Ashneer Grover is no longer an employee, a founder, or a director of Resilient Innovations because of his misdeeds, according to a statement from the company on Wednesday.
Resilient Innovations is the company that runs BharatPe, which was valued at $2.8 billion in August 2021.
“The Grover family and their relatives engaged in extensive misappropriation of company funds,” the BharatPe statement said, “including creating fake vendors, through which they siphoned money away from the company’s account and grossly abused company expense accounts to... fund their lavish lifestyles.”
The BharatPe statement followed the board’s meeting on Tuesday evening to discuss the findings of a governance review of its practices.
On March 2, in response to BharatPe’s statement, Ashneer issued a statement, which says he is "appalled at the personal nature of the company’s statement, but not surprised". "It comes from a position of personal hatred and low thinking,” Ashneer countered.
Ashneer highlighted the secondary stake sale transactions amounting to $12 million he had undertaken with BharatPe investors in the funding rounds. Read more.
The Interview
How to position yourself and put your best foot forward to potential investors? Watch this insightful interview on ‘The nuances of fundraising for aspiring unicorns.’ featuring Ashutosh Sharma, Head of Investments, India, Prosus Ventures.
Editor’s Pick: Singhi Advisors
Mahesh Singhi started his entrepreneurial journey after quitting his job 30 years ago. His Mumbai-based investment banking firm Singhi Advisors has advised over 100 transactions valued at over $4.2 billion, covering 18 sectors across 20 countries. Read more.
Startup Spotlight
Solving healthcare connectivity barriers in remote areas
Vikram Singh Meena, Founder of drone delivery startup TechEagle, grew up in a small, disconnected village called Kishanganj in the Tonk district of Rajasthan.
Growing up in a village with poor road connectivity, Vikram saw his family and the larger community suffer due to want of access to better medical facilities. Losing loved ones to snake bites and accidents, Vikram was determined that this is a problem he would solve one day.
And he did solve this by founding Gurugram-based TechEagle in 2015, which manufactures long-range, high speed, heavy payload delivery drone solutions. Read more.
News & Updates
- Cloud kitchen company Kitchens@ has acquired Delhi-headquartered Kitchens Centre in a share swap agreement. Investors in Kitchens Centre, including Village Global and AngelList India, will be given equity in the merged entity under the Kitchens@ brand, said a senior executive.
- Gurugram-based home services marketplace Urban Company has announced a Partner Stock Ownership Plan (PSOP), under which it will award stocks worth Rs 150 crore to thousands of its service partners over the next 5-7 years.
- Fintech is expected to be the most active sector in raising debt followed by consumer and agritech, as per a survey conducted by Stride Ventures, a leading venture debt firm in India.
- MeitY Startup Hub, an initiative of the Ministry of Electronics and Information Technology (MeitY), and Google announced a cohort of 100 Indian early to mid-stage startups as it aims to help build high-quality global apps and games as part of the Appscale Academy.
- Rohan Verma, CEO and Executive Director of Indian mapping startup MapmyIndia, has urged everyone to be Aatmanirbhar, and use Indian maps and navigation systems.
Before you go, stay inspired with…
Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of the Tata Trusts.
“Don’t just have a career or academic goals. Set goals to give you a balanced, successful life.”
— Ratan Tata, Chairman Emeritus, Tata Sons
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