Ashneer Grover - Entrepreneur Profile | Business Upturn

BharatPe announces settlement with former co-founder Ashneer Grover

Aditya Bhagchandani — Mon, 30 Sep 2024 02:53:59 +0000

BharatPe has announced reaching a definitive settlement agreement with its former co-founder Ashneer Grover. As part of this settlement, Mr. Grover will no longer be associated with the company in any capacity, including shareholding. A portion of Grover’s shares will be transferred to the Resilient Growth Trust for the benefit of BharatPe, while the remaining shares will be managed by his family trust.

Both BharatPe and Ashneer Grover have decided to withdraw the legal cases filed against each other, concluding their disputes. In its official statement, BharatPe conveyed good wishes to Mr. Grover and reaffirmed its commitment to delivering industry-leading solutions to merchants and customers, focusing on growth and profitability.

“We wish Mr. Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers driving growth with profitability,” the statement concluded.

Shark Tank India fame Ashneer Grover threatens to sue comedian Aashish Solanki for roasting him – Deets inside

Shukrta Vaigankar — Mon, 20 May 2024 13:03:48 +0000

After making an appearance on the first season of Shark Tank, Ashneer Grover gained widespread recognition. With his satire and harsh assessments of the competitors in comparison to his fellow judges on the show, Ashneer attracted attention.

The business magnate’s one-word, “aukaad,” also gained immense popularity, inspiring other memes. A comedian recently ridiculed Ashneer, who rose to fame and popularity on Shark Tank, for making fun of the business mogul over his appearance on the show.

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A post shared by Ashneer Grover (@ashneer.grover)

Ashneer has taken exception at this ridiculing and roasting, threatening to sue the comedian and demanding that the video of him being mocked be taken away from the internet.

The Comicstaan 3 winner, Aashish Solanki, is a comedian. He posted a video on Instagram of himself getting into a legal battle over it.

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A post shared by Aashish Solanki (@ashishsolanki_1)

In the video, Aashish makes a subtle jab at Ashneer, saying, “TV pe log talent dikhane jaate hai, ye aukat dikha ke aa gaya. Samajh gaye kiski baat kar raha hoon main? Apni company se kaun nikala jata hai yaar.”

Ashneer Grover has reportedly threatened to sue the comedian if this video is not removed because it hasn’t gone over well.

Aashish wrote on his social media, “The response of previous episodes led us to believe our audiences were ready for roast humour. However, it seems that some, especially those in power, are not quite there yet. Thank you for your understanding and continued support. Stay tuned for the next episode, coming soon! Love, Aashish.”

Following this discovery, the internet has become divided, with some criticising Ashneer for being a spoilsport.

Ashneer Grover takes a jibe at Anupam Mittal & low TRP ratings of Shark Tank’s season 3- Read inside

Sheetal Choudhary — Tue, 27 Feb 2024 14:13:49 +0000

Ashneer Grover, founder of BharatPe was also a crucial part of the Shark Tank India show. His appearance in the first season was highly enjoyed by the audience. Ansheer’s candid responses and comments enticed viewers to watch more of him.

BharatPe’s founder recently attended the annual fest of Thapar Institute of Engineering & Technology. During the event, Ashneer took a jibe at Anupam Mittal and the low TRP ratings of the show. The video was uploaded by a student on X and it went viral in no time.

Watch the video:

Click here to watch the video

Ashneer, while addressing the crowd stated, “Mittal saab ki na umar ho rahi hai. Dusra, gussa wala chala gaya. Ye toh fact hain na, galat toh kuch nahi bola Mittal saab ne us tarika se. Chala gay, tum sab toh thande hi ho sab. Tabhi toh pehle season ka TRP dekh lo aur second, third season ka TRP dekh lo. Sab pata lag jayega.”

He further added by saying, “Jo pehle season main chala gaya woh tha GOAT. Aur tum sab teesre season mein bhi audition hi kar rahe ho shark banne ki.

Ashneer Grover is known for his bold personality and straightforward views. This is not the first time that he has taken a jibe at the Shark Tank show. Last year in November, he shared the teaser of Shark Tank India 3 and captioned, “Shark Tank 3 is ‘audition’ of sharks for Shark Tank 4 ! Life mein ek lesson hai – don’t change and make unnecessary problem of something which is already solved. Wish quantity solves for quality!”

Shark Tank India season 3 is currently streaming on Sony Liv. The show premieres at 10 pm from Monday to Friday.

BharatPe former MD Ashneer Grover and wife detained at airport

Mahita Jain — Fri, 17 Nov 2023 13:17:21 +0000

In a recent development, Ashneer Grover, the former managing director at BharatPe, and his wife Madhuri Jain were stopped at the Indira Gandhi International Airport while en route to New York. This move comes in light of an ongoing investigation into alleged fraud at BharatPe, prompting the issuance of a lookout circular (LoC) earlier in the week by the Economic Offences Wing (EOW).

Sindhu Pillai, Joint Commissioner of Police (EOW), confirmed that the couple was detained before security checks and directed to return to their Delhi residence. They have been requested to join the probe at the EOW office at Mandir Marg next week. Pillai clarified that the LoC was issued to prevent the couple from traveling abroad, emphasizing that they have not been formally arrested as of now.

In December 2022, BharatPe filed a criminal complaint against Grover, his wife, and her family members, accusing them of orchestrating a ₹81.28 crore fraud. One of the allegations involves ₹7.6 crore purportedly paid by BharatPe to eight HR consultants associated with the accused individuals between 2018 and 2021.

The detention of Ashneer Grover and his wife adds another layer of complexity to the situation, underscoring the need for a thorough and impartial investigation to uncover the truth behind the accusations leveled against the former managing director and his associates.

In a statement addressing the recent events at the airport through a tweet, Ashneer Grover shared his surprise at being stopped, stating that he hadn’t received any communication or summons from the EOW since the FIR in May until 8 AM on the morning of the 17th. He clarified his intent to travel to the US from November 16 to 23 and expressed confusion over the sudden LoC hindering his departure, highlighting his past international travels post the FIR without issue. Despite the flight’s departure, EOW directed immigration to allow their exit, and Grover noted the morning summons received at home, assuring cooperation. He dismissed any dramatics, mentioning the process to remove the LoC, emphasizing he’s not a flight risk and expressing readiness to prove it. Grover concluded with a resilient tone, acknowledging ongoing rumors and suggesting not to declare him ‘gone’ until the matter unfolds properly.

