While Grover took a leave of absence until the end of March amid outrage over his abusive language to a Kotak employee, BharatPe's toxic culture, and aggressive demeanor, his wife's departure signals wider concerns at BharatPe, according to insiders.
Moneycontrol reported citing sources, that after BharatPe Co-founder Ashneer Grover went on voluntary leave, his wife has also gone on leave amid the board's evaluation of the internal governance process. At BharatPe, Madhuri Jain Grover is in charge of Controls. "This is no longer about a legal warning to Uday Kotak...[It] demonstrates the scope of the board's probe has grown," a source said.
Ashneer Grover, co-founder and managing director of the $3 billion fintech BharatPe, has taken a voluntary leave of absence until the end of March amid mounting scrutiny and pressure over His harsh demeanor on Shark Tank, his abusive attitude to a Kotak employee, and BharatPe's unhealthy culture
Ashneer Grover, the founder of BharatPe, was placed on leave by his board a week ago, his wife Madhuri Jain Grover, the head of controls at the $3 billion fintech, has also gone on leave, according to persons familiar with the case who asked to remain anonymous.
The board of directors of BharatPe is conducting a forensic inquiry of the company's activities, which includes accounting, approval processes, costs, and employment.
People claim that Madhuri Jain Grover, the chief of BharatPe's Controls department, was as powerful as Grover when it comes to governing the corporation. She worked in the fashion and design sector before joining BharatPe in October 2018. She earned her bachelor's degree in fashion technology from the National Institute of Fashion Technology.
“The board of BharatPe is committed to the highest standard of corporate governance at the company and is doing an independent audit of the company's internal processes and systems. BharatPe, through its legal firm, Shardul Amarchand has appointed Alvarez and Marsal (A&M), a leading management consultant and risk advisory firm to advise the board on its recommendations,” the company spokesperson said.
“The board strongly believes in protecting the interests of all stakeholders, including customers, employees, and partners,” added the spokesman.
Grover's fortunes have rapidly deteriorated in the last two weeks, from being hailed as the founder of one of India's hottest startups, one that grew to be worth $3 billion in three years, to being blamed squarely on social media and by fellow investors and founders for everything that is wrong with the Indian startup ecosystem—cruel treatment of people, unsustainable enterprises receive fundraising rounds, and a harsh win-at-all-costs mindset prevails.