Zilingo), has brought corporate governance to the forefront of the Indian startup ecosystem.
Concerned about recent allegations of fraud at some of its portfolio startups, Sequoia Capital India has stated that it will continue to respond strongly when it encounters “willful misconduct or fraud,” and will take tough action where necessary. Sequoia Capital India has stated that it will maintain a zero-tolerance policy for proven wrongdoing.