Ashneer Grover’s startups: Ventures funded by popular entrepreneur

Vanshika Lodhi — Mon, 11 Sep 2023 10:05:00 +0000

Popular entrepreneur Ashneer Grover rose to fame post his appearance on Shark Tank India 1 as one of the Sharks. The businessman known for his witty replies became an internet sensation and also collaborated with multiple social media influencers which further gained him popularity. One of his best known startup is BharatPe, however, there are other startups he funded, in which we shall look today.

Ashneer Grover’s Biography

Ashneer Grover is a famous businessman in India. He is known for being an investor on the TV show, Shark Tank India. He was born in Delhi, India.

He studied civil engineering at IIT Delhi and then did his MBA in Finance at the Indian Institute of Management, Ahmedabad. He started his career at Kotak Investment Banking and then worked at American Express and Grofers.

In 2018, he started a company called BharatPe with Shashvat Nakrani and Bhavik Koladiya. BharatPe is a popular platform in India for online money transactions. It is used by small shop owners across India.

Ashneer’s wife, Madhuri Grover, also works at BharatPe. She takes care of HR, finance, and other things in the company. They have two kids.

Ashneer had to leave his position as the managing director of BharatPe because of some controversies. But, his work in the fintech industry in India is still very important. His story is an inspiration for many people who want to start their own business.

List of Starups Funded by Ashneer Grover (season-1)

Ashneer Grover, who started BharatPe, was one of the investors on the TV show Shark Tank India. He put money into 21 start-ups in the first season of the show, totaling ₹5.383 crore. He invested in companies like BluePine Industries, Event Beep, Hair Originals, The Yarn Bazaar, Revamp Moto, Skippi Ice Pops, Nomad Foods, In A Can, and Tagz. Most of his investments were in companies that make food and drinks. People say that Grover’s way of investing is different and that he likes to make profits from habits.

BluePine Industries

BluePine Foods, a purveyor of frozen momos, successfully negotiated a deal on Shark Tank India. Initially, they proposed an investment of ₹50 lakhs in exchange for a 5% equity stake in their company. Following discussions, they managed to secure a more substantial investment of ₹75 lakhs, giving up a slightly larger equity stake of 16%. This investment came from Sharks Ashneer Grover, Vinita Singh, and Aman Gupta.

Booz scooters

Booz, South Asia’s first app-based electric scooter, was pitched by founder Rutvij Dasadia on Shark Tank India. He sought ₹40 Lakhs for 15% of the company. Sharks Vineeta Singh & Ashneer Grover invested the asked amount but for 50% of the company.

Tagz Foods, a popped potato chips brand, was presented to the Sharks on Shark Tank India by its founders Anish Basu Roy and Sagar Bhalotia. During the show’s first season, they were able to secure funding from Sharks Namita Thapar and Ashneer Grover. Ashneer Grover, co-founder & MD of Bharat Pe and a Shark Tank India investor, invested ₹70 lakhs for an overall equity of 2.75 percent in the company.

Raising Superstars

Raising Superstars, a child development app, secured a deal on Shark Tank India. Founders Raghav and Shraddha Himatsingka initially asked for ₹1 crore for 2% equity. Sharks Ashneer and Aman invested ₹1 crore for 4% equity, doubling the initial equity offer.

Beyond Snack

Beyond Snack, a Kerala-based startup producing healthy banana chips, secured an investment of ₹50 lakhs for 2.5% equity from Shark Tank India. The deal was made with Sharks Ashneer Grover and Aman Gupta. The company aims to make banana chips as popular as potato chips across India.

Motion Breeze

Motion Breeze, an innovative electric motorcycle startup from Vadodara, India, pitched on Shark Tank India. Founders Anantraj and Shivrajsinh Tomar initially asked for ₹30 lakhs for 3% equity. They secured a deal with Ashneer Grover, receiving ₹30 lakhs for 6% equity.

EventBeep

EventBeep, a student community app, pitched for ₹30 lakhs for 2% equity in Shark Tank India. The final deal was made at ₹30 lakhs for 3% equity with Sharks Ashneer, Aman, and Peyush.

The Yarn Bazaar

The Yarn Bazaar, a Mumbai-based B2B marketplace for the textile industry, initially asked for ₹50 lakhs for 2% equity on Shark Tank India. However, the final deal was closed at ₹1 crore for 10% equity with Sharks Anupam Mittal, Peyush Bansal, Ashneer Grover, and Aman Gupta.

Bamboo India

Bamboo India, co-founded by Ganesh Balakrishnan, pitched in Shark Tank India seeking ₹75 lakhs for 3% equity at a valuation of ₹25 Crores. The company’s products are made from sustainable materials like banana fiber, linen fiber, and bamboo. The final deal was made at ₹50 lakhs for 3.5% equity and ₹30 lakhs debt with Ashneer and Anupam.

Find Your Kicks India

Find Your Kicks India, a reseller aggregator platform for sneakers, made an impressive pitch on Shark Tank India. The young founders, Simardeep Singh, Harshdeep Singh, and Danish Chawla, secured an “All Shark Deal”. They initially asked for ₹50 lakh for 10% equity, but after negotiations, they agreed to ₹50 lakh for 25% equity.

AAS Vidyalaya

AAS Vidyalaya, an edtech startup founded by Vikas Kakwani and Leena Kakwani, pitched their vision of making education accessible to all, on Shark Tank India. They initially asked for ₹1.5 crores for 3% equity. However, they secured a joint investment of ₹1.5 crores from Peyush Bansal, Namita Thapar, and Ashneer Grover for a 15% stake.

Otua

Otua, a commercial logistic electrical vehicle manufactured by Dendera Technologies Pvt Ltd, pitched their vision on Shark Tank India. The founders, Kanav Manchanda and Khitij Bajaj, initially asked for INR 1 crore for 1% equity. However, they secured an investment of ₹1 lakh for 1% equity and ₹99 lakhs as debt at 12% interest for five years from Shark Ashneer Grover.

