CHARTING THE SAGA
MARCH 2018: BharatPe set up; in August, it launches QR code on a commercial basis
APRIL 2019: Enters lending business; a year later, begins selling its card machine BharatSwipe; becomes a unicorn in 2021
JANUARY 2022: A leaked audio clip of a call purportedly featuring then MD & Co-founder Ashneer Grover abusing a Kotak Mahindra Bank employee sets off a chain of events
FEBRUARY 2022: A report by Alvarez & Marsal indicates there are serious financial discrepancies at BharatPe
MARCH 1, 2022: Grover steps down from all his roles at BharatPe
TO ASHNEER GROVER, BharatPe is a thing of the past. His LinkedIn profile, which is constantly being updated, says “Own Master” in his current occupation, with ex-MD and Co-founder of BharatPe also finding a mention. Even his harshest critics concede that he has a razor-sharp mind, but he will cross the line if he wants to.
The facts are indisputable. Founded in March 2018, BharatPe turned unicorn in less than four years. Unfortunately, after a series of events leading to Grover stepping down this March, BharatPe marks the first instance of a potentially huge financial fraud among India’s proud unicorn story. One has seen crises breaking out at ShopClues. com or Housing.com, but they were more about disagreements between promoters.
This story is from the April 03, 2022 edition of Business Today.
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This story is from the April 03, 2022 edition of Business Today.
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