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BharatPe in October alone facilitated over Rs 640 crore worth loans gaining an annualised revenue of Rs 1,500 crore and turning profitable 

BharatPe Revenue: Turns profitable 5 years after launch; annualised revenue at Rs 1,500 crore

<h2>BharatPe in October alone facilitated over Rs 640 crore worth loans gaining an annualised revenue of Rs 1,500 crore and turning profitable&nbsp;</h2>

Five years after its launch, Indian fintech major Bharatpe has turned profitable. The company in an official statement said that BharatPe has turned Ebitda positive in October and recored an annualised revenue of Rs 1,500 crore&nbsp;
<h3>Bharatpe Revenue</h3>
The Accounting Rate of Return (ARR) was 31% more than from the year ago period mainly on the back of significant growth in its lending and payments business. ARR is a formula used to calculate the net income expected from an investment or asset compared to the initial cost of investment.
Also Read: <a href="https://www.editorji.com/business-news/apple-india-s-fy-23-revenue-surges-by-48-profits-soar-by-77-1698668720827">Apple India's FY'23 revenue surges by 48%, profits soar by 77%</a>
Bharatpe which launched its loan facility in 2019 has facilitated loans totaling over Rs 12,400 crore. In October alone, the fintech facilitated over Rs 640 crore worth of loans to its merchants. This is 36% more than on a year-on-year basis. The company recorded monthly total payment value (TPV) of over Rs. 14,000 crores across its diverse range of payment products.
"The company has significantly cut down its EBITDA burn&mdash;which was averaging at Rs. 60 Cr per month in FY23&mdash;to attain EBITDA positivity. This significant milestone in conjunction with strong growth is a testament to the efforts of the team, enabled by strategic guidance from the Board. The company will continue taking strides toward being a market leading financial services platform for the 50 million small businesses across India," Bharatpe said in a statement
In equity till date the fintech firm has raised over US$ 583 million. As per Business Today, the company&rsquo;s list of marquee investors includes Peak XV Partners (formerly known as Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management,Dragoneer Investment Group, Steadfast Capital,Steadview Capital and Tiger Global.&nbsp;
BharatPe is backed by Peak XV Partners. Harshjit Sethi, MD, Peak XV has expressed his happiness over the company achieving the profitable milestone
"We are thrilled with the progress the company has made to reach this key profitability milestone, reaffirming the belief we have had since our seed investment that BharatPe has the potential to build a large sustainable business by solving the needs of millions of small merchants in India,&rdquo; Harshjit Sethi, MD, Peak XV said

In December 2022, BharatPe filed a criminal complaint, alleging a ₹81.28 crore fraud involving Grover, his wife

BharatPe fraud case: Delhi airport stops Ashneer Grover and wife Madhuri Jain

<h2>In December 2022, BharatPe filed a criminal complaint, alleging a ₹81.28 crore fraud involving Grover, his wife</h2>

Former BharatPe Managing Director Ashneer Grover reacted to him and his wife being stopped at the airport, while they were on their way to New York. In a post on X, Grover expressed surprise and described it as "strange." Grover reiterated his cooperation with the investigation and said that he was not a flight risk. "No drama. LOC hatane ka process hai - I am not a flight risk - easy to prove."
He also points out that he has travelled four times internationally since the FIR was filed in May and has never had a problem.&nbsp;
In a defiant note, Grover said that "Baaki premature obituaries bahut baari log likh chuke hai", adding "Don&rsquo;t pronounce me dead till 13 days after you&rsquo;ve burned me at the pyre".&nbsp; https://publish.twitter.com/?query=https%3A%2F%2Ftwitter.com%2FAshneer_Grover%2Fstatus%2F1725435360858321374&amp;widget=Tweet
Grover, Wife stopped at airport Ashneer Grover and his wife, Madhuri Jain, were stopped at Indira Gandhi International Airport while en route to New York, following a lookout circular (LoC) issued by the Delhi Police's Economic Offences Wing (EOW).
Joint Commissioner of Police Sindhu Pillai confirmed their travel plans but clarified they were detained before security check, instructed to return home, and requested to appear at the EOW office next week. Pillai emphasized the LoC aimed to prevent international travel, and no arrests were made.
The EOW investigation into BharatPe revealed that recruitment firms linked to Grover and his family utilized backdated invoices to divert funds. The probe highlighted challenges in tracing recipient firms of BharatPe's vendor payments. In December 2022, BharatPe filed a criminal complaint alleging a ₹81.28 crore fraud involving Grover, his wife, and her family, including payments to HR consultants.&nbsp;

Grover holds roughly 8.5 per cent stake in BharatPe, of which 1.4 per cent was not vested and released on the date of his resignation

BharatPe files arbitration to claw back Grover's 1.4 pc shares

BharatPe files civil suit against Ashneer Grover and wife; Here to know

Grover holds roughly 8.5 per cent stake in BharatPe, of which 1.4 per cent was not vested and released on the date of his resignation