WeSTOCK

WeSTOCK, a health monitoring AI by Brainwired, pitched their product on Shark Tank India. The founders initially asked for ₹50 lakhs for 5% equity. However, they secured an investment of ₹60 lakhs for 10% equity from Sharks Ashneer, Namita, Aman, and Peyush.

IN A CAN

IN A CAN, a unique venture offering ready-to-drink cocktails in a can, made a successful pitch on Shark Tank India. Captivating the Sharks with their innovative idea, they secured an investment of ₹1 crore in exchange for a 10% equity stake, original ask was ₹50 lakhs 2% equity.

Get a Whey

Get a Whey, a health-conscious ice cream brand, secured a deal on Shark Tank India. The founders pitched their protein-rich, low-fat ice cream and won an investment of ₹1 crore for a 15% equity stake from Sharks Aman Gupta, Ashneer Grover, and Vineeta Singh. The original ask for Get a Whey was ₹1 Crore for 8% equity.

Hair Originals

Hair Originals, a hair extension and wigs platform, raised ₹60 lakhs for 4% equity on Shark Tank India from 3 Sharks – Ashneer Grover, Anupam Mittal, and Peyush Bansal. The original ask was ₹60 lakhs for 2% equity. The company deals in ethically acquired, real human hair extensions and wigs. The funding will be used for AI integration and D2C expansion.

Tweek Labs

Tweek Labs is a motion capture sensors startup that was featured on Shark Tank India. The founders, Anant Sharma and Shwetank, originally asked for ₹40 Lakhs in exchange for 2% equity, valuing the company at ₹20 Crore. However, they ended up raising ₹60 Lakhs for 10% equity from investors Ashneer, Anupam and Peyush.

Proxgy

Proxgy, a startup that creates innovative products like smart safety helmets, was featured on Shark Tank India. Founders Pulkit Ahuja and Inder Singh initially asked for ₹35 Lakhs for 1% equity, valuing the company at ₹35 Crores. They secured an investment of ₹1 Crore for 10% equity from Ashneer and Peyush.

Nomad Food Project

Nomad Food Project, a startup that creates unique bacon thechas and relishes, was featured on Shark Tank India. Founders Aditya Rai and Advaith Inamke initially asked for ₹40 Lakhs for 10% equity, valuing the company at ₹4 Crores. They secured an investment of ₹40 Lakhs for 20% equity from Ashneer, Vineeta, Namita and Ghazal.

Jain Shikanji

Jain Shikanji, a popular North Indian brand known for its lemonade, pitched on Shark Tank India. Founder Anubhav Jain initially asked for ₹40 Lakhs for 8% equity, valuing the company at ₹5 Crores. However, he secured an investment of ₹40 Lakhs for 30% equity from investors Aman, Vineeta, Ashneer and Anupam.

Ashneer Grover’s “advice” to startup CEOs as online gaming subject to 28% GST

Avinash Ram — Wed, 12 Jul 2023 17:10:14 +0000

On gambling sites, casinos, and horse racing, the Goods and Services Tax Council decided to impose a 28% tax on the whole face value of the transactions. Ashneer Grover, the co-founder of BharatPe, and other members of the online gaming community were highly disappointed by the decision. As he escalated his criticism of the government, he said that it was time for company owners to run for office and be heard.

“Rest in peace, Indian real money gambling business. If the government believes that individuals would put in Rs 100 to play on Rs 72 pot entry (28% Gross GST), and if they win Rs 54 (after platform fees), they will pay 30% TDS on that — for which they will receive a free swimming pool in their living room come the first monsoon — that is not going to happen. According to Grover’s tweet.

The fantasy game business, which is currently dead, was enjoyable to be a part of. During this monsoon, $10 billion was lost. Otherwise, this will happen in sector after industry, therefore it’s time for startup founders to become involved in politics and be heard, “he continued. Grover. In April of this year, Grover released his own fantasy game platform, called Crickpe. Users may build a virtual cricket team in the game using the players’ existing forms. Depending on how those cricketers perform in actual matches, the players can then receive points and cash rewards. The council claims that there should be no distinction between a “game of skill” and “game of chance”; this eliminates a loophole that permits fantasy sports businesses to claim that their offers are skill-based.

Grover continues to strike :
According to him, he would adore it if the government implemented a 28% GST and a 20% TCS on land transactions.
“I really enjoy India! amazing irony Uncles puffing on cigarettes while drinking their beverages, boasting about how they got their money via land speculation, making plans for their next trip to a casino in Macau, and making judgements about how internet gambling is ruining the youth, the author said.

Grover escalated his criticism of the BCCI by asking why the cricket body was permitted to take Dream 11 (a well-known fantasy game with a similar premise to the Crickpe).
“Also, why is internet gaming being judged now? Everyone has backed internet gaming, including Sourav Ganguly, MS Dhoni, and Virat Kohli. Why did the Indian public, government, and BCCI not object to all cricket players endorsing? Why was Dream 1 permitted to serve as the BCCI’s title sponsor? Doglapan hai, Sab The only reality is that tech entrepreneurs are unnecessary, he said.

Ashneer Grover criticizes PharmEasy’s plan to raise $300 million, calls it ‘The end’

Adesh Dixit — Thu, 06 Jul 2023 16:11:52 +0000

Entrepreneur and Former BharatPe co-founder Ashneer Grover has been vocal about his share of criticism towards PharmEasy’s plan to raise $300 million. The former judge in the popular reality show Shark Tank India has asserted that the development to rise funds would mean “The end” for the stakeholders.

He said that a ‘down round’ with a combination of ‘anti-dilutive clause’ would result in “sudden death” of the founders.

PharmEasy is aiming to raise $300 million in the latest round of funding when it is facing a whopping 90% market down. Ashneer in his tweet explained, “Anti-dilutive clause will kick-in, meaning VC investors who invested in the company at more than Rs 5 per share ever will get more shares so their holding cost comes to Rs 5 per share. Simply even last round VC investors who invested at Rs 55 per share will get 10x more shares for free so their holding comes to rs 5 per share. Everyone BUT the founders and employees!”

