FinTech news in Ashneer Grover category

Last week, the board terminated the position of Madhuri Grover, following which she tweeted damaging information about the startup’s other co-founders and questioned the integrity of Rajnish Kumar, a board member of BharatPe and who previously served as the chairman of the State Bank of India.

BharatPe co-founder and managing director Ashneer Grover has asked the board for the removal of chief executive Suhail Sameer from the board in the latest of a series of remarkable turn of events at the Tiger Global-backed Indian fintech startup.

The startup, valued at $2.85 billion and backed by Tiger Global and Ribbit Capital, said on Wednesday its board members had agreed to Grover request to take a voluntary leave of absence from the startup until the end of March. Grover in the reported email was concerned about the additional time Sequoia Capital India, the most prolific venture capital firm in the South Asian market, was taking in giving a term sheet to the startup. The venture capital firm was not comfortable with Grover selling millions of dollars’ worth of shares in a secondary transaction in the startup’s Series B, the years-old email said, according to the newspaper. Recording of a phone call surfaced and went viral on social media earlier this month in which Grover appeared to have abused and threatened a staff of Kotak Mahindra Bank for refusing him financing to buy shares in online fashion startup Nykaa’s IPO.