Upping the ante, fintech unicorn BharatPe has filed an arbitration for clawing back it's former MD and co-founder Ashneer Grover's restricted shareholding and founder title, sources said.
The arbitration was filed on Thursday under Singapore International Arbitration Centre (SIAC) rules, sources with direct knowledge of the matter said.
If relief is granted, Grover may lose his unvested shares and right to use the founder title.
Grover, who BharatPe has accused of cheating and embezzlement of funds, holds about 8.5 per cent of the company. Of this, 1.4 per cent is not vested.
The company did not immediately offer any comment.
The action follows a detailed corporate governance review by the company's board into allegations of lapses and misdoings during the tenure of Grover as managing director.
The arbitration proceedings were initiated after Grover refused to comply with the shareholders' agreement, sources said without elaborating.
This is BharatPe's third legal action against Grover after a civil suit at the Delhi High Court and criminal complaint with the Economic Offences Wing.
BharatPe, in the suit running into 2,800 pages, alleged that Grover, his wife Madhuri Jain and other family members created fake bills, enlisted fictitious vendors to provide services to the company, and overcharged the firm for recruitment. It is seeking up to Rs 88.67 crore in damages.
The corporate governance review by Alvarez and Marsal, Shardul Amarchand Mangaldas and PwC led to the ouster of Jain, and Grover resigning from the company and its board in March.
Sources said the company had earlier sent a legal notice for clawback and has now initiated arbitration proceedings. Under the shareholder's agreement, clawback of unvested shares can be triggered.
Grover holds roughly 8.5 per cent stake in BharatPe, of which 1.4 per cent was not vested and released on the date of his resignation.

BharatPe&nbsp;has decided to claw&nbsp;back the restricted shares of former Managing Director and Shark Tank India famed&nbsp;Ashneer&nbsp;Grover.
In March, VCCircle reported that according to the shareholder agreement, Grover may have to forfeit unvested stock options equivalent to around 1.4 percent of his shareholding, if the PwC inquiry finds evidence of misconduct against him.
Grover currently holds roughly 8.5 percent in BharatPe. Of this 1.4 percent is not vested.
The steps have been taken by the company's board following a detailed corporate governance review against the backdrop of alleged lapses and misdoings during the tenure of Grover.
The company has also announced a new code of conduct for senior management and employees, a&nbsp;new and comprehensive Vendor Procurement Policy, blocking of vendors involved in malpractices, and regular internal audits.
BharatPe has also terminated the services of several employees in departments who were directly involved with these blocked vendors. If required, the company will be filing criminal cases against some of these employees for the misconduct and act of cheating committed by them against the company, it said.

BharatPe to claw back Ashneer Grover's unvested shares

BharatPe has decided to claw back the restricted shares of former Managing Director and Shark Tank India famed Ashneer Grover.

BharatPe vs Ashneer Grover

Grover currently holds roughly 8.5 percent in BharatPe,&nbsp;of this 1.4 percent is not vested.

BharatPe&nbsp;has decided to claw&nbsp;back the restricted shares of former Managing Director and Shark Tank India famed&nbsp;Ashneer&nbsp;Grover.
In March, VCCircle reported that according to the shareholder agreement, Grover may have to forfeit unvested stock options equivalent to around 1.4 percent of his shareholding, if the PwC inquiry finds evidence of misconduct against him.
Grover currently holds roughly 8.5 percent in BharatPe. Of this 1.4 percent is not vested.
The steps have been taken by the company's board following a detailed corporate governance review against the backdrop of alleged lapses and misdoings during the tenure of Grover.
The company has also announced a new code of conduct for senior management and employees, a&nbsp;new and comprehensive Vendor Procurement Policy, blocking of vendors involved in malpractices, and regular internal audits.
BharatPe has also terminated the services of several employees in departments who were directly involved with these blocked vendors. If required, the company will be filing criminal cases against some of these employees for the misconduct and act of cheating committed by them against the company, it said.

Shark Tank India famed Ashneer Grover on Thursday took a dig at BharatPe board members Rajnish Kumar and Suhail Sameer.
Ashneer tweeted about BharatPe closing its first quarter of ‘degrowth’ and ‘maximum cash burn’ while targeting the leadership of Rajnish Kumar and Suhail Sameer. "Chaabi chheenna and hatti chalana do alag alag skills hai ! Ab Nani yaad aayegi - markets are the ultimate test & truth," Ashneer tweeted on Thursday.
Last month, BharatPe board removed Grover from all the positions after an audit report pointed out grave governance lapses under him. The company in a notification said, "As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company." This move came a day after Grover had resigned as the managing director and director on the company’s board.
The audit report also threw up alleged misuse of funds by Madhuri Jain, head of controls at BharatPe and wife of Ashneer Grover. Jain was fired following the review.

