Payment startup BharatPe recently stripped its co-founder Ashneer Grover of all positions for his alleged "misdeeds". BharatPe, which allows shop owners to make digital payments through QR codes, in a statement said Grover resigned after receiving the agenda for an upcoming board meeting that included submission of an independent audit regarding his conduct.
The Board of the company met on March 1, and the meeting went past midnight, following which a statement was issued. "The Grover family and their relatives engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company's account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles," it alleged.
Now, hours after the company issued a statement against Ashneer Grover, the entrepreneur took to his LinkedIn account to share a long post alongside a photo of his bed made on the floor, in response to the 'lavish lifestyle' allegation made against him by the company.
Ashneer Grover showed that he had no qualms even sleeping on the floor, as opposed to the 'lavish lifestyle' image that the company has been projecting of him.
Alongside a photo of a mattress on the floor, that was his bed for the night, Ashneer wrote, "I am appalled at the personal nature of the BharatPe Board's statement, but not surprised. It comes from a position of personal hatred and low thinking. I think the Board needs to be reminded of $1M of secondary shares investors bought from me in Series C, $2.5M in Series D and $8.5M in Series E."
" I would also want to learn who among Amarchand, PWC and A&M has started doing audit on ‘lavishness’ of one’s lifestyle ? The only thing lavish about me is my dreams and ability to achieve them against all odds through hard work and enterprise. I hope the Board can get back to working soon - I as a shareholder am worried about the value destruction. I wish the Company and the Board a speedy recovery. Please get back to your actual day jobs," he added.
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"P.S. I indeed have a very lavish lifestyle. I get invited by friends with open hearts to their homes, where I have no qualms sleeping on the floor. And this is when I am on the road in US and UK raising $370M Series E. And I've the right to stay in any lavish hotel and charge it on the company issued credit card in my pocket. Those who haven't built from scratch will never understand the Founder's mentality," Ashneer concluded his post.
BharatPe, which has engaged a law firm and risk advisory consultants to conduct a more detailed investigation after allegations of financial irregularities, last month sacked Madhuri Jain, head of controls and wife of Grover, for alleged financial irregularities, including using the company funds for personal visits abroad, beauty treatments, buying electronics and paying for helps employed at her residence.
The company statement alluding to the lavish lifestyle may have referred to Jain's misuse of funds.
