Former BharatPe managing director Ashneer Grover has made startling allegations against Chairman Rajnish Kumar, stating that the fintech unicorn has become a $3 billion write-off and its value has been destroyed under Kumar’s leadership. Grover’s comments came in response to the Economic Offences Wing (EOW) filing a First Information Report (FIR) against him and his family.
In an interview with Moneycontrol, Grover expressed his regret over hiring Kumar, saying, “BharatPe is not a company anymore, it’s a $3 billion write-off… whose value has been destroyed by Rajnish Kumar. I have said earlier also that hiring him was my mistake.”
Grover further claimed that BharatPe has witnessed zero growth in any metrics since his departure and that numerous employees have left the company. He specifically mentioned the departure of former CEO Suhail Sameer, with whom Grover had a falling out last year.
In response to Grover’s allegations, Moneycontrol reached out to Rajnish Kumar for comment. The article will be updated once a response is received.
Grover questioned the timing of the FIR, suggesting that it was not a coincidence that it was filed shortly after a judge reserved his order on another case. He asserted his willingness to cooperate with the authorities, emphasizing that he has visited the Economic Offences Wing office multiple times without legal representation, providing all the requested information.
The legal battles between Grover, his family, and BharatPe continue to escalate. At present, there are at least five ongoing legal proceedings initiated by BharatPe co-founders Shashvat Nakrani and Bhavik Koladiya against the Grovers. Additionally, BharatPe has filed a civil suit seeking damages of up to Rs 88 crore, accusing the Grover family of fabricating bills, engaging fictitious vendors, and overcharging the company for recruitment services.
The allegations and counter-allegations have cast a shadow of uncertainty over the future of BharatPe, once a prominent player in the fintech industry. As the legal battles unfold, stakeholders eagerly await further developments and the resolution of these disputes.