The lastest in the Ashneer Grover, BharatPe spat, 

Ashneer Grover latest: Shark mocks BharatPe board says the fintech company closing its first quarter of ‘degrowth’ and ‘maximum cash burn’ under the leadership of Rajnish Kumar and Suhail Sameer.

The lastest in the Ashneer Grover, BharatPe spat

Shark Tank India famed Ashneer&nbsp;Grover on Thursday took a dig at BharatPe&nbsp;board members Rajnish&nbsp;Kumar and Suhail&nbsp;Sameer.
Ashneer tweeted&nbsp;about BharatPe&nbsp;closing&nbsp;its first quarter of &lsquo;degrowth&rsquo; and &lsquo;maximum cash burn&rsquo; while targeting the leadership of Rajnish Kumar and Suhail Sameer. "Chaabi chheenna and hatti chalana do alag alag skills hai ! Ab Nani yaad aayegi - markets are the ultimate test &amp; truth," Ashneer&nbsp;tweeted on Thursday.
Suhail&nbsp;Sameer, while replying to Ashneer&nbsp;Grover's sister on a social media post blamed Grover theft all BharatPe's money. "Behen&nbsp;- Tere bhai ne sara paisa chura liya. Very little left to pay salaries." In the latest development, BharatPe&nbsp;employees have been seen complaining about not receiving their&nbsp;salaries.&nbsp;
Last month, BharatPe board removed Grover from all the positions after an audit report pointed out grave governance lapses under him. The company in a notification said, "As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company." This move came&nbsp;a day after Grover had resigned as the managing director and director on the company&rsquo;s board.
The audit report also&nbsp;threw up alleged misuse of funds by Madhuri Jain, head of controls at BharatPe and wife of Ashneer Grover. Jain&nbsp;was fired following the review.

BharatPe board last month removed Ashneer Grover from all the positions after an audit report pointed out grave governance lapses under him.

Ashneer&nbsp;Grover is a never-ending blockbuster show! You don't even need a subscription for that.
In the latest, Ashneer&nbsp;Grover was seen taking a dig at BharatPe&nbsp;board members Rajnish&nbsp;Kumar and Suhail&nbsp;Sameer. Well, the show got even more interesting with the entry of Suhail&nbsp;Sameer. Also read/ watch |&nbsp;<a title="Elon Musk decides not to join Twitter board, CEO Parag Agrawal tweets" href="https://www.editorji.com/business-news/elon-musk-decides-not-to-join-twitter-board-ceo-parag-agrawal-tweets-1649649073820">Elon Musk decides not to join Twitter board, CEO Parag Agrawal tweets</a>
Thursday morning, Twitter saw a dramatic tweet from shark Ashneer, pointing towards the leadership of BharatPe's&nbsp;Suhail&nbsp;Sameer, blaiming&nbsp;him of the company's poor result in the latest quarter. "So I just heard @bharatpeindia closed it&rsquo;s first quarter of &lsquo;degrowth&rsquo; and &lsquo;maximum cash burn&rsquo; under able (sic) leadership of Rajnish Kumar and Suhail Sameer. &lsquo;Chaabi chheenna and hatti chalana do alag alag skills hai !&rsquo; Ab Nani yaad aayegi - markets are the ultimate test &amp; truth," Ashneer&nbsp;tweeted.
Adding more spice to the biggest corporate drama of this year,&nbsp;BharatPe&nbsp;employees have been seen complaining about not receiving their&nbsp;salaries.
On one of the posts, we got to see all three superstars of the latest episode. Suhail&nbsp;Sameer, Ashneer&nbsp;Grover, and his sister Aashima&nbsp;Grover. While Aashima&nbsp;called it being shameless, Suhail&nbsp;Sameer&nbsp;replies, "Behen&nbsp;- Tere&nbsp;bhai&nbsp;ne sara&nbsp;paisa&nbsp;chura liya. Very little left to pay salaries."
Ashneer&nbsp;Grover and his wife Madhuri&nbsp;Jain were removed from the board of BharatPe&nbsp;following allegations of financial misconduct.

