BharatPe's co-founder called a banker a 'chor' — the board ousted him in five months

BharatPe was one of India's fastest-growing fintech startups, offering QR-code payments and merchant lending. Founded in 2018 by Ashneer Grover and Shashvat Nakrani, it had raised over $650 million from investors including Peak XV Partners (Sequoia), Ribbit Capital, and Tiger Global, and was valued at $2.8 billion by late 2021. Grover, the public face of the company, was known for his aggressive style and had become a celebrity through his Shark Tank India appearances.

On 5 January 2022, a leaked audio recording surfaced in which Grover was heard abusing a Kotak Mahindra Bank employee over a failed investment deal for his family's separate firm. Grover used abusive language including calling the employee a 'chor' (thief) and threatening to use political connections to get the employee fired. The recording went viral on Indian social media, sparking immediate outrage and scrutiny.

When Grover subsequently went on medical leave in January 2022, the board began an internal investigation. It uncovered that Grover and his family members had submitted expense claims totalling ₹25-30 crore ($3-4 million) that were not legitimate business expenses — including claims for his daughter's wedding and personal travel. The board also found that Grover's wife Madhuri Jain Grover, who served as head of controls, had been involved in the irregular expense claims.

In March 2022, Grover resigned as managing director after the board threatened to remove him. His wife was also fired. Grover denied all allegations, claiming the board was conspiring against him. The dispute became a public legal battle settling only in September 2024. The episode damaged BharatPe's IPO plans and reputation — several senior executives left in 2022, and the founder's ouster became a cautionary tale about governance in Indian startups.