BharatPe founder Ashneer Grover’s wife Madhuri Jain Grover was fired from the company on grounds of financial irregularities and also cancelled the stock options she had in the company. The board members also ordered an external audit on her misconduct in the company. A spokesperson of the company confirmed her termination and said, “We can confirm that services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement.”
Board members of BharatPe found out that Madhuri used company funds to finance her beauty treatments, bought electronic items for her house. She also sponsored her family trip to Dubai and US. She also produced fake invoices and paid salary of her personal staff from the company accounts. The sources of PTI revealed the news. Asneer Grover, who is one of the co-founders of the company is on voluntary leave and has denied the allegations.
After Madhuri got fired she took on twitter and lashed out at board members of the company of doing ‘drunken orgies’ and ‘smoking’ in the office. She also accused the board of ‘snatching’ the company that Ashneer built single handedly.
Co-founder Ashneer Grover came in wrong news after he threatened an employee of Kotak Mahindra Bank for not clearing his loan request to invest in IPO of beauty giant Nykaa. The bank employee told that Ashneer used foul language and threatening words. An audio clip of the call also surfaced online in which Ashneer was clearly threatening and shouting on the employee of Kotak Mahindra Bank.
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PTI reported about an internal mail that says, “There are a couple of more serious allegations, which the review is still substantiating… We expect the review partners (consultants) to share an interim report with the Board in a couple of weeks.” BharatPe competes with Paytm and Google Pay in digital payment market in India and is looking forward to launch its IPO in a year. Tiger Global and Sequoia Capital are one of the leading investors in the company.