Ashneer Grover, the guy famous (or should we call it infamous?) for his rude attitude, has been in the limelight of late, but not just because of the hot show Shark Tank India.
You could not have ignored 'proud' Grover reiterating on the show about how he has built a $3 billion company in just three years.
Well, the most intriguing part of that episode was broadcasted today with Ashneer Grover resigning from the very same company, BharatPe. 
The fintech company, in which Grover holds 9% and a co-founder position, was investigating a potential financial fraud and the preliminary internal investigation has pegged the magnitude of the financial misconduct at over Rs 50 crore.
Grover has also lost an arbitration that he had filed against the company's investigation against him, with an emergency arbitrator holding that there was no ground to stop governance review at the fintech firm, as per the reports.
But you might have caught the Ashneer Grover show midway.. so let's get in the flashback! 
The real show began when a call recording got leaked on social media a few weeks back that had Grover abusing a senior management personnel of Kotak Mahindra Bank and even giving him threats to encounter.
The point of contention between the two was Kotak Mahindra Bank’s inability to provide financing worth Rs 500 crore for Grover and family to subscribe to shares in the Nykaa IPO.
Although Grover neglected the authenticity of the audio clip and sent out a legal notice to Kotak Mahindra Bank.
That's when the war started.
On January 19, Grover went on voluntary leave till March and social media ran abuzz with unverified reports that Grover and his wife Madhuri Jain Grover, also the Head of controls at BharatPe, have been asked to exit the company and their shares had been seized by the board. Although these hard allegations were refuted, but as they say where there is smoke there is fire. 
BharatPe issued a statement, saying it is conducting an investigation and audit of the firm, with a new twist emerging about alleged financial irregularities in the company.
Grover who seems to be having a ride of a time as a TV celebrity has hired a Delhi-based legal firm Karanjawala & CP in order to keep his interests and 9% stake protected in the company amid reports of financial investigations and controversies.
PricewaterhouseCoopers (PwC) alongside Alvarez & Marsal (A&M) have been doing the audit. That review threw up alleged misuse of funds by Madhuri Jain, head of controls at BharatPe and wife of Ashneer Grover.
Jain, who helmed procurement, finance and human resources for the company's early days, was fired following the review. And now, shark Ashneer as well!
So, is it the threat to Kotak that has hit back at the thing (ownership of BharatPe) Ashneer Grover was most proud of or the bragging has led to 'the shark' tank.
Just one word for the whole show here, touche!

Ashneer Grover vs BharatPe: The script so far, a complete timeline of the saga

Ashneer Grover resigned from BharatPe, following the charges of financial misconduct

Ashneer Grover: The shark tanks

Finally, the game has come to an end as&nbsp;Ashneer&nbsp;Grover has 'forcefully' resigned from BharatPe, the fintech&nbsp;company&nbsp;he founded in 2018.

Ashneer&nbsp;Grover, the guy famous (or should we call it infamous?) for his rude attitude, has been in the limelight of late, but not just because of the hot show Shark Tank India.
You could not have ignored 'proud' Grover&nbsp;reiterating on the show about how he has built a $3 billion company in just three years.
Well, the most intriguing part of that episode was broadcasted today with Ashneer&nbsp;Grover resigning from the very same company,&nbsp;BharatPe.&nbsp;
The fintech&nbsp;company, in which Grover holds 9% and a co-founder position, was investigating a potential financial fraud and the preliminary internal investigation has pegged the magnitude of the financial misconduct at over&nbsp;Rs 50 crore.
Grover has also lost an arbitration that he had filed against the company's investigation against him, with an emergency arbitrator holding that there was no ground to stop governance review at the fintech firm, as per the reports.
But you might have caught the Ashneer&nbsp;Grover show midway.. so let's get in the flashback!&nbsp;
The real show began when a call recording got leaked on social media a few weeks back that had&nbsp;Grover&nbsp;abusing a senior management personnel of Kotak&nbsp;Mahindra&nbsp;Bank and even giving him threats to encounter.
The point of contention between the two was Kotak Mahindra Bank&rsquo;s inability to provide financing worth Rs 500 crore for Grover and family to subscribe to shares in the Nykaa IPO.
Although Grover neglected the authenticity of the audio clip and sent out a legal notice to Kotak&nbsp;Mahindra&nbsp;Bank.
That's when the war started.
On January 19, Grover went on voluntary leave till March and social media ran abuzz with unverified reports that&nbsp;Grover and his wife Madhuri&nbsp;Jain&nbsp;Grover, also the Head of controls at BharatPe, have been&nbsp;asked to exit the company and their shares had been seized by the board. Although these hard allegations were refuted, but as they say where there is smoke there is fire.&nbsp;
BharatPe&nbsp;issued a statement, saying it is conducting an investigation and audit of the firm, with a new twist emerging about alleged financial irregularities in the company.
Grover who seems to be having a ride of a time as a TV celebrity&nbsp;has hired a Delhi-based legal firm&nbsp;Karanjawala &amp; CP in order to keep his interests and 9% stake protected in the company amid reports of financial investigations and controversies.
PricewaterhouseCoopers (PwC) alongside Alvarez &amp; Marsal (A&amp;M) have been doing the audit. That review threw up alleged misuse of funds by Madhuri Jain, head of controls at BharatPe and wife of Ashneer Grover.
Jain, who helmed procurement, finance and human resources for the company's early days, was fired following the review. And now, shark Ashneer&nbsp;as well!
So, is it the threat to Kotak that has hit back at the thing (ownership of&nbsp;BharatPe)&nbsp;Ashneer&nbsp;Grover was most proud of or the bragging has led to 'the shark' tank.
Just one word for the whole show here, touche!

