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bharatpe: BharatPe sees more high profile releases after Ashneer Grover saga

By on June 12, 2022 0
NEW DELHI: After battling the months-long Ashneer Grover saga, fintech platform BharatPe is witnessing high-profile releases and now its founding member Satyam Nathani has stepped down.
Earlier, BharatPe’s Chief Revenue Officer Nishit Sharma and Head of Institutional Debt Partnerships Chandrima Dhar stopped citing personal reasons.
“This is to inform that Satyam Nathani has decided to leave BharatPe to pursue his entrepreneurial ambitions. We will support him to build the next big technological disruptions,” the company said in a statement.
A graduate of IIT Delhi, Nathani was among the founding members and was the mastermind behind services such as “PostPe” and peer-to-peer lending product “12% Club”.
He was to play a crucial role in Unity Small Finance Bank, a joint venture between BharatPe and Centrum Financial Services.
Last month, in a bid to end the Ashneer controversy and get business back on track, BharatPe launched an investment platform for its merchant partners.
The P2P investment product is powered by RBI-regulated non-bank financial firms (NBFC) LenDenClub and Liquiloans.
BharatPe said it is also working to offer its traders an option to invest in fixed deposits through Unity Small Finance Bank.
“We believe that it should be the trader who should have the power to decide which investment product and which partner they want to invest with,” said Suhail Sameer, CEO of BharatPe.
Earlier, the fintech platform said it had taken the necessary actions against the company’s former founder, Ashneer, to “reclaim his restricted stock in accordance with the shareholders’ agreement” and would take all measures to enforce his right under the law.
As part of its review of the company’s corporate governance after the financial irregularities were uncovered during the time of Ashneer and his wife Madhuri Jain Grover, the company discovered that numerous suppliers were involved. in professional misconduct, such as incorrect or inflated invoices, which have been blocked for other business. with the company.
The company has terminated the services of several departmental employees who were directly involved with these blocked suppliers.
Grover, along with his wife Madhuri Jain Grover, was stripped of all company titles for “significant embezzlement of company funds” and using “company expense accounts” to “enrich themselves and finance their style of sumptuous life”.