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March 7,2022

Anna Murray 

On March 2, BharatPe, an Indian fintech firm, announced that Co-Founder Ashneer Grover had been fired from all positions at the company. Grover, his wife Madhuri Jain, and their families were also discovered to be involved in significant misuse of corporate funds and grossly exploited company money to fund their luxurious lifestyles, according to BharatPe. BharatPe had already fired his wife, Madhuri Jain, due to suspicions of financial irregularities during her tenure as the company's head of controls.

Grover, a high-profile Indian entrepreneur who founded two unicorns, or tech start-ups worth more than $1 billion, resigned as Managing Director of Bharat on March 1. In his furious resignation letter, Grover accused the company's investors of making him the "villain of the piece." His resignation from one of India's most notable fintech companies, which he co-founded, has caused concern in the country's thriving start-up industry.

"The Grover family and their relatives engaged in extensive misappropriation of company funds, including but not limited to creating fake vendors through which they siphoned money away from the company's expense account and grossly abusing company expense accounts in order to enrich themselves and fund their lavish lifestyles," according to a statement released by BharatePe on March 2. BharatPe, on the other hand, has stated that it reserves the right to take legal action against him and his family in the future.