BharatPe co-founder Ashneer Grover plans to start a new venture without any investor

The BharatPe co-founder and his wife Madhuri Jain Gorver have been stripped of all company titles over alleged "extensive misappropriation of company funds".

Ashneer Grover, co-founder and former Managing Director of BharatPe, in a recent interview said that he is planning to start his own venture soon. Interestingly, he also added that he wants to make profit in the new business without seeking funds from investors. Grover didn’t reveal too many details about the business yet.

The Shark Tank judge said this during the recently-held TiECon-2022 start-up and entrepreneurial event in Chandigarh. As per media reports, he said, "I wish to start my own venture with my own money and make it profitable." "I don't want to go to the investors again," he told a panelist, highlighting that his tussle with BharatPe is a "badly fought corporate battle".

The co-founder and his wife Madhuri Jain Gorver have been stripped of all company titles over alleged "extensive misappropriation of company funds". They have also been blamed for using "company expense accounts" to "enrich themselves and fund their lavish lifestyles".

Last month, Grover threatened legal action against BharatPe CEO Suhail Sameer and the board over Sameer’s comment on his sister Ashima Grover on LinkedIn. In the letter to BharatPe Board, Grover said that Sameer should be "immediately served a show-cause notice for his despicable public behaviour and immediately put on leave of absence to manage the damage to the Brand of the company". The letter was reportedly marked to company investors, Chairman Kumar, CEO Sameer and co-founder Shahshvat Nakrani.

In April, BharatPe employees complained about salary dues and that’s when Grover’s sister asked the company to take note. Responding to her, Sameer said that the company had very little money left because her brother took all of it. Later, Sameer apologized and said that he went “was out of line”.

“Friends - I apologise to have irked many of you. In hindsight, it was out of line. We are already working on past employees full and final being paid out. My comment was a reaction to a particular statement, not the post. But I accept the mistake,” Sameer stated in a comment on the same post. “I request you to also have patience, and refrain from building a story based on false narrative,” he added. Read here to know what exactly happened.

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