You all must have heard the name of ‘BharatPe’, Recently it was also trending on Twitter ‘Uninstall BharatPe’. For normal consumers like us, we don’t even install BharatPe; So this Uninstall BharatPe was going on for Merchants. For those who don’t know, BharatPe is a Merchant app, It’s an all-in-one QR code that Basically helps the customer to make payment using any app. So now, the CO-Founder & MD, Ashneer Grover, Whom you might have seen in Shark Tank. Many slangs of his were getting viral,
Memes were being created; So there is a very serious controversy going on regarding him, I thought because all these things are going on everywhere, So let’s explain all this in a detailed manner, That what all things are connected to each other in what manner, Many confusion is there, So I thought to make a short crisp video. So let’s start from the starting, That from where did this all started? Basically, Ashneer Grover abused an employee of Kotak Mahindra Bank, Which was recorded in a tap, And the recording went viral. Now, why did he abused? Actually, the reason was that Ashneer Grover applied for a Security Loan in Kotak Mahindra Bank, And he planned to invest the money of loan in Nykaa’s IPO by which he was supposed to earn approximately ₹500 Crores from this; The loan was not acquired from there, Due to this he thought that he has been at a loss of ₹500 Crores, Due to this he abused that employee, And the audiotape went leaked, And this actually happened at the time, When he came in Shark Tank and was under the limelight. Now Ashneer was trying to run away from all these things, Saying that, It is not my voice, This voice is fabricated, And other things. But these things were clear at the time when, Kotak Mahindra Bank made a legal case against him on his behaviour. At this time, this was clear that he is the only person here. Now, Ashneer was just tackling this problem, At this time a new issue of Corporate Governance was added with his name, For which a separate independent firm was appointed, To check what problems are going inside the company? A detailed level investigation should be done, To check whose mistake is actually there, And all the things should be reported. By the time all this was happening, Ashneer and his wife, those who are involved in BharatPe, They both were given a relief that You should go on Holiday, Already your name is being included in many things, So for a certain amount of time, you should be away from this, We’ll see later, What has to be done! Now the investigation reports, which were prepared by that independent company, Were leaked before reaching BharatPe; And in the report, two things were out, 1st is False Recruitment and, 2nd is False Payment. Now let’s first talk about False Recruitment, So all these big companies, Hire HR Firms, that I want this much number of employees, And you should hire talented people from the market, And send them to me directly, I’ll do the payment; And the HR Firm charges for finding talented people. So many firms were found to whom BharatPe have already paid, But these firms are not even existing. Many things were out, 1st thing —> No physical address is available of these firms, No online presence is found, And all other things were looking kind of fake; Then the thing came out that all these firms were somehow related to Panipat, And when they checked that what's the relation of this to Panipat? Then Ashneers’s wife is also from Panipat, so this thing became clear from here, After this when the Invoices were checked, It was found that Ashneers’s brother-in-law, Shwetang Jain, He was the one who created all these invoices. So all these invoices were fake, And they were applied to BharatPe, In such a way that her wife sent these invoices directly to the accounts department to settle them; And the employees have to obey her rules because she is the MD’s wife. So they did the payment from here, So basically a lot of money was sent from BharatPe to these shell companies, And what was done with that payment that is not clear yet! Even this was also found that many people who were hired on these invoices, they are working in the company now also; So when it was asked from the employees, So it was found that the joining date is the same, But they said that They haven’t gone to any such firm, Instead, they have directly applied in BharatPe. Now the second point is False Payment, Let's suppose that I am a merchant, And I have a QR code of BharatPe, And by this code, I received ₹150, But things were coming out that, In the books, it is displaying increased price like ₹200, ₹250. And don’t know by inflating crores of transactions like this, how many crores have been scammed here? Most likely there could be a scam! But it is not clear till now. Now it is being said that the second CO-Founder of BharatPe, Sohail Sameer, He was brought on board by Ashneer Grover, Sohail with other investors has planned to get Ashneer out of the company, Is trying hard for that, But Ashneer has made this thing clear that I want my ₹4000 Crores on the table and then you can handle this company, I have no interest in this. But after this statement when it was asked that How have you evaluated ₹4000 Crores for the company, So Ashneer’s reply was that, I have introduced many things in the company That were not available before, Like he introduced: ‘12% Club’, ‘All in One QR Code’, ‘Post PE’ which is now know as Pay Later, and have received ‘Official Banker License’ also; Because he has this much for the company Therefore he wants his ₹4000 Crores and then he’ll exit from the company. After that company is yours, run it as you want, But money is foremost required. And because this much has happened, So RBI is directly getting involved in this because All these Fintech Firms have a partnership on a large scale with the banks, And banks are in direct contact with RBI, And RBI thinks this is a bit fishy thing And is there any scam in this? So RBI is keeping an eye on this matter And may interfere very soon. If talking about the current scenario, Then Ashneer and his wife are away from the company, not outside from the company But they don’t have any involvement in any operation. It was likely going to rain like this on Ashneer worth ₹4000 Crores, But let’s come aside from this; Now there is no rain here means Ashneer has now said to the company that You are ours only, Why should I take ₹4000 Crores from you? Do One thing, give me ₹750 Crores, So you can also run the company, And I can visit the Maldives; If we take a look at the facts then Ashneer has 9.5% Equity Shares of BhratPe; And even he hired the lawyers to handle the case, But a thing here is that Ashneer is trying to get his money shares before the Investigation Report And so he can get rid of the company. And the reason for this is that Ashneer is aware of the thing that if the reports came out before the settlement, So the value of BharatPe will decrease more in the market and The money, ₹750 Crores of which he is thinking for now may get more decreased. According to experts, 80-90% discount may have to be done if Ashneer wants to sell his shares, And even if he receives ₹750 Crores then it will be a reasonable thing. All the hypocrisy is coming out, And I am interested in this. And one more thing is that If after this controversy, If the valuation of the company decreases So Ashneer would be obviously out of the company; But will the company be able to grow again in a short period of time? I am kind of thinking that Is BharatPe's downfall starting from here? So, it will backfire that He came in Shark Tank for limelight, But eventually is coming out by sinking the company. You tell: What do you think? The one who removes the hypocrisy of others! Is he going to do the settlement for ₹750 Crores or Is this fight going to stay for long? And maybe BharatPe’s downfall would start from here?>News: Bharatpe's co-founder and MD, Ashneer Grover and wife Madhuri Grover, sent a legal notice to Kotak Mahindra Bank's MD and CEO, Uday Kotak. And his senior management accused the bank of failing to secure financing and allocation of shares in the Nykaa IPO. >Audio Tape: [Inaudible and beeps] A few days ago, an audio tape gets leaked. In this tape, one particular person is heard using abusive words for a Kotak Wealth Management employee. Later on, it was alleged that the person using abusive language, He is Ashneer Grover.
Who is the co-founder and managing director of Bharatpe. He is also a shark of the Shark tank India show. Although just a few minutes after this audio clip was leaked, He tweeted and said that this audio is totally fake. But later on, with the twists that came in this tale, It has shocked the entire startup ecosystem. So what is this audio clip? And, What is Ashneer Grover Vs Kotak Wealth Management's entire matter? Let us understand in today's video. [Intro Music] Namaskar! I am Prasad and I welcome you all in today's episode. Today's video is sponsored by Dhan.