As per a TechCrunch report, PharmEasy is in talks to raise new capital in order to pay their lender Goldman Sachs. The company previously borrowed close to $285 million to close off their earlier debts in 2022. This lead to Thyrocare owning majority stake in PharmEasy at $600 million.

Ashneer Grover further warned, “Founders plus ESOP holding will become 0.001% of some similar faction! Debt taken in 2021 will turn out to be the most expensive capital raised by the founders ever”.

FIR filed against Ashneer Grover and his family for Fraud of Rs 81.28 crore

Anushka Brahma — Thu, 11 May 2023 11:15:46 +0000

This Wednesday, the Economic Offences Wing (EOW) filed an FIR against ex-BharatPe managing director Ashneer Grover, his wife Madhuri Jain Grover. They also complained against their family members, including Deepak Gupta, Suresh Jain, and Shwetank Jain.

The FIR is filed against the involved parties under eight sections of criminal offences which consist 409, 420, 467, 120B and many more. The complaint was received at EOW. The inquiry has already started and therr were several allegations levelled against them.

As per the source informed Mint, “From the contents of the complaint and enquiry conducted so far, prima-facie offences punishable under Sections 406/408/409/420/467/468/471/120B IPC (Indian penal code) are made out.”

Ashneer was subjected of five lawsuits within 6 months. Earlier he was caught up in a legal battle with BharatPe after reports of financial irregularities was found in January 2022. As a conclusion, he was thrown from the company.

In December 2022, the Delhi-based entrepreneur filed a criminal FIR against Ashneer and his family with the EOW of Delhi Police, alleging fraud of ₹81.28 crore. He was accused of criminal breach of trust, conspiracy, cheating, forgery and destruction of evidence.

https://twitter.com/gossipstv/status/1656586348072169474?s=48&t=uGO0S1eB6OaNRpDmHsATDw

In the exact month, BharatPe also filed a civil case with the Delhi High Court, demanding over ₹88.67 crore in damages from Ashneer and family under various ground.

Zulfiquar Memon, the managing partner of MZM Legal LLP quoted,”After a detailed complaint was filed with the EOW, a thorough inquiry was conducted with voluminous documents on record. We are glad that cognizance has been taken and an FIR is now registered against Ashneer, his wife and others”.

Aman Gupta shares PICS with Ashneer Grover at a wedding; Fans are loving the reunion

Muskan Moirangthem — Thu, 09 Mar 2023 12:24:03 +0000

Shark Tank India has become a popular TV show, and its episodes never fail to entertain the viewers. Be it heated arguments of the sharks or funny pitches made by the pitchers or any innovative idea, the show always lives up to the expectations of the audience.

After the premiere of the second Season of the show fans were missing the interaction between season 1 judges, but recently Aman Gupta shared a picture that made everyone sit up. At the wedding reception of the OYO Founder, Ritesh Agarwal and Geetansha Sood, Ashneer Grover, former shark of Shark Tank India 1 and also the former MD and co-founder of BharatPe, bumped into Peyush Bansal, CEO of Lenskart and Aman Gupta, Co-founder of boAt Lifestyle.

Aman Gupta shared the photo, where he is seen posing with the newly weds, and guests including Ashneer Grover. He posted the photo and wrote, ” Wishing you a happy married life @riteshagar. Asking on behalf of millions of Indians :- I hope the honeymoon is also at one of the Oyo Rooms.”

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A post shared by Aman Gupta (@boatxaman)

Fans were happy to see the reunion of and expressed their happiness in the comment section. One fan wrote , “Uff Ashneer-aman in one frame!! How much we missed you both”, another fan wrote, “So happy to see ashneer and you together”.

Fans also appreciated Ashneer and Aman for being casual at the ceremony, both were seen wearing casual outfits in the wedding ceremony. One user wrote, “Bas itna ameer banna hai ki billionaire ki shaadi main casuals pehn kr chala jaun” and another user wrote , “Itne bade log dost ko shadi me casual dress me jate h”.

Former BharatPe co-founder Ashneer Grover’s third unicorn launches CrickPe, a fantasy sports app

Aryan Jakhar — Mon, 27 Feb 2023 15:53:17 +0000

According to unnamed sources, former BharatPe co-founder and MD Ashneer Grover and his wife Madhuri Jain have formed a new firm called Third Unicorn, which is targeting the fantasy sports sector with a new app called CrickPe. The software has been in development for four months and will be released in the coming weeks. It is now in closed beta and will be released to the public soon.

CrickPe, a fantasy sports website for cricket lovers run by former BharatPe co-founder and MD Ashneer Grover and his wife Madhuri Jain, could not be independently confirmed. While the website is operational, it appears to be incomplete or a fake version, with placeholders beneath the founders’ names and other data missing. This makes it impossible for Entrackr to establish whether or not this is Grover’s new website.

Ashneer Grover shared some details about Third Unicorn in a LinkedIn post last month, indicating that the company has been constructing a business that would shock the market without the use of VC financing and with a maximum of 50 people. Aseem Ghavri has also joined Third Unicorn as a co-founder, and the new firm will be in the B2C area. Ghavri also mentioned that the business has already begun hiring.

Ashneer Grover, a famous media personality and former co-founder of BharatPe, has formed a new startup called Third Unicorn with intentions to penetrate the B2C industry. CrickPe, a fantasy sports app for cricket aficionados, is now in beta testing.

The venture was created without the assistance of venture capitalists and will employ no more than 50 people. While Grover has lately been in the spotlight owing to his presence on Shark Tank India and his resignation from BharatPe, the Third Unicorn’s performance remains to be seen in a congested fantasy sports industry.

According to the information provided, Grover’s CrickPe appears to be seeking to build popularity by giving significant prizes and employing innovative marketing strategies, such as having cricketers engage with the platform. This is an ambitious attempt to disrupt the market’s major players, but it is unlikely to succeed in luring great cricketers who understand the value they provide to any platform. While many of the businesses on Shark Tank may be inexperienced, most cricketers are well-advised and well-informed.

