FROM HUBRIS TO DEBRIS

ASHNEER GROVER’S CHUTZPAH TOOK BHARATPE TO DIZZYING HEIGHTS, BUT HE MIGHT HAVE ALSO TORPEDOED ITS CREDIBILITY. CAN THE COMPANY RECOVER FROM THE BLOWS?

- KRISHNA GOPAL AN & BISMAH MALIK

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.