New Delhi: Ending the months-long saga that kept fintech platform BharatPe in the limelight for all the wrong reasons, its co-founder and managing director Ashneer Grover has resigned minutes after receiving the agenda for the upcoming board meeting, saying given that they were being forced. To say goodbye to the company he founded.
In an emotionally charged letter addressed to the Board of Directors, Ashneer Grover Said that while they would not find a single unseemly act against him, “I will not take part in your chariot”.
“Since you clearly believe you can run this company better without me – I leave you with this challenge. Build even half of the value I have created – I use what you have so far.” I am leaving three times the money made to date,” Ashneer said.
“I resign as Managing Director of BharatPe with immediate effect. I also resign as Director of the Board. I will continue as the largest individual shareholder of the company,” he said.
The resignations came after top investors in the fintech platform refused to buy their 8.5 per cent stake in the company for Rs 4,000 crore, as sought by them. Ashneer also lost an arbitration in Singapore that he filed against the fintech platform to initiate an investigation against him.
In the letter, Ashneer said that he “founded and built BharatPe into what it is today, and that identity, none of you can take away from me”.
“I am the rebellious slave who must be hung from the tree so that none of the other slaves dare to be like me again. Unfortunately, I refuse to follow that path and have lost my life and my family in this constant And refuse to tolerate shameful humiliation,” she wrote.
The letter said, “I am the one who founded this company and made it up to its remarkable position today, no wonder you want to oust me for your vested interests. So when do we end this? Now we end it.”
Ashneer and Shashwat Nakrani founded BharatPe in 2018.
“With my efforts and hard work, the company has built a network of over 1 crore (10 million) shopkeepers, who do over Rs 100,000 crore ($16 billion) annually in transactions and Rs 4,000 crore as loans. ($0.5 billion). It is undeniable that BharatPe loans have helped millions of small businesses organize e-commerce and fight COVID,” Grover wrote in his resignation letter.
“With a team of less than five hundred on-roll employees, total spend of less than $150 million, and raising $615 million from ten major investors without using a single banker, BharatPe’s success story stands in front of everyone,” He continued.
The fintech platform last week sacked his wife Madhuri Jain Grover over alleged financial irregularities during her tenure.
She intensified the fight against BharatPe through social media, posting questions on the board’s handling of the situation.
There are currently 8 million merchants on BharatPe’s platform.
Ashneer said in the letter, “Am I perfect? As every other human being does, I am sure I have my faults. I have been told that I am very straight forward, stubborn, and very busy with work. There are demanding standards.” ,
“Unfortunately, what has happened in the recent past is being played out as a battle of ego in the gallery of the media under the guise of “good governance”, he lamented.
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//loadDisqus(jQuery(this), disqus_identifier, disqus_url);
}, 6000);*/
}
//lastoff = last.offset();
//console.log("**" + lastoff + "**");
});
//$( ".content-area" ).click(function(event) {
// console.log(event.target.nodeName);
//});
/*$( ".comment-button" ).live("click", disqusToggle);
function disqusToggle() {
var id = $(this).attr("id");
$("#disqus_thread1" + id).toggle();
};*/
//$(".main-rhs2441329").theiaStickySidebar();
var prev_content_height = $(content_selector).height();
//$(function() {
var layout = $(content_selector);
var st = 0;
///});
}
}
});
/*}
};*/
})(jQuery);