Ashneer Grover writes to NPCI alleging data theft by Bhavik Koladiya

News Desk — Thu, 09 Feb 2023 10:33:17 +0000

BharatPe’s estranged cofounder Ashneer Grover has accused his fellow cofounder and current CEO of OTPLess Bhavik Koladiya of data theft in an email to the National Payments Council of India and BharatPe’s independent director Kaushik Dutta.

Giving him (Koladiya) an opportunity at redemption at BharatPe, which he abused to do the largest data theft in India to date, was a catastrophic mistake. Bhavik was previously sentenced to 18 months of home arrest and deportation to India after being found guilty of credit card theft in the US. In India, a FIR was also filed against him at the Delhi airport for attempting to use a fake ticket to travel to Gujarat. I’ve attached records of his conviction and a copy of the FIR,” Grover emailed on February 6.

“I vehemently refute Ashneer Grover’s unfounded and untrue accusations. In response to Moneycontrol’s inquiry, Koladiya stated that the accusations were nothing more than an act of rage and retribution on his side following his termination from BharatPe and my current legal case against him in the Delhi High Court.

I take these charges seriously because I care about our users’ security and privacy. However, in this specific instance, there is no need for alarm because Mr. Grover’s assertions are wholly unfounded, Koladiya continued. In response to questions from Moneycontrol, BharatPe stated that it adheres to strong security standards and protects the data of its clients.

“This accusation is nasty and utterly without merit. Customers’ data is fiercely protected by BharatPe, which also adheres to strict security guidelines. Less than 10% of our merchant base uses OTPless, our service provider, and we are totally in compliance with all of our data privacy commitments to our customers and partners, according to BharatPe’s official spokeswoman. Tanmay Sagar, Satyam Nathani, and Koladiya, who were also founding members of BharatPe, departed the company in August 2021 to create OTPLess. Koladiya served as its inaugural CEO. Sagar Satija, Manas Poddar, and Chirag Bhadiyadra are three further former senior BharatPe officials who have joined OTPless.

Grover Vs Koladia

In January 2023, as part of a lawsuit Koladiya brought to recoup shares transferred to Grover, the Delhi High Court summoned Grover and BharatPe. Koladiya left his employment at BharatPe in August of last year while still employed by the company as a consultant. Koladiya had stated at the time that BharatPe was one of his major investments and that he planned to keep a stake in the business for the foreseeable future. Previous press reports claimed that Grover held certain BharatPe shares on Koladiya’s behalf.

In 2017, Koladiya and Shashvat Nakrani co-founded the fintech business. When the company needed a new CEO in 2018, the pair turned to Grover, who they later partnered with.

Shark Tank India 2: “In season 2 the toxicity is out, for good;” Namita Thappar passes a remark on Ashneer Grover

Siddharth Saini — Mon, 09 Jan 2023 11:53:45 +0000

Shark Tank India’s season 02 is going on air since the first Monday of the new year, 2023. It premiered on January 02, 2023. It airs on Sony Tv and its digital sister concern Sony Liv app. This show is an Indian adaptation of an American original show called Shark Tank, which is being telecast on American Broadcasting Company since 2009. The judge in Shark Tank India season 02 are: Peyush Bansal – Co-owner and CEO of Lenskart, a premium eyewear brand in India, Vineeta Singh – Co-owner and CEO of Sugar, a cometic brand in India, Anupam Mittal – owner of Shadi.com, a matrimonial platform, Makaan.com, a real-estate platform and Mauj, a short-video platform, Aman Gupta – Co-owner of Boat, an electronic brand in India and Namita Thappar, executive board of director, Emcure pharmaceuticals and Amit Jain – Owner of Cardekho.

In a very fun-filled interview cum podcast of the sharks with comedians Tanmay Bhat and Rohan Joshi, we see Namita Thappar pass a comment on Ashneer Grover, one of the much loved sharks from season 01 and the co-founder and managing director (MD) of the Indian Fintech company BharatPe.

In a very candid interview over the topic of what can be expected and what’s better in season 02, Namita Thappar remarked, In season 2 the toxicity is out, for good.” This was followed by a lot of hooting and Tanmay Bhat joked, “Ranvijay ke bare mein aise mat bolo yaar.” Which obviously led everyone to guffaw.

Shark Tank India 2: Did Ashneer Grover build Sony a franchise worth INR 10,000 crore? Read on to know

Siddharth Saini — Thu, 05 Jan 2023 12:04:18 +0000

Shark Tank India premiered its season 02 earlier this week on the first Monday of 2023 on January 2, 2023. Shark Tank India is an adaptation of the original American show of the same name, Shark Tank which has been airing and telecasting and broadcasting in The United States of America since 2009 on American Broadcasting Company.

Season 01 of the show on Sony Tv did a good job. A lot of memes and mimicry was seen on social media at the cost of the sharks. One of the Sharks was Ashneer Grover, who was quite out there, extra and witty in his approach to accepting or rejecting the pitches. His quirk and unique personality had garnered him a lot of adulation from the Indian audiences. He did not make it to season 02 of Shark Tank and the audiences are going bonkers over this. They are missing Ashneer Grover in season 02.

In a recent interview, Ashneer Grover said that he is not watching season 02 of Shark Tank India and has even unfollowed the other Sharks from social media. “Mereko lagta hai separation clean hona chahiye. Jab main Shark Tank mein nahi bhi tha, season two mein, jitne bhi sharks they, unko maine social media se unfollow kar diya. Yaar ab woh tumhari game hai, tum khelo. Main kyu har roz dekhun ke Shark Tank ki shoot pe behind-the-scenes kya chal raha hai? Ab meri life ka part hi nahi hai, toh main kyu past mein rahun? Jab se clear hogaya tha ke main season two mein nahi hoon, maine baaki sharks ko unfollow kar diya tha.”

Ashneer Grover even proclaimed, Mereko lagta hai, in some sense, I was a part of creating a Rs 10,000 crore franchise… I feel happy ke maine ek Rs 500 crore saal ki franchise Sony ko bana ke de di.”

