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BharatPe co-founder Ashneer Grover set to re-enter fintech with ZeroPe app
Money Control
·
1y ago
Medial
Ashneer Grover, co-founder and former managing director of BharatPe, is re-entering the fintech industry with a new app, ZeroPe. Developed by his company Third Unicorn, ZeroPe is currently in testing and aims to provide instant pre-approved medical loans up to Rs 5 lakh. These loans are offered in partnership with Delhi-based NBFC Mukut Finvest and are available at partnered hospitals.
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Need medical loan? Ashneer Grover's ‘ZeroPe’ app making waves in fintech again!
Livemint
·
1y ago
Medial
BharatPe co-founder Ashneer Grover is launching a new fintech app called 'ZeroPe', aimed at providing hassle-free medical loans. The app is currently in testing mode and will offer instant pre-approved medical loans of up to ₹5 lakh. To avail the service, customers can complete the KYC process and choose a partner hospital where the loan is applicable. The app will also help users monitor their EMIs and payments. India's digital healthcare market is projected to generate $37 billion by 2030, according to a joint report by B Capital and Boston Consulting Group.
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BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding
Inc42
·
1y ago
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.
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Ashneer Grover Launches Lending Tech Platform ZeroPe
Inc42
·
1y ago
Medial
Ashneer Grover, former MD of BharatPe, has launched another venture called ZeroPe, a lending tech startup that will offer medical loans up to INR 5 lakh to end customers, in partnership with Delhi-based NBFC Mukut Finvest. This comes amid legal battles between Grover and BharatPe, with allegations of financial irregularities. The Indian digital consumer lending market is projected to exceed $720 billion by 2030, presenting a substantial market opportunity. ZeroPe will compete with established players like HDFC Bank and Bajaj Finserve, as well as other startups in the healthcare financing ecosystem.
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BharatPe Ashneer Grover, wife to appear before EOW for questioning today
Livemint
·
1y ago
Medial
BharatPe co-founder Ashneer Grover and his wife Madhuri Jain are set to appear before Delhi Police's Economic Offences Wing (EOW) for questioning regarding an alleged fraud of ₹81 crores at the fintech unicorn. The EOW has accused them of using backdated invoices to divert funds and has invited the couple for questioning on November 21, 2023. In response to a complaint filed by BharatPe, the EOW initiated the investigation, and Grover had recently quoted that the investigation is at an initial stage.
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Ashneer Grover's allegations frivolous, attempts to malign us: BharatPe
Business Today
·
1y ago
Medial
Fintech company BharatPe has responded to allegations made by former co-founder Ashneer Grover, calling them baseless and an attempt to tarnish the company's reputation. In a letter to the Reserve Bank of India, Grover claimed that BharatPe engaged in fraudulent activities by including a convicted fraudster in its ownership structure during the license application process. BharatPe maintains that it has a strong board and prioritizes governance and transparency. The company intends to pursue legal action against Grover. BharatPe is a joint-venture partner in Unity Small Finance Bank and has received in-principle approval for its payments aggregator business.
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Ashneer Grover's allegations frivolous, attempts to malign us: BharatPe
Business Today
·
1y ago
Medial
Fintech company BharatPe has dismissed allegations of fraudulent activity made by former co-founder Ashneer Grover. Grover claimed that the company intentionally engaged in fraud by bringing back a convicted individual to its ownership structure in order to secure licences. BharatPe has called the allegations baseless and a means to malign the company, stating that it will continue to pursue legal action against Grover. The company also emphasised its commitment to transparency, governance and building a sustainable business. BharatPe is a joint-venture partner in Unity Small Finance Bank and has received in-principle approval from regulators for its payments aggregator business.
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BharatPe fraud: EOW spots date discrepancies
Livemint
·
1y ago
Medial
An investigation by the Delhi Police's Economic Offences Wing (EOW) has found that recruitment firms associated with BharatPe co-founder Ashneer Grover and his family used backdated invoices to embezzle funds from the fintech unicorn. The EOW report revealed that several HR consultancy firms hired by BharatPe shared the same registered address with the accused family members and relatives, and submitted invoices with bank account numbers that were not open at the time. The investigation is ongoing, and BharatPe had previously filed a criminal complaint against Grover and his family members for a ₹81.28 crore fraud.
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Ashneer Grover, wife urge Delhi HC to quash FIR following settlement with BharatPe
Economic Times
·
10m ago
Medial
- Fintech firm BharatPe and its former co-founder Ashneer Grover have settled their disputes in an alleged Rs 81 crore fraud case. - Grover and his wife, Madhuri Jain Grover, have urged the Delhi High Court to quash the FIR filed against them, citing a settlement agreement. - The court has granted time for the submission of an affidavit in compliance with the settlement agreement and listed the matter for further hearing on October 8. - All disputes between complainant Resilient Innovations Pvt Ltd, BharatPe, and the accused parties have been settled, according to senior advocate Mohit Mathur. - The accused parties seek the quashing of the FIR registered by the Economic Offences Wing of the Delhi Police under multiple provisions of the Indian Penal Code. - BharatPe alleges that Ashneer Grover and his family caused damages through illegitimate payments, inflated transactions, forged invoices, and destruction of evidence.
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Ashneer Grover hits out at former SBI Chairman Rajnish Kumar
Livemint
·
1y ago
Medial
Former BharatPe co-founder and managing director, Ashneer Grover, criticized former SBI Chairman, Rajnish Kumar, accusing him of delivering nothing and hiding behind deflection. Grover referred to the alleged failure of Kumar at SBI, resulting in $8 billion value destruction, and claimed he led BharatPe to a $3 billion write-off. The public dispute between Grover and CapitalMind CEO Deepak Shenoy followed reports of an investigation into Grover for alleged fund diversion.
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BharatPe gets fresh notice from MCA
Economic Times
·
1y ago
Medial
BharatPe, the digital payments company, has received a notice from the Ministry of Corporate Affairs (MCA) over an ongoing inquiry into its operations and the proceedings against co-founder Ashneer Grover. The ministry has also raised questions about the findings of a status report filed by the Delhi Police's Economic Offences Wing regarding financial irregularities at the company. This notice comes amid increased scrutiny on fintech companies by regulators. BharatPe has confirmed receiving the notice and stated that it is cooperating with the authorities. The company is also involved in a legal dispute with Grover over alleged embezzlement of funds.
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