BharatPe, CEO Ashneer Grover an Indian brand that helped millions of people to carry out a day-to-day task very easily by introducing digital payment methods. The company’s valuation is around 6 Billion $ and is a unicorn in the Indian start-up industry.
How BharatPe impacted a huge number of audience?
BharatPe was introduced in the Indian market in 2018, co-founded by Ashneer Grover andSahshvat Nikarni. Before BharatPe, many fintech companies such as Paytm, PhonePe, Google pay were in the market before the corona crisis. But the issue was all companies was having a large number of customers in the market. For convenience, a seller has to put every barcode at the shop and has to manage accounts of various payment companies. BharatPe saw the big gap in the digital payment method and introduced a single QR code for all payment options. This helped sellers to maintain only one account for all their digital payments and not many accounts of various companies.
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The concept was supported by the Indian Government by introducing the UPI method for digital transactions. Soon the BharatPe valuation crossed the mark of 1 Billion $ and became the unicorn in very less time.BharatPe has raised over 600 million$ as equity and debt.
Ashneer Grover is one of the founders of BharatPe. The controversy is around him, his wife, and Kotak Mahindra bank. Ashneer claims that he wanted to invest around 1-2cr in the IPO of Nykaa which is a cosmetic brand whose IPO was launched a few weeks back and broke many records and all investors gained around 4-5x their amount. Obviously, Ashneer wanted to invest in that IPO. He appointed Kotak Mahindra bank to manage his accounts and to invest his money in the IPO of Nykaa, but due to some mismanagement, Kotak Mahindra missed the IPO. Ashneer has sent a legal notice for compensation but Kotak Mahindra is clear on the statement that no mismanagement has happened in the organization.
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After that Ashneer’s call recording with an employee of Kotak Mahindra Bank got viral in which we can hear ashneer is abusing the employee in a very bad manner. After the call recording got viral, Ashneer tweeted about it and called it fake . But after a few hours he deleted that tweet.
The management of BharatPe is asking for resignation from Ashneer Grover over the all controversy but Ashneer is asking for 4000 Cr Indian rupees as he owns the stake of 9% in the company. After the controversy sparks out, ashneer and his wife has been sent to 2 months holiday.
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