Doglapan by Ashneer Grover includes a chapter titled “How Kiara Advani Almost Got Me Divorced”

Shukrta Vaigankar — Wed, 04 Jan 2023 12:19:55 +0000

Ex-Shark Tank Ashneer Grover, a well-known Indian figure, has hinted at a tale of how a Bollywood actress nearly caused him to “divorce” himself in interviews for his most recent book, Doglapan, but he has refrained from going into further detail or even naming the actor. People will need to read his book to learn that, he claimed.

As promised, Doglapan contains a chapter titled “When Kiara Advani Almost Got Me Divorced,” which is consistent with the newsworthy actions that made Ashneer a Shark Tank fan favourite. Ashneer remembers meeting a friend of a fellow founder at his workplace in the chapter. He claimed that he and his wife Madhuri asked the acquaintance whether he was getting married soon during a casual talk. The companion retorted, “Kisi movie star se baat chal rahi hai (Talks are going on with a movie star)”

Further investigation led Ashneer to the conclusion that his acquaintance had hired a “Seema Aunty kind of matchmaker who specialised in Bollywood connections.” When I asked him about his alternative options, Ashneer said, “He suggested Kiara Advani as an eligible match.”

Ashneer joked, “Aap ko pata nahi hai market mein aaj kal kya chal raha hai,” remembering what his mother had just told him about growing too large for his shoes. You don’t know what’s going on in the market right now, Kiara Advani says in her song “Aaj ke din shaadi ho rahi hoti.” I might wed Kiara Advani if I were to get married right now.

“When Madhuri heard this, her countenance sank; she did not at all find the dialogue amusing. We were scheduled to leave for Mumbai that evening for the shoot, and I noticed a sudden change in her body language, Ashneer continued. Madhuri sat silently and wouldn’t talk to me on the plane until they brought her food and I badgered her to eat it. It was as if a dam had suddenly burst. She roared, starting to remove her jewellery, “Tumhe Kiara Advani se shaadi karni hai (You want to marry Kiara Advani)!”” Ashneer was “was caught off surprise,” and his wife “blasted” him for the next 30 minutes about how he was a nobody when they got married and that he agreed to do Shark Tank only because she advised him to do so. “Throughout her outburst, I sat with my hands outstretched, clutching the jewellery that she had rudely dropped on me. He continued, saying that he told the story to his fellow “sharks” later, which gave them material to pull his leg. “From the corner of my eye, I could see an old gentleman who had his headphones on to watch a Netflix movie take them off to listen in on the live movie playing out on the aircraft,” he said.

After Shark Tank India season one was a hit, Ashneer became well-known, however he did not appear in the newly released second season for unknown reasons. In a recent interview, he said that he “controlled” the programme and that doing so any longer would be inappropriate. Meanwhile, there are rumours that Kiara and her long-time partner Sidharth Malhotra will soon get married.

“#SharkTankIndiaSeason2 is too bland without Ashneer Grover;” Netizens miss Ashneer Grover

Siddharth Saini — Wed, 04 Jan 2023 06:11:47 +0000

Shark Tank India is an Indian adaptation of the very famous American reality television show, Shark Tank, which airs on American Broadcasting Company. Season 01 of the show aired from December 2021 to February 2022. In less than a year’ time, the makers of Shark Tank India have brought in season 02 of a loveable reality television show. Season 01 became so popular amongst the woke generation, especially the gen z because they loved mimicking the Sharks and the number of memes that started doing their rounds on social media is beyond articulation. The word-of-mouth publicity of the show was impeccable.

This love for the show was in part because of one of the very interesting Sharks/judges of season 01, Ashneer Grover. Ashneer Grover is the former co-founder and managing director (MD) of Indian fintech company BharatPe which he co-founded along with Shashvat Nakrani and Bhavik Koladiya in 2018.

Ashneer Grover was considered to be a funny and smart entrepreneurial Shark from season 01. His wittiness and quick decision making was loved and adored by many. Ashneer Grover is not a part of the current running season two of Shark Tank India. Many Netizens are not liking the fact that Ashneer Grover is not one of the Sharks in season 02.

Well, let’s see how the netizens are reacting to missing Asheer Grover from Shark Tank season 02 and what all they have to say.

https://twitter.com/lubnafied/status/1609963286354890753

And yes agar tumse nhi ho rha toh fold your hands and call @Ashneer_Grover to revive this season.

— SharmaJee (@MrSharmaTweetz) January 3, 2023

Without Ashneer It's not fun but taking ideas from the show and be inspired is a main reason . #SharkTankIndiaSeason2

— Akshay Lekhi (@lekhiakshayyy) January 3, 2023

Seriously I’m missing @Ashneer_Grover in #SharkTankIndiaS2. Season 2 wouldn’t be as interesting as season 1 of #SharkTankIndia.#SharkTankIndiaSeason2 #SharkTank

— Pranav Bokade (@bokadepranav) January 3, 2023

Ashneer Grover says that “No BharatPe without me” as senior executives resign from fintech company

Aryan Jakhar — Tue, 29 Nov 2022 02:23:38 +0000

After three senior executives left BharatPe, Ashneer Grover, the former co-founder and managing director, has taken a new jibe on November 28.

“There is no BharatPe without Ashneer Grover,” he wrote.

Sharing a report by LiveMint, Grover on his Twitter handle wrote, “Good people don’t work for companies. They work with magical Founders to create, build and grow ! There is no BharatPe India without Ashneer Grover.”

https://twitter.com/Ashneer_Grover/status/1597167060122935296?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1597167060122935296%7Ctwgr%5E953838c1d717069a370bf825af2dfd2658cc3581%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.livemint.com%2Fnews%2Findia%2Fno-bharatpe-without-me-says-ashneer-grover-as-senior-executives-quit-the-fintech-giant-11669684382370.html

According to two people with knowledge of the situation, three senior executives have left BharatPe. Vijay Aggarwal, the chief technology officer, Nehul Malhotra, the head of PostPe, and Rajat Jain, the chief product officer for lending and consumer products, are the senior executives who have submitted their resignations.

