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BharatPe, the fintech giant, has sacked managing director Ashneer Grover’s wife Madhuri Jain Grover over alleged financial irregularities. The company reportedly said that Madhuri Jain used the funds of the company for her beauty products.
Here’s the explanation of the whole story in just 10 simple points.
Using company’s funds for personal gains
BharatPe has alleged that Madhuri used the company’s funds for her personal gains. The company has cancelled the stock options she had. As per the reports, the board of BharatPe, had ordered an external audit. Following which, the company made several revelations and took strict steps.
Madhuri Jain’s termination
BharatPe has even terminated Madhuri Jain. The company’s spokesperson reportedly said, “We confirm that Madhuri Jain’s services have been terminated in accordance with her employment agreement.”
Producing “fake invoices”
PTI reports that BharatPe’s Managing Director Ashneer Grover’s wife Madhuri Jain used the BharatPe’s funds for her beauty treatments, family trips to Dubai and US, and buying electronic items. Some reports also suggest that Madhuri Jain produced fake invoices, and even paid her personal staff from the company’s funds.
Company wants to “snatch” the position
Madhuri Jain in reply, lashed out at BharatPe board. In a series of tweets, Madhuri Jain has alleged the company of “snatching” the place that her husband Ashneer Grover built “single-handedly”.
Ashneer denies allegations
On the other hand, her husband Ashneer Grover, has denied all the allegations. Ashneer is also on a three-months leave from the company.
Grover vs Kotak
BharatPe is in media highlights for quite sometime now. The company came under strict investor scruitiny after Ashneer Grover sought damages from the head of Kotak Mahindra Bank, Uday Kotak. The move came just before BharatPe was to launch its first IPO.
Against Kotak Mahindra Bank also, Ashneer Grover had made some serious allegations. Ashneer reportedly alleged that Kotak Mahindra Bank turned down his request to invest Rs. 5 billion to invest in the IPO of Nykaa at the “eleventh hour”.
On the other hand, the bank reportedly claims that Ashneer Grover threatening language towards its employees. An audio clip has also gone viral on the social media that claims of Ashneer abusing an employee of the Kotak Mahindra bank.
BharatPe is one of the leading fintech company’s in India. It competes with companies like PayTm and Google Pay. The reports suggest that company is valued at $3 billion.
BharatPe is hoping to file for its first Initial Public Offering (IPO) in the next 18 months. Tiger Global and Sequoia Capital are two of the key investors of BharatPe.