Which is one of India's leading brokerage platforms. We will talk later about them in this video. Few days ago, a tweet comes from 'Bongo Babu' named Twitter account. Wherein an audio file is uploaded from soundcloud, Also, something is written which is very shocking for everyone. In the tweet, it is written how Ashneer Grover, is using abusive words for Kotak Wealth Management employees. After that, many people criticize this in the comments section. But somewhere, people are also questioning themselves, that is this voice really Ashneer Grover's? Just a few minutes later, Ashneer Grover tweets something. In that he says, "Folks chill! It's a fake audio by some scamster,"
"trying to extort funds. I refused to buckle. I've got more character" " And internet has got enough scamsters." He alleges that a scamster was extorting Rs 1.7 crore from him. Since he denied him the money, he has uploaded this fake audio. Although this thing is completely fake. Now everyone thinks that perhaps Ashneer Grover did not talk like that. And it is not his voice. After some time that audio is deleted. And that tweet also disappears. But the questions that has stopped coming, resurfaced again. That what is this entire matter? Few months ago, Dhan was launched.
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And you can also create big watch lists. So to unlock all these smart features, Do check out the Dhan app. Whose account opening fees is absolutely zero. You will find its link in the description box below. According to this article from Livemint, in this audio, one of Kotak's employees Rohit's name is being taken. According to Livemints article, this Rohit is actually Rohit Mohan. Who is the Senior Director for ultra-high-net-worth individuals practice in the Kotak Mahindra Bank. And as per this report, the other person on the call is Sushrut Arora, who is the Associate Vice President of Kotak Wealth Management. Amidst all this, a very shocking revelation is made.
And the shocking fact is that on 30th October, Ashneer Grover and his wife Madhuri Grover, Sent a legal notice to Kotak Wealth Management. When this notice was leaked and surfaced in front of everyone, then everyone realized that perhaps this audio is of Ashneer Grover. Kotak Wealth Management has given an explanation on this. They said that they have received a legal notice. And have also given a relevant response on the same. They are also preparing to take legal action on their client who has used abusive language on some of their employees. The fact of the matter is that Ashneer Grover and his wife, wanted to invest around Rs 500 Crore in the Nykaa IPO.
Whenever a high-net-worth investor is investing in an IPO, and that too, particularly for the sake of listing gain, Some wealth management companies provide them with financing. With the help of some Banks. Here the client of Kotak Wealth Management has said that some of the Kotak Bank's employees had promised him that they will provide him with the financing for the IPO. But at the last moment, they refused to do it. Because of which he could not apply for the IPO And after which, the IPO got listed at the gain of 78% So hereby, Mr Grover has to say that this loss of 78%, has happened due to the mistake of Kotak Wealth Management
And because they changed their decision at the last moment. So they have to compensate for the same. But questions also arise that how can the top management people of such a big fintech company, talk to the employees of other companies in this manner. But the matter did not stop here. Some people felt that this matter has gone way ahead. In between all this, some more articles were written. In which it was written that these things are very normal in Bharatpe. According to the LiveMint's journalist, Aarti Singh, Many such incidences have happened in Bharatpe, because of which many top executives of the company have resigned.
By the way, In March 2018, the Bharatpe was started by Bhavik Koladiya and Shashwat Nakrani After three months, they went for funding to Ashneer Grover who has been into angel investing for a very long time. Mr Grover liked the idea very much. And he decided that he would become a part of this startup. And he became the third co-founder of this company. But later on, some executives of Bharatpe, on the condition of anonymity have stated that later on Ashneer Grover sidelined the other two co-founders, and himself took control of everything. After this matter, a lot of people have also stated that
All the people in Shark Tank India who have taken funding from Ashneer Grover, they should also be a little alert. If such a thing also happens to them, it can be very dangerous. In the last few days, Ashneer Grover and Bharatpe have been named in a lot of different controversies. In this video, we have even covered how such controversies are helping a lot of companies in their marketing. And even this is true that whenever any controversy is created, it garners a lot of publicity. Afterwards, the brand's name reaches a lot of people. But it is a double-edged sword.
For some brands, the controversies have been very fruitful for branding. But for some, they have proved to be very dangerous. Every now and then we have seen a lot of controversies related to the startup ecosystem and some negative things are coming out. But in the startup ecosystem, lot of positive things are