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BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding

Inc42Inc42 · 1y ago
BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding
Medial

Former BharatPe MD and co-founder, Ashneer Grover, has written a letter to the Reserve Bank of India (RBI) requesting an investigation into the shareholding of the fintech unicorn. Grover has accused BharatPe of deliberately "defrauding" the RBI by bringing back Bhavik Koladiya to the company's cap table after securing licences. Grover has demanded that all of BharatPe's licenses be revoked if the company is found guilty, and he also calls for penalties and blacklisting of the venture firms associated with the startup. Additionally, Grover alleges that BharatPe co-founder Shashvat Nakrani transferred shares to Koladiya for free. BharatPe has raised over $650 million in funding from investors such as Peak XV Partners, Ribbit Capital, and Steadview Capital.

Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications

Economic TimesEconomic Times · 1y ago
Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications
Medial

Ashneer Grover, former MD of BharatPe, has written to the Reserve Bank of India (RBI), requesting an investigation into the shareholding of the Peak XV-backed company. Grover alleges that BharatPe knowingly "defrauded" the RBI by bringing back Bhavik Koladiya, previously convicted of wire fraud in the US, to the company's cap table after securing licenses. Grover questions if Koladiya's presence during the license application would have affected BharatPe's eligibility for a stake in Unity Small Finance Bank or acquiring Liquiloans. He demands revocation of licenses, banning of directors, blacklisting of associated venture firms, and monetary penalties if found guilty.

Byju’s was in need of an experienced guide: ex-SBI chief Kumar

LivemintLivemint · 1y ago
Byju’s was in need of an experienced guide: ex-SBI chief Kumar
Medial

Former State Bank of India chairman Rajnish Kumar, who advises edtech firm Byju's, shared insights on the company's priorities and the need to address governance issues. He emphasized the importance of reducing cash burn, settling the term loan, and focusing on growth. Kumar also discussed his advice for ambitious young entrepreneurs, highlighting the significance of transparency, integrity, and experienced guidance. Regarding BharatPe, a fintech company where Kumar serves as chairman, he mentioned that governance and compliance issues have been addressed, and the focus is now on profitability. Kumar also commented on the undervaluation of SBI and the challenges banks face in raising current account and savings account (Casa) deposits.

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