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Bharatpe vs Kotak: Ashneer Grover calls Uday Kotak a legend, says no one understands finance better in India

Grover, in response to a LinkedIn post on Kotak, said the banker was a legend.

January 30, 2022 / 06:08 PM IST

Ashneer Grover, embattled co-founder of fintech BharatPe, heaped praise on banker Uday Kotak, calling him a legend, even as he is embroiled in a legal tussle with him.

Grover, in response to a LinkedIn post on Kotak, said the banker was a legend. "I had the fortune of starting my career in Kotak -- 7 years -- and can tell you no one understands or does finance better in India," he added.

The original post was posted a week ago by Radhika Bajoria, a communications professional. Grover seems to have commented on this post four days ago.

His remarks assume significance as they come after Moneycontrol reported on January 9 that Grover and his wife Madhuri Jain Grover had sent a legal notice to the Kotak Mahindra Bank MD and CEO and his senior management, accusing the lender of failing to secure financing and allocation of shares in an IPO launched by beauty firm Nykaa.

While Grover was sent on a leave of absence till March-end amid backlash regarding his abusive language to a Kotak employee and toxic culture at BharatPe, Moneycontrol reported on January 28 that even Grover's wife Madhuri Jain Grover, head of controls at the $3 billion fintech had also been sent on leave amid a probe into the company’s practices.

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The company has set up a full-scale investigation into the governance processes at BharatPe known for its QR code aggregating app and lending platform. It has appointed management consultant and risk advisory firm Alvarez and Marsal to conduct this investigation.

The industry has also been speculating that following this investigation, Grover will be ousted from BharatPe. Late last week, social media was awash with rumours that both Grover and his wife had already exited the company and their shares had been seized by the board. However, quashing these rumours the company on January 29 said it had not terminated the services of any employee and will only wait for the external auditor to complete its investigation.

Grover did not immediately respond to Moneycontrol's query on the status of his legal fight with Kotak.

Grover's praise of Kotak has sparked speculation he is keen on putting the bitterness behind them.



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Priyanka Sahay
first published: Jan 30, 2022 12:46 pm
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