I've been reading quite deeply into the incidents at BharatPe, from whatever is out in the media, the book, and the legal stuff. It is very very baffling how things unfolded, and still unsure who was right, who was wrong.
Here are the facts:
How it starts: Ashneer and Shashvat started it in 2018, quickly became a key player in India's fintech sector. Their dynamic I hear has always been very unique because of the age gap. And there was a third founder.
Initial Controversy: In early 2022, the audio clip surfaced allegedly featuring Grover and his wife, Madhuri Jain, verbally abusing a Kotak Wealth Management employee. Grover initially claimed the clip was fake but later deleted his denial from social media. This was absolutely out of nowhere.
Financial Misconduct Allegations: Ashneer and his wife faced accusations of financial misconduct, including creating fake companies and back-dating invoices to embezzle funds. These allegations led to significant internal turmoil within BharatPe. From some GV posts, people claim this was true, and they have seen the fake receipts
Leadership Changes: Amidst the growing controversy, Ashneer took voluntary leave in January 2022. By March 2022, he was officially ousted from the company, and his ESOPs were canceled. Madhuri was also terminated from her senior role.
Further allegations: Reports of a toxic workplace culture under Grover's leadership emerged, raising broader questions about the ethical responsibilities of startup founders and investors.
Investor Feuds: All throughout Ashneer was completely bashful about investors on twitter.
The company continues to run. There have been many major leadership exits. Idk how they got their licenses before any other startup, idk how they got the SBI chairman on their board.
It is all very convoluted. Idk if anybody can add more. But who was in the wrong?
Well written. He was definitely in the wrong. Have heard from trustworthy people who were there, that the invoices thing did indeed happen.
Whether the kotak call was planted: have heard that it likely was. But we don't know end of the day.
He's a hutiya, pretty evident. Don't go by his hot takes..spend 2 or 3 hours on finance reddit subs for a a week and you can also start giving hot finance takes. Nothing special. He is just another avg Delhi guy who got into fintech due to IIT and iim tag, no personality and no class.
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