Fintech firm BharatPe's managing director Ashneer Grover has resigned minutes after receiving an upcoming board meeting agenda, which included consideration of action against him based on the report submitted by advisory firm PwC.
"Ashneer Grover resigned as Managing Director and from the Board Director of BharatPe minutes after receiving the agenda for upcoming Board meeting that included submission of the PWC report regarding his conduct and considering actions based on it. The Board reserves the right to take action based on the report's findings," Bharatpe said in a statement.
Ashneer Grover resigned from BharatPe just after a month of going on a 'leave of absence' The founder however remains to be the largest shareholder in the fintech even as he gives up his executive posts just a few days after his wife's services were terminated.
The resignation comes as Grover faced a body-blow from an arbitration ruling he had filed against the company's investigation against him, with an emergency arbitrator holding that there was no ground to stop governance review at the fintech firm.

BharatPe says Ashneer Grover resigned in minutes after getting board agenda

The resignation comes as Grover faced a body-blow from an arbitration ruling he had filed against the company's investigation against him, with an emergency arbitrator holding that there was no ground to stop governance review at the fintech firm.

Did Ashneer&nbsp;grover&nbsp;take cover with a resignation before the storm with a resignation.. that is what the FinTech&nbsp;company is alleging as the MD founder resigned with harsh parting words, BharatPe&nbsp;says his hasty resignation is just a cover..&nbsp;
"Ashneer Grover resigned as Managing Director and from the Board Director of BharatPe minutes after receiving the agenda for upcoming Board meeting that included submission of the PWC report regarding his conduct and considering actions based on it. The Board reserves the right to take action based on the report's findings," Bharatpe said in a statement.

Singapore arbitrator said there was no ground to stop governance review at the fintech firm.

Fintech firm BharatPe's managing director Ashneer Grover has resigned minutes after receiving an upcoming board meeting agenda, which included consideration of action against him based on the report submitted by advisory firm PwC. Also watch|<a title="&nbsp;Read the email Ashneer Grover sent as he resigned - scathing attack on management &amp; investors" href="https://www.editorji.com/business-news/read-the-email-ashneer-grover-sent-as-he-resigned-scathing-attack-on-management-investors-1646115298125">&nbsp;Read the email Ashneer Grover sent as he resigned - scathing attack on management &amp; investors</a>
"Ashneer Grover resigned as Managing Director and from the Board Director of BharatPe minutes after receiving the agenda for upcoming Board meeting that included submission of the PWC report regarding his conduct and considering actions based on it. The Board reserves the right to take action based on the report's findings," Bharatpe said in a statement.
Ashneer&nbsp;Grover resigned from BharatPe just after a month of going on a 'leave of absence' The founder however remains to be the largest shareholder in the fintech&nbsp;even as he gives up his executive posts just a few days after his wife's services were terminated.
The resignation comes as Grover faced a body-blow from an arbitration ruling he had filed against the company's investigation against him, with an emergency arbitrator holding that there was no ground to stop governance review at the fintech firm.

Ashneer Grover has resigned from BharatPe but the shark is not going out without a loud swan song. 39 year old Grover exited his executive position with immediate effect but sent scathing emails to investors and management as he claims he was 'forced out.' Grover remains the largest shareholder of the fintech that counts Sequoia Capital India, Insight Partners and Ribbit Capital among its backers. Here is an excerpt of Grover's going out mail as per reports -: “The fundamental fact is that all of you as investors are so far removed from reality that you’ve forgotten what real businesses look like and have no appreciation for what it took to run this enterprise day in and day out,” wrote Ashneer 
“None of you, including the ones based in India, have ever been to our office even once, since the pandemic turned our lives upside down and sought to suffocate the economy. This is how connected you are to BharatPe. Your views of businesses and problems on the ground are so colored by the windows of the Ivory Tower in which you all reside that you have no connect whatsoever with the human element of the business.”
“It is sad that you have even lost touch with the founder. For you, the founder of this company has been reduced to a button to be pressed when needed. I cease to be a human for you. Today, you have chosen to believe gossip and rumors about me instead of having a frank conversation. You are easily spooked because you have no touch with reality.”

Read the email Ashneer Grover sent as he resigned - scathing attack on management & investors

"Reduced to a button to be pressed when needed. I cease to be a human for you." Ashneer Grover lashes out as he quits BharatPe with immediate effect

Read the email Ashneer Grover - I am being forced out says the founder of BharatPe

Grover remains the largest individual shareholder of BharatPe.

