Bengaluru, March 7

BharatPe co-founder Shashvat Nakrani appreciated the board for acting quickly and decisively in the matter related to former co-founder and MD Ashneer Grover.

“As you all know, Ashneer Grover, my co-founder is no longer associated with BharatPe as an employee, a founder or director of the company. Ashneer sent in his resignation late night on March 1, 2022 to the board, minutes after receiving the agenda of the board meeting on the findings of the PwC report. Sadly, he has gone ahead and tried to create a false narrative about the company that we have built together with the right spirit,” Nakrani said in an internal email to employees.

Nakrani said BharatPe has an annualised TPV run rate of $16 billion and the company revenues are expected to go up by 4x in the current fiscal compared to the last.

Following, Grover’s resignation, BharatPe had alleged that the Grover family had engaged in massive misappropriation of company funds, and that it reserved all rights to take legal action against him and his family. 

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A source close to the development had earlier told BusinessLine that the final decision on a legal action against Grover will be taken once all the reports of the review are out. On January 29, 2022, BharatPe’s board had announced that they are conducting an independent audit of the company’s internal processes and systems and had appointed Alvarez & Marsal to advise the board on its recommendations. The report is yet to come out.