In addition to this, two to three exits at the mid-managerial level have also occurred, including those of Geetanshu Singla, VP-technology, and Manas Poddar, a programme manager at BharatPe.

After a third-party audit allegedly found serious governance failures under Grover, BharatPe, which enables store owners to accept digital payments through QR codes, has removed Grover from all titles and positions. Grover’s resignation and the removal of his co-founder and other titles came after the company fired Madhuri Jain over allegations of “extensive misappropriation of company funds” by “creating fake vendors” to steal money and “using company expense accounts” to “enrich themselves and fund their lavish lifestyles.”

BharatPe CEO Suhail Sameer broke his silence over claims that he forced out troubled co-founder Grover and defended his actions on behalf of a company, investors, and himself.

Since the start of 2022, BharatPe has been dogged by scandals and saw a significant number of top-level departures. Nishit Sharma, the organization’s former chief revenue officer, left in June 2022. One of the key members of the tech team and a founder member of BharatPe, Satyam Nathani, left the company the same month in order to pursue his entrepreneurial goals.

The biggest setback was Bhavik Koladiya’s departure, who oversaw the fintech company’s technology and product. In the final week of June, he cut ties with the business.

These exits occur as the fintech company transforms into a professionally managed organization. BharatPe, which is currently working to become profitable, is also getting ready for an IPO that will happen in 18 to 24 months.

Koladiya and Shashvat Nakrani, who was then enrolled in IIT-Delhi, co-founded BharatPe in July 2017 and were responsible for its incorporation in March 2018. They each owned a 50% stake in the company. Grover joined as the third co-founder in June 2018, which was three months later. After raising $370 million under the direction of Tiger Global in August 2021, the company joined the unicorn club. Rajnish Kumar, a former SBI chairman, was named chairman of BharatPe in October 2021.

BharatPe employee blames company for not paying his salary, Ashneer Grover hits out at current CEO in comments

News Desk — Thu, 07 Apr 2022 11:01:08 +0000

Employees in the fintech company BharatPe recently took over LinkedIn to share their concerns over delays in salaries and termination of employees, without any genuine reasons. Employees have wrote that people who joined the company ever since it started were laid-off and now stand no where amid ‘internal politics’ in the company.

This comes at a time of issues between Ashneer Grover and the company. Interestingly, replying to the post on LinkedIn wherein the employee complained about salaries being delayed, Ashneer commented, “Folks please look into this. Not done – their salaries have to be paid before anything.” The ex founder also tagged ‘Suhail Sameer – the current CEO of the company’.

Check out employee’s post:

The issue doesn’t just ends here as Ashneer Grover’s sister Aashima Grover joined the conversation in the comments, and commented, “That it’s (the management) is a shameless bunch.”

To which, Suhail replied, “Behen, tere bhai ne saara paisa chura liya. Very little left to pay salaries.”

However, in another comment later, Suhail had apologized, stating that the comment by him was for a particular statement and not the post.

GST officials to further investigate into alleged tax evasion by BharatPe

Vaishali Pandey — Wed, 09 Mar 2022 12:26:00 +0000

The probe into alleged tax evasion by financial provider BharatPe has been broadened by the GST intelligence authorities. Authorities are also looking into the issuing of false invoices by associates of expelled co-founder Ashneer Grover.

The GST officials are also looking at BharatPe’s records from the previous four years to determine whether any false invoices for services were also issued.

BharatPe co-founder Ashneer Grover and his wife, Madhuri Jain, were both fired from BharatPe after a preliminary report from an external audit commissioned by the fintech firm’s board revealed that the couple had engaged in suspected wrongdoing and financial irregularities.

The termination is based on a report provided to the BharatPe board on January 24 by Alvarez and Marsal (A&M). In January, BharatPe formed a review committee to investigate various suspected financial irregularities and governance shortcomings at the three-year-old fintech startup.

The preliminary study by A&M uncovered two severe cases of fraud at BharatPe, including anomalies in recruiting and payment of non-existent vendors. Jain, who has been in charge of BharatPe’s procurement, admin, and human resources divisions since 2018, is suspected of being involved in both fraudulent operations.

BharatPe’s books have been under investigation by GST officials since last year for suspected issuing of invoices without any real delivery of products, and the Directorate General of GST Intelligence (DGGI) launched a search operation at the fintech firm’s headquarters in October last year.

After a month-long quarrel, Ashneer Grover resigns as MD of BharatPe

Vineet Jain — Tue, 01 Mar 2022 04:27:20 +0000

Ashneer Grover, who has been at odds with the board of fintech BharatPe, has resigned as MD and director, only days after his wife Madhuri Jain Grover was fired as head of controls on charges of money misuse, according to CNBC-TV18.

Ashneer Grover stated in his resignation letter to the board: “I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect.”

Grover also questioned media leaks when excerpts from Alvarez and Marsal’s audit report began circulating on social media.

In his resignation letter, Grover wrote: “From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am now wasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost what is actually at stake – BharatPe.”

BharatPe announced on January 28 that it has retained Alvarez to perform a governance assessment of the firm. The following week, it confirmed the addition of PwC.

Inconsistencies in vendor relations were discovered, according to a preliminary assessment completed by Alvarez in January. Non-existent payments to suppliers and consultants were noted in the study.

At the ailing fintech BharatPe, allegations and counter-allegations have become the new routine. Soon after the embattled co-founder, Ashneer Grover made an allegation on the chairman of the board of directors Rajnish Kumar and co-founder Bhavik Koladiya, alleging that the governance assessment was riddled with bias, the company alleged him of spreading false information, which it says is inappropriate for a managing director.

“You have been indulging in spreading false and accusatory information about the senior management of the company to the family members and/or spouses of the said members of the senior management. Such abhorrent conduct on your part is completely unwarranted, and the company takes strong objection to the same. You are again called upon to cease and desist from spreading false and inflammatory content about the members of the senior management of the company. Your conduct in this regard is completely unbecoming of a managing director of the company,” the firm said in its response letter to Grover’s email on February 22.

The business did not disclose whatever information it was referring to when it said Grover had contacted the partners of those under investigation. However, Grover made the charge after accusing Kumar, a veteran of the banking sector and former chairman of SBI, of bias and prejudice. He indicated over the phone that Koladiya had contacted him for a meeting and was hostile with him over a verbal chat and that he reserves the right to take necessary legal action.

