BharatPe co-founder Ashneer Grover goes on voluntary leave amid controversy
What's the story
e, the co-founder and Managing Director of fintech company BharatPe, on Wednesday said he has taken a voluntary leave until the end of March 2022.
In his absence, the company will be led by its CEO Suhail Sameer, according to an official statement.
The development comes amid a feud between Grover and the Kotak Mahindra Bank.
Context
Why does this story matter?
Grover will be away from work for over two months, amid a controversy involving him and the Kotak Mahindra Bank.
In a viral audio clip that surfaced earlier this month, Grover and his wife could be allegedly heard abusing a Kotak employee.
On January 9, the Mumbai-based bank said it would pursue legal action against Grover and his wife, Madhuri, over the abusive call.
Statement
BharatPe issues statement on Grover's leave
"For now, the Board has accepted Ashneer's decision which we agree is in the best interests of the company, our employees and investors, and the millions of merchants we support each day," BharatPe said in a statement.
The firm "will continue to be ably led by our CEO Suhail Sameer and our strong management team," the statement added.
Background
Grover earlier claimed audio clip was fake
The abusive call was related to Grover's allegation that the bank failed to secure finance and allocation of shares in Nykaa's Initial Public Offering (IPO).
He had reportedly sought Rs. 500 crore in damages.
Soon after the audio clip surfaced, Grover had issued a statement on Twitter claiming it was fake.
He, however, later deleted that tweet.
Company
Not the first controversy involving BharatPe
In the past, the company has been involved in a legal battle with PhonePe over the use of the "Pe" term.
BharatPe—founded in 2018—offers financial services and products to more than 75 lakh merchants across 150 cities.
It has so far raised over $650 million in equity and debt, and its investors include Tiger Global, Dragoneer Investment Group, and Steadfast Capital, among others.