bharatpe: Read Ashneer Grover’s Resignation From Pharate

Grover’s resignation from Bharat

Ashner Glover-Bharatope Saga made a big turn at midnight on Monday (February 28th). Glover sent his resignation to the company’s board of directors. His resignation comes a few days after his wife Madurai Jain The person who was in charge of managing the company was dismissed for fraud.

In the letter, Glover states that he has resigned in an ongoing investigation to investigate financial fraud in the company. Today, I am thinking that this company is standing as the world leader in FinTech. Say. From the beginning of 2022, unfortunately, a few people are ready to get caught up in an unfounded targeted attack on me and my family, not only damaging me and my reputation but also the reputation of the company. Individuals are, on the surface, trying to do so. Protect. ”
This is the full text of the letter published in Economic Times.

 

Dear Board,

Today, I am writing this sincerely because I am forced to bid adieu on the company that I am the founder of. I raise my head and say that today the company stands as the world leader in FinTech. Since the beginning of 2022, unfortunately, an unfounded targeted attack on me and my family by a few individuals who are not only damaging me and my reputation but seemingly ready to damage their reputation. I’ve been involved in. I’m trying to protect it.
Celebrated as the face of Indian entrepreneurship and as an inspiration for Indian youth to build their business, I am now in a long and lonely battle with my investors and managers. I’m wasting fighting. Unfortunately, in this battle, management has lost what is actually at stake – Bharat.

People who know me and have worked closely with me know that I believe in building. I am a graduate of IIT Delhi – IIM Ahmedabad and the best that the Indian education system offers. I am a child of middle-class parents and have absorbed the values ​​of diligence, honesty, and integrity into me. I’m an expert with an impeccable track record of working to build two unicorn businesses: Grofers and BharatPe from scratch. Not only did I encourage young people in this country to follow their dreams, but they also created employment opportunities for tens of thousands of Indian gig economy workers.

I have raised Bharat Peas as a baby. I built it with a co-founder and a great team of individuals. Most of the time the situation was hostile (to say the least), but it didn’t stop me. Bharat was the last entrant to the UPI space, competing with Goliaths such as Paytm, PhonePe, and Google Pay, but still emerged as an industry leader. I had the vision of suspending payments at “0% MDR”, lending “loans for payments” to shopkeepers, doing P2P at “12% Club” and BNPL at “postpone”. Through my efforts and efforts, the company has built a network of over 1 chlore (10 million) shopkeepers who trade over 100,000 rupees ($ 16 billion) annually and lend over 4,000 rupees ($ 500 million) as loans. It’s undisputed that BharatPe loans have helped hundreds of thousands of small businesses fighting organized e-commerce and Covid.

Most important and the only opportunity for FinTech in India. Through my constant efforts, the company has obtained a Small Finance Bank license to establish the “Unitis Small Finance Bank”. I have shown the willingness and intent to find a solution to repay the hard-earned funds of PMC Bank and its depositor Ten Lakh.

 

The height of Bharat Pe today is the result of efforts over the last four years. Bharat by raising the US $ 615 million from a team of less than 500 on-roll employees, the total spending of less than the US $ 150 million, and 10 marquee investors without the use of one banker. Everyone sees the success story of. While scripting BharatPe’s commercial success, we provided employees with more than 100 chlores of liquidity for the ESOP, benefiting each of our 28 angel investors by at least 80 times. In the Series E round, the company was worth 20,000 chores (the US $ 3 billion). Today, it is worth 40,000 rupees (the US $ 6 billion) within a year. Other start-ups with similar ratings couldn’t achieve what BharatPe achieved today by leveraging less than 1,000 calories. Obviously, BharatPe’s success story is directed to the world.

Am i perfect? I’m sure I have my fool, as all other humans do. I’m said to be too straightforward, smart, and have very strict standards when it comes to working. However, these qualities have led to the dramatic growth of BharatPe and have become an industry giant. Unfortunately, what has happened recently seems to be the battle of ego being performed in media galleries under the “good governance” charade.

 

The basic fact is that as an investor you are so far from reality that you forget what your real business looks like and understand what it took to run this company on a daily basis. It means that it is not.No one who has ever been to our office, including those based in India. Because the Endemic tried to upset our lives and suffocate the economy. not even once. no one. Despite the invitation to open our new office, none of you appeared. Here’s how you connect to Bharat Pe.

It’s sad that you lost even contact with the founder. You have lost contact with me. For you, the founder of this company has been reduced to a button that is pressed when needed. I will not be human to you. Today you chose to believe in gossip and rumors about me instead of having a frank conversation. You get creepy very easily because you haven’t touched reality.

 

The fact of the matter is that today you believe I served my utility, so gradually I’m becoming responsible. And since the investor template to get rid of unwanted founders is to make them the villains of the work, that’s what you’ve done – “Call SHA. Governance Review Nominal.  We investors are at the top of the food chain. Reduce him to size and Let me set an example for him. “

 

You treat our founder as a slave-encourage us to build a multi-billion dollar business and reduce us freely. The Indian investor-founder relationship is one of the master-slaves. I am a slave of the rebels and I have to hang on a tree, so no other slave can ever be like me again.

Unfortunately, I refuse to follow that path and refuse to tolerate this ongoing and shameful accusation of me and my family. I am the person who founded this company and has built it up to its enviable position today. No wonder you want to kick me out for your vested interests.

 

So when do you want to finish this? That’s all. I argue that you don’t find any cheating against me, but I don’t participate in your charade. I’m leaving this challenge to you because you clearly believe that you can run this company better without me. Build even half of the value you have created so far in stages. Leave three times as much money as you have used so far. I have resigned as Managing Director of Bharat here and will take effect immediately. In addition, I will resign as a director. I will continue to be our largest individual shareholder.
I founded Bharat Pe and incorporated it into what it is today. No one can take this identity from me.
thank you,
Ashner Glover

 

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