New Delhi: Fintech firm BharatPe on Wednesday said its co-founder and MD Ashneer Grover has decided to take a voluntary leave from BharatPe by the end of March.
The development comes amid the ongoing conflict between Grover and his wife and Kotak Mahindra Bank.
While BharatPe did not give any reason for Grover’s decision, it said the co-founder had informed the board on Wednesday about his decision to take a voluntary leave from BharatPe by the end of March.
“Ashneer has co-created BharatPe since its inception and his decision is in line with his passionate commitment to the company’s future success. The Board has accepted Ashneer’s decision, which we believe is important for the Company, our employees and It is in the best interest of investors, and we support millions of traders every day,” BharatPe said in a statement.
The company will continue to be led by its CEO Suhail Sameer and its management team, it added.
On 9 January, Kotak Mahindra Bank said it was taking “legal action” against Grover and his wife Madhuri in connection with the abusive call case.
The lender admitted that the couple had sent a legal notice on October 30 without assigning any reason.
According to media reports, the couple had accused the bank of failing to finance and allotment of shares in the Nykaa Initial Public Offer (IPO) and sought Rs 500 crore in damages.
An audio clip had surfaced on social media in which a couple was purportedly talking to the relationship manager of a bank. The male voice abuses and another male voice is heard pacifying her. It was speculated that it was a Grover couple in the viral clip, and Ashneer Grover denied calling the tapes ‘fake’.
Grover said it was fake audio of “some scammers trying to extort money ($2,40,000 bitcoin)” and added that he “refused to talk”.
BharatPe serves over 75 lakh merchants in 150 cities. The company has already facilitated disbursement of loans worth over Rs 3,000 crore to its merchants since its launch. BharatPe has so far raised over $650 million in equity and debt.
Its investors include Tiger Global, Dragoneer Investment Group, Steadfast Capital, Cotu Management, Ribbit Capital and others.
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