Grover’s departure comes after two months of high drama, which began when an audio tape of him assaulting a Kotak employee appeared online.
BharatPe’s co-founder and managing director, Ashneer Grover, has left the firm. “I therefore resign as the managing director of BharatPe, effective immediately,” Grover said in an email to the company’s board on Tuesday at midnight. I also resign as a member of the Board of Directors. I will remain the company’s single largest individual shareholder.”
“I write this with a sad heart since today I am being forced to bid adieu to a firm of which I am a founder,” Grover stated in his letter.” He stated that he has been the victim of “baseless and targeted assaults on him and his family by a few individuals” since the beginning of this year.”
His departure comes after two months of intense drama, which began when an audio tape of him assaulting a Kotak employee appeared online. Grover described the entire affair as a “war of egos,” saying he is now wasting his time “fighting a lengthy, lonely struggle” against his own investors and management.
He further wrote, “The fundamental fact is that all of you as investors are so far removed from reality that you’ve forgotten what real businesses look like. Your outlook towards BharatPe has been limited to the small window on your Zoom Meetings application, far removed from the sweat of the brow that goes into making BharatPe the business leader that it is.”
“None of you, including the ones based in India, have ever been to our office even once, since the pandemic turned our lives upside down and sought to suffocate the economy. Not even once. Not Micky. Not Harshjit. Not Mohit. Not Teru San. Not Rahul. Not Deven. No one. None of you even turned-up despite an invitation for the inauguration of our new office. This is how connected you are to BharatPe.”
“Your views of businesses and problems on the ground are so colored by the windows of the Ivory Tower in which you all reside that you have no connect whatsoever with the human element of the business. It is sad that you have even lost touch with the Founder. You’ve lost touch with me. For you, the Founder of this company has been reduced to a button to be pressed when needed. I cease to be a human for you,” he stated.
Grover claims that the investor’s formula for getting rid of a “unwanted founder” is to make them the “villain of the piece,” which is exactly what has happened in his situation by invoking SHA, putting him on leave under the guise of a governance inquiry, and firing his wife. “You were quite pleased to exploit my personal network when you needed it but today, I’m being attacked and humiliated in the most disgusting way.”
“You treat us Founders as slaves – pushing us to build multi-billion-dollar businesses and cutting us down at will. I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again. Unfortunately, I refuse to walk that path and refuse to tolerate this continuous and shameful vilification of me and my family. I have been the one who founded this company and built it up to its enviable position today, no wonder you want to oust me for your vested interests,” he added.
Grover further stated that the firm will be unable to “identify a single instance of misconduct.” “in opposition to him “I am leaving you with this task,” he wrote at the end of the letter. Build even half of the value I’ve built so far, and I’ll leave you with three times the monies I’ve spent so far.”
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