Amid allegations of financial frauds, BharatPe co-founder Ashneer Grover is planning to sell his 9.5 per cent stake in the fintech startup, according to a report by The Economic Times.
The move would pave the way for Grover to exit the company, currently valued at $2.8 billion, completely.
“He (Ashneer) has begun talks with a whole host of investors for divesting his stake but the key investors hold right of first refusal (rofr) on founder’s shares and tag-along rights. These would need clearances which will be critical to this proposition,” a source told the publication.
Grover has been facing heat following reports claiming that a preliminary probe by a third-party risk advisory firm has discovered alleged financial frauds during the period when Grover and his wife were at the helm at the fintech platform.
Ashneer's wife Madhuri Grover served as head of control at BharatPe since incorporation and headed procurement and admin departments.
According to the report, Grover may sell his shares at a discounted price, however, finding an investor could be a challenge. “While Grover is offering his stake at full price (current valuation), he would settle for anywhere around $1 billion valuations… But finding a buyer won’t be easy considering the events of the past month,” a person aware of developments told the publication.
She, along with Ashneer, has gone on voluntary leave after the controversy erupted over Ashneer allegedly using inappropriate language against Kotak Mahindra Bank's staff.
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Published 08 February 2022, 06:42 IST