Leadership Exodus: Ashneer Grover Says There’s No BharatPe Without Him

Former BharatPe MD and founder Ashneer Grover said that the fintech unicorn is nothing without him. His comments came after several senior BharatPe executives, including the CTO and the CPO, quit the unicorn on Monday (November 28).

“Good people don’t work for companies. They work with magical Founders to create, build and grow! There is no @bharatpeindia without @Ashneer_Grover,” Grover tweeted.

Vijay Aggarwal, chief technology officer, Nehul Malhotra, head, PostPe, Rajat Jain, chief product officer for lending and consumer products and Geetanshu Singla, vice president of technology have left the organisation.

In a statement, BharatPe said the three outgoing executives would be embarking on their respective entrepreneurial journeys.

“They will continue to ensure a smooth transition of their role to the designated leaders. While it is difficult to part ways with these fantastic leaders, we are also proud of them for having taken the entrepreneurial plunge,” a BharatPe spokesperson told Inc42.

Earlier, a series of high-profile exits too shattered the unicorn. Head of controls Madhuri Jain Grover, cofounder Bhavik Koladiya, as well as founding member Satyam Nathani, among others, left the fintech in quick succession after Grover’s resignation. 

From the original founding team, only Shashvat Nakrani remains, with Suhail Sameer as the CEO of the fintech unicorn.

Grover’s comments notwithstanding, BharatPe seems to be doing well, or at least so it claims. The fintech claimed in October that its point-of-sale (PoS) business turned profitable in two years, with 2 Lakh devices installed and a 20% market share.

At the same time, its annualised TPV reached $8.5 Bn. The fintech facilitated disbursals to more than 1.2 Lakh merchants in Q1FY23, up from 66,000 merchants in Q4FY22.

Ashneer Grover, who recently launched his memoir ‘Doglapan’ about his time as an entrepreneur, exited the fintech unicorn earlier this year following a very public and prolonged spat with the BharatPe board that involved allegations of financial irregularities and misappropriation of company funds, among others.

Grover has been actively commenting on BharatPe on Twitter and it seems that ‘Doglapan’ is set to bring the chain of events from his point of view.

Going by the contents page shared by the ex-BharatPe cofounder, one chapter is dedicated to the events that transpired between Kotak Mahindra Bank and Grover, and that audio clip, with another couple of chapters seemingly detailing the events leading up to Grover’s eventual exit.

Following his exit, the former Shark Tank judge launched Third Unicorn Private Limited in June. However, Grover has not provided any details on which industry Third Unicorn would be working in.