Employees from several departments, including business, operations, and products, have been applying to other firms after learning of the hazy information that has emerged about the company and its co-founder Ashneer Grover in recent weeks.

“In the last week, we’ve received hundreds of BharatPe CVs. At last count, there were over 400 people. This is true in areas like business, finance, and sales “, a fintech founder told, highlighting the dread and uncertainty that BharatPe employees are experiencing as co-founder Ashneer Grover and the board engage in a power struggle.

It’s been a swift decline for BharatPe, which made headlines last year for luring engineers with BMW bikes and Dubai workcations in an unprecedented competition for talent.

This entrepreneur isn’t alone. During a governance review into alleged fraud and misgovernance at one of India’s hottest startups, over 400 BharatPe employees have applied for positions at other fintechs, lenders, and startups, according to sources.

Employees from several departments, including business, operations, and products, have been applying to other firms after learning of the hazy information that has emerged about the company and its co-founder Ashneer Grover in recent weeks. While many employees have already begun working for some of these organisations, others are still on notice. While the exact number of employees is unknown, industry sources estimate that BharatPe employs between 600 and 1000 people, implying that roughly half of them are looking to leave.

“The product and IT teams have begun to keep an eye on things. The main issue is one of culture. Employees are afraid of Housing. com-like conclusion and are eager to leave as soon as the market can accept them at their existing income, if not more,” said one of those intimately involved in the process.

While larger corporations have received direct interest from employees, many smaller organisations have begun to take proactive steps to reach out to employees who are aware of their negotiating stance.

“The battle for talent has begun. Many organisations are aggressively reaching out to BharatPe’s talent pool,” said another source, adding that staff believe that if they quit, they will still be able to find secure employment, which may become tough a few months down the road.

BharatPe, on the other hand, has refuted the report. The corporation responded to Moneycontrol’s enquiry by saying, “BharatPe remains to be a desirable place to advance your career. Our attrition rates are much below industry averages, and any recent claims or rumours about rising attrition rates are unfounded and false.”

“The firm continues to hire new employees. Over the last two months, our staff base has continued to grow month after month. BharatPe strongly opposes the exploitation of unfounded rumours to convey false information about the company “Added the statement.

Last year, Grover made news when he announced plans to expand the tech team by recruiting 100 young talent with the prospect of BMW superbikes, Apple iPads, and a Dubai work vacation.

“What value does an iPad have when there is no employment certainty?” asked a top industry executive who was examining some of these applicants.

“People can say anything they want, but staff are aware that once the investigation’s findings are released, the company’s value is projected to plummet significantly.” “It’s pointless to remain back even for the ESOPs,” one of the above-mentioned individuals stated.

In the meantime, current CEO Suhail Sameer has been reassuring employees more often in recent weeks, primarily via email, but most employees are still shocked and find it difficult to accept that their employer is defrauding them.

According to three current employees, Sameer has been encouraging them to disregard media reports, “avoid gossip,” and focus on their work.

“It’s hard to trust what I’m hearing. It appears that even the most senior members of the organisation are clueless. “I’m not sure what’s going on,” one employee said, seeking anonymity.

Sameer has instructed all staff to refer any journalists to BharatPe’s public relations or human resources departments if they approach them.

Alvarez & Marsel, in collaboration with PwC, is conducting a governance assessment of BharatPe’s procedures. According to A&M’s preliminary investigation released last week, the company sent money to non-existent vendors, Grover’s wife Madhuri Jain posing as a hiring adviser, and a number of other questionable payments. Its investigation is still ongoing.

Grover’s hasty leave of absence, which turned into a full-fledged struggle with his investors, has also perplexed and alarmed his colleagues. Despite the fact that Sameer had been CEO for almost a year, employees still saw BharatPe as Grover’s firm (despite the fact that he owns only 9.5 percent of the company), and his departure, while welcomed by some, caused considerable confusion.

“There’s a lot of talk about boards and governance right now, but I’ve never heard of one before.” Everything was handed up to Ashneer. And what about deception? “I can’t believe that,” another former employee said, despite the increasing evidence.