While the business accepted the call between Grover and Koladiya, it denied Grover’s assertion that it occurred from Kumar’s apartment. BharatPe said that the audio recording he provided was a personal chat between Koladiya and Grover and had nothing to do with any “official contact” of the corporation with him.

Grover has taken a leave of absence until the end of March due to his reaction to his aggressive words to a Kotak employee, the unhealthy culture at BharatPe, and his brash behaviour. His wife was likewise placed on leave.

Shark Tank India’s Ashneer Grover calls pitcher’s product ‘wahiyat’- Read details

Moumi Majumdar — Sun, 30 Jan 2022 13:32:47 +0000

BharatPe co-founder Ashneer Grover, who is also seen as one of the ‘sharks’ on the reality show Shark Tank India. The shark looked upset after listening to a pitch by an entrepreneur. Moreover, he started mocking the entrepreneur for creating a ‘wahiyat’ product.

However, the entrepreneur’s product was a protective plastic ‘mask’ for a glass, to avoid contamination after repeated use. He also said that the goal is to make the use of the plastic attachment a habit, just like wearing masks has become a habit during the pandemic. Moreover, the entrepreneur asked for Rs 75 lakh, in exchange of 15% equity in the company.

To this, Ashneer immediately interrupted him by saying in Hindi, “I’m out. Boss, what are you doing? Is this a joke? Do you have a drinking problem? How did you even come up with an idea like this?” The entrepreneur replied that his product is a first-of-its-kind, Ashneer interjected, “Nobody will ever try and make something like this. This is the first and last time.”

The BharatPe co-founder further continued, “I have very strong views on this. Boss, listen, because you’re here, it means that someone else isn’t. Value the opportunity you’ve been given. Your product is terrible, I’ve never seen something as bad as this, and nor do I ever want to. Help me, God. I don’t want to see anything else after this.”

Subsequently, another shark Anupam Mittal tried to calm him down. He also told the entrepreneur that he shouldn’t get affected to criticism, because every aspiring businessperson has, at some point, been laughed at.

https://www.instagram.com/tv/CZR-qsarnB3/?utm_source=ig_web_copy_link

The reality show Shark Tank India, airs on Sony TV. It is based on the original American reality show, which has been running for 13 seasons since 2009.

Shark Tank India’s Ashneer Grover takes a dig at Kapil Sharma’s two lockdown babies: ‘Nasbandi wale….’

Sonali Mehta — Mon, 24 Jan 2022 14:48:22 +0000

Shark Tank India has been creating quite a buzz on social media. Sony TV invites them to The Kapil Sharma Show to celebrate the success of the show. The promo of the show gives a glimpse of the fun that will happen.

As the entrepreneur will try to respond amid giggles, Aman Gupta (Boat) will say that Anupam is already planning to start ‘Dubara Shaadi.com’. Defending his co-sharks, Ashneer Grover (BharatPe) takes a hilarious dig at Kapil Sharma and his ‘two lockdown babies’.

“Pehla lockdown hua toh aapka ek baby hua. Dusre mein ek aur (You had your first baby in the first lockdown and the next one in the second lockdown)”, he tells Kapil.

Referring to the T-shirt he is wearing, Ashneer further tells the comedian, “Yeh off aapki wife ne yaha lagaya hai ya nasbandi kendre wale laga ke chala gaye.” His comment leaves Kapil embarrassed but he gives it back by making an imaginary call to Sony TV saying that their ‘serious banda’ is now fine.

Kiku Sharda also joins on the stage and hands a legal notice to Aman Gupta. He says he put his brand’s earphones in water but they sank. As Kapil says that it will sink, Kiku shoots back, “Fir kaahe ka boat (Then how did he name his brand Boat).” The comment leaves all the sharks in splits.

Former Chairman of SBI, Rajnish Kumar to become the new Chairman of BharatPe

Ayisha Farah — Tue, 12 Oct 2021 06:53:01 +0000

Former Chairman of State Bank of India (SBI), Rajnish Kumar, has joined the board of Fintech firm BharatPe as its Chairman. Kumar’s activity across India’s financial division will be a priceless supplement to the board of BharatPe.

Kumar will lead the BharatPe team during the transformation into a small finance bank. He will also be included in determining the company’s short-term and long-term strategy.

“In just 3 years, BharatPe has come a long way in becoming a trusted name in the financial services industry. It has redefined payments with its products like interoperable QR and has also emerged as the largest B2B lender in the industry. This company has a huge opportunity ahead and it would be great to work closely with its young and talented team to build financial services for the India of tomorrow,” Kumar said.

Remarking on the post, Ashneer Grover, Co-Founder and Managing Director, BharatPe said, “It is a matter of great validation and pride for us that one of the biggest stalwarts of the Indian Banking Industry has agreed to join BharatPe as the Chairman of the Board. We look forward to invaluable guidance from Rajnish Kumar as we build India’s largest digital credit provider. We are confident that under his able guidance, BharatPe will attain newer heights and build the best-in-class Fintech for the new India.”

After four decades of service in October 2020, Kumar resigned from the country’s largest lender and was earlier designated as a non-executive director for banking giant HSBC’s Hong Kong-headquartered Asia section. Kumar was also designated as the senior advisor by Baring Private Equity Asia and an advisor to Kotak Investment Advisors.

Meanwhile, BharatPe has recently declared its venture into the ‘Buy Now Pay Later’ (BNPL) section with ‘postpe’ and aims to promote a loan book of USD 300 million (about ₹2,245 crores) via PostPe in the first 12 months for its lending associates.

Consumers can download the ‘postpe’ app from Play Store and avail interest-free credit limit of up to ₹10 lakh. The product can also be applied for micro-purchases. PostPe is the Global Sponsor of the ICC T20 World Cup to be held in Dubai this year.

BharatPe, which had accumulated $370 million in funding (including secondary component) in August 2021 at a valuation of $2.85 billion, is backed by investors like Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Insight Partners and Sequoia Growth.