Ashneer&nbsp;Grover has resigned from BharatPe&nbsp;but the shark is not going out without a loud swan song. 39 year old Grover&nbsp;exited his executive position with immediate effect but sent scathing emails to investors and management as he claims he was 'forced out.' Grover remains the largest shareholder of the fintech&nbsp;that counts Sequoia Capital India, Insight Partners and Ribbit Capital among its backers. Here is an excerpt of Grover's going out mail as per reports -:&nbsp;
Also watch|&nbsp;<a title="Ashneer Grover resigns from BharatPE, says 'I was forced out' as fraud investigation continues" href="https://www.editorji.com/business-news/ashneer-grover-resigns-from-bharatpe-says-i-was-forced-out-as-fraud-investigation-continues-1646102268077">Ashneer Grover resigns from BharatPE, says 'I was forced out' as fraud investigation continues</a>
 &ldquo;The fundamental fact is that all of you as investors are so far removed from reality that you&rsquo;ve forgotten what real businesses look like and have no appreciation for what it took to run this enterprise day in and day out,&rdquo; wrote Ashneer&nbsp;
&ldquo;None of you, including the ones based in India, have ever been to our office even once, since the pandemic turned our lives upside down and sought to suffocate the economy. This is how connected you are to BharatPe. Your views of businesses and problems on the ground are so colored by the windows of the Ivory Tower in which you all reside that you have no connect whatsoever with the human element of the business.&rdquo;
&ldquo;It is sad that you have even lost touch with the founder. For you, the founder of this company has been reduced to a button to be pressed when needed. I cease to be a human for you. Today, you have chosen to believe gossip and rumors about me instead of having a frank conversation. You are easily spooked because you have no touch with reality.&rdquo;

Ashneer Grover just a month after going on a 'leave of absence' has resigned from BharatPe effective immediately.

Ashneer Grover resigns from BharatPE as investigation for fraud continues

Ashneer Grover just a month after going on a 'leave of absence' has resigned from BharatPe effective immediately. The founder however remains to be the largest shareholder in the fintech even as he gives up his executive posts just a few days after his wife's services were terminated.

BharatPe sags moves to climax, Ashneer Grover resigns 

Ashneer Grover remains the largest individual shareholder of BharatPe.

The shark really seems to be tanking! Ashneer&nbsp;Grover just a month after going on a 'leave of absence' has resigned from BharatPe&nbsp;effective immediately. The founder however remains to be the largest shareholder in the fintech&nbsp;even as he gives up his executive posts just a few days after his wife's services were terminated.
Also read &amp; watch|&nbsp;<a title="Read the email Ashneer Grover sent as he resigned - scathing attack on management &amp; investors" href="https://www.editorji.com/business-news/read-the-email-ashneer-grover-sent-as-he-resigned-scathing-attack-on-management-investors-1646115298125">Read the email Ashneer Grover sent as he resigned - scathing attack on management &amp; investors</a>
&ldquo;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.&nbsp;Since the beginning of 2022, unfortunately, I&rsquo;ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect", wrote the Shark Tank celebrity to the board as he moved out of his executive role.&nbsp; The resignation comes as Grover faced a body-blow from an arbitration ruling he had filed against the company's investigation against him, with an emergency arbitrator holding that there was no ground to stop governance review at the fintech firm.
A preliminary investigation by Alvarez and Marsal (A&amp;M) commissioned by BharatPe&rsquo;s board found fraudulent transactions and allegations were rising against Grover and his wife as per reports.&nbsp; Amid this furore, Grover claimed in public that he is willing to part ways completely with BharatPe if the board agrees to buy back his 9.5% stake for a sum of Rs 4000 cr, at a valuation of $6 bn even as he is embroiled in public and legal battle with other founders and the board.&nbsp;

Madhuri Jain Grover, the recently fired head of controls of BharatPe took to social media to vent her angst against the founders of the company. Posting a video on twitter Jain who is also Ashneer Grover's wife took a jab at the BharatPe management Suhail Sameer and Bhavik Koladiya accusing them inappropriate behaviour in office. 
"Congrats, she wrote on the microblogging site Now you may indulge ...without having to wait for me (righteous lady) to leave office. Slow clap." Jain and her husband have been in an legal battle with BharatPe founders/management.Madhuri pointed fingers at the behaviour of the board questioning their credibility on the governance board that has decided on her ouster. Ashneer Grover took leave of absence in January after which his wife also was asked to go on leave. 

Madhuri Jain Grover lashes out after she is fired, posts video attacking BharatPe management

Madhuri Jain Grover, the recently fired head of controls of BharatPe took to social media to vent her angst against the founders of the company. Posting a video on twitter Jain who is also Ashneer Grover's wife took a jab at the BharatPe management Suhail Sameer and Bhavik Koladiya accusing them inappropriate behaviour in office. 

