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BharatPe co-founder & MD Ashneer Grover resigns after losing Singapore arbitration

By Ruchi Upadhyay 
Updated Date

Bengaluru: Ashneer Grover the co-founder and managing director of BharatPe, has resigned from the fintech firm on Tuesday (March 1). Grover, has also lost the arbitration in Singapore he filed against the fintech platform for launching a probe against him.

Also Read :- BharatPe CEO accuses Ashneer Grover of 'stealing all the money' in LinkedIn spat

“I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder,” Grover wrote in his resignation email. The decision comes few day after he had lost an arbitration that he had filed against the fintech’s decision to launch an investigation against him, with the Singapore International Arbitration Centre (SIAC).

BharatPe currently has 8 million merchants on its platform.

Grover had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC). In his appeal, Grover pleaded that the investigation was illegal because it violated the shareholder agreement and articles of association.

He had sought the investors to give Rs 4,000 crore for selling his 8.5 per cent stake and quitting the company, however, as per news agency top investors in the fintech platform are not budging an inch. At a $2.85 billion valuation and at the current dollar-rupee exchange rate, his stake would be around Rs 1,824 crore.

Also Read :- "Ashneer Grover no longer a Founder": BharatPe removes him from all posts at company

The company’s key investors are Sequoia Capital that has nearly 19.6 per cent stake, Coatue has 12.4 per cent stake, Ribbit Capital has 11 per cent, and Beenext 9.6 per cent stake, among others.

Meanwhile, the fintech platform has sacked Grover’s wife Madhuri Jain Grover over alleged financial irregularities during her tenure as head of controls that runs into crores. Alvarez and Marsal, a leading management consultant and risk advisory firm, is set to submit its report into financial irregularities at the firm during Grovers’ time some time next week.

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