Madhuri Jain Grover lashes out after being fired

Para 1 use video with nat sounds on loop&nbsp; Para&nbsp;two show screen shot of her tweet Para&nbsp;three show screen shot of her tweet&nbsp;

Madhuri&nbsp;Jain Grover, who used to head controls &amp; finances fired by BharatPe

Madhuri Jain Grover, the recently fired head of controls of BharatPe&nbsp;took to social media to vent her angst against the founders of the company. Posting a video on twitter Jain, who is also Ashneer&nbsp;Grover's wife, took a jab at the&nbsp;BharatPe&nbsp;management&nbsp;Suhail Sameer&nbsp;and&nbsp;Bhavik Koladiya&nbsp;accusing them of inappropriate behaviour in office.&nbsp;
Also read and watch|&nbsp;<a title="BharatPe terminates Ashneer Grover's wife Madhuri Jain's services as head of controls" href="https://www.editorji.com/business-news/bharatpe-terminates-ashneer-grover-s-wife-madhuri-jain-s-services-as-head-of-controls-1645598205821">BharatPe terminates Ashneer Grover's wife Madhuri Jain's services as head of controls</a>
"Congrats, she wrote on the microblogging site Now you may indulge ...without having to wait for me (righteous lady) to leave office. Slow clap." Jain and her husband have been in an legal battle with BharatPe&nbsp;founders/management. Madhuri&nbsp;pointed fingers at the behaviour of the board questioning their credibility on the governance board that has decided on her ouster.&nbsp; Ashneer&nbsp;Grover took leave of absence in January after which his wife also was asked to go on leave.&nbsp;

New twist in the BharatPe saga, the company has fired head of control Madhuri Jain Grover weeks after she was sent on leave reportedly on the allegations of misappropriation of funds. 
ET quoting unnamed sources said “It seems that the company has found certain financial irregularities in the company’s books and has strong proof on funds being ‘used’ for personal purchases."Reports also indicate that  invoices were made for recruitment via Shwetank Jain - who is Madhuri's brother but no offers or consultancy has been recorded. Madhuri Jain Grover was sent on leave in January after Ashneer Grover announced his leave of absence.

BharatPe terminates Ashneer Grover's wife Madhuri Jain's services as head of controls

Ashneer Grover's wife reportedly fired from Bharatpe on Madhuri Jain, on charges of ‘misappropriation of funds'

BharatPe fires Madhuri Jain Grover

<ul>
<li>Reports:&nbsp;BharatPe fires&nbsp;Ashneer&nbsp;Grover's wife Madhuri Jain's services</li>
<li>Madhuri&nbsp;Jain's services allegedly terminated over misappropriation of funds&nbsp;</li>
<li>Reports: Financial irregularities and inflated invoices documented at BharatPe</li>
<li>Madhuri Jain has been in charge of finances at BharatPe&nbsp;since October 2018</li>
<li>Invoices reportedly made to Madhuri's brother&nbsp;</li>
</ul>

Madhuri Jain has been in charge of finances at BharatPe&nbsp;since October 2018

New twist in the BharatPe&nbsp;saga, the company has fired head of control&nbsp;Madhuri Jain Grover weeks after she was sent on leave reportedly on the allegations of misappropriation of funds.&nbsp;
ET quoting unnamed sources said&nbsp;&ldquo;It seems that the company has found certain financial irregularities in the company&rsquo;s books and has strong proof on funds being &lsquo;used&rsquo; for personal purchases."
Also watch and read:&nbsp;<a title="Madhuri Jain Grover lashes out after she is fired, posts video attacking BharatPe management" href="https://www.editorji.com/business-news/madhuri-jain-grover-lashes-out-after-she-is-fired-posts-video-attacking-bharatpe-management-1645601066342">Madhuri Jain Grover lashes out after she is fired, posts video attacking BharatPe management</a> Reports also indicate that invoices were made for recruitment&nbsp;via&nbsp;Shwetank Jain - who is Madhuri's&nbsp;brother but no offers or consultancy has been recorded.&nbsp; Madhuri Jain Grover&nbsp;was sent on leave in January after Ashneer Grover announced his leave of absence.

Online payment startup, BharatPe&nbsp;has become India's latest unicorn club&nbsp;after it raised $370 million in a fresh funding round led by Tiger Global Management, taking its total valuation to $2.85 billion.&nbsp;
The company in its statement said&nbsp;Dragoneer Investor Group and Steadfast Capital also participated in the new round, which brings the startup&rsquo;s to-date raise to over $580 million against equity.
The New Delhi based had raised $108 million in February this year at a valuation of $900 million.
The fundraising, which pushes BharatPe into the ​unicorn club, gives the fintech startup capital as it takes over distressed lender PMC Bank with Centrum Financial Services to create a small finance bank
BharatPe is the 18th startup to have achieved the unicorn status in 2021 and fifth fintech startup to cross the $1 Bn valuation mark this year, following the entry of Digit Insurance, Cred, Groww and Zeta in the unicorn club.&nbsp;

BharatPe enters unicorn club, Triples valuation to $2.8 bn with Tiger Global fund raising

BharatPe&nbsp;triples valuations to $2.8 bn as the bets on digital payments get louder.&nbsp;

BharatPe enters unicorn club after raising $370 mn funding from Tiger Global

<article id="article_11628011207871">
<div id="summary_11628011207871">
Payments startup raises $370 million as part of a Series E funding round led by Tiger Global
</div>
</article>
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Online payment startup, BharatPe&nbsp;has become India's latest unicorn club&nbsp;after it raised $370 million in a fresh funding round led by Tiger Global Management, taking its total valuation to $2.85 billion.&nbsp;
The New Delhi based digital payment merchant had raised $108 million in February this year at a valuation of $900 million.
The fundraising, which pushes BharatPe into the ​unicorn club, gives the fintech startup capital as it takes over distressed lender PMC Bank with Centrum Financial Services to create a small finance bank
BharatPe is the 19th startup to have achieved unicorn status in 2021 and fifth fintech startup to cross the $1 bn valuation mark this year. Read/Watch Also: <a href="https://www.edtr.ai/a16d">Why WazirX is not betting on crypto as a digital payment asset</a>

The Reserve Bank of India&nbsp;on Friday extended the restrictions on the Punjab and Maharashtra Cooperative Bank&nbsp;(PMC Bank) from July 1 to December 31.&nbsp;
The RBI said that the extension&nbsp;was done&nbsp;taking into account the time required for completion of reconstruction of PMC Bank.&nbsp;
Last week, the RBI cleared the decks for the takeover of PMC Bank by a consortium of non-bank lenders&nbsp;Centrum Financial Services and fintech startup BharatPe. It granted an in-principle approval to Centrum to set up a small finance bank under on-tap licensing norms.&nbsp;
In September 2019, RBI put severe curbs on PMC Bank, including on cash withdrawals, amid a probe into accounting lapses.&nbsp;

RBI extends restrictions on PMC Bank till Dec 31, says need more time

RBI extends restrictions on PMC Bank, till December 31 this year
Decision after time to restructure PMC&nbsp;bank taken into account
Last week, RBI&nbsp;allowed&nbsp;Centrum Group &amp; BharatPe to acquire&nbsp;PMC Bank
Probing accounting lapses, cash withdrawals from PMC&nbsp;Bank are curbed

The Reserve Bank of India&nbsp;on Friday extended the restrictions on the Punjab and Maharashtra Cooperative Bank&nbsp;(PMC Bank) from July 1 to December 31.&nbsp;
The RBI said that the extension&nbsp;was done&nbsp;taking into account the time required for completion of reconstruction of PMC Bank.&nbsp;
Last week, the RBI cleared the decks for the takeover of PMC Bank by a consortium of non-bank lenders&nbsp;Centrum Financial Services and fintech startup BharatPe. It granted an in-principle approval to Centrum to set up a small finance bank under on-tap licensing norms.&nbsp;
In September 2019, RBI put severe curbs on PMC Bank, including on cash withdrawals, amid a probe into accounting lapses.&nbsp;

Lending and digital payments startup BharatPe,&nbsp;is all set to acquire a company from American Express that is in the business of running loyalty programs and rewards for online and offline shopping.
Sources tell&nbsp;BloombergQuint&nbsp;that BharatPe is all set to buy Payback India for American Express for approximately $30mn, or Rs 200 cr plus.&nbsp;Payback India - launched in 2010 - is a multi-brand loyalty programme with over 100 million members in the country.The&nbsp;acquisition&nbsp;of Payback India is in line with BharatPe's strategy to build a robust and engaged network of over 20 million small merchants by 2023.&nbsp;

BharatPe buys multi-brand loyalty programme Payback India

BharatPe&nbsp;goes down the deal street, makes first purchase by buying loyalty platform from Amex

<ul>
<li>BharatPe&nbsp;acquires loyalty platform&nbsp;Payback India</li>
<li>Payback India is BharatPe&nbsp;maiden acquisition</li>
<li>BharatPe&nbsp;likely to have paid over $25 mn for Payback India</li>
<li>Acquisition to build large network of small merchants </li>
</ul>

Lending and digital payments startup BharatPe&nbsp;has bought loyalty platform Payback India marking&nbsp;it's first ever acquistion.&nbsp;
Paying over $25 million as per reports&nbsp;BharatPe&nbsp;has acquired Payback India from American Express &amp; ICICI&nbsp;Investments.&nbsp;
Payback India - launched in 2010 - is a multi-brand loyalty programme with over 100 million members in the country.&nbsp;
BharatPe&nbsp;stated that "The&nbsp;acquisition&nbsp;of Payback India is in line with BharatPe's strategy to build a robust and engaged network of over 20 million small merchants by 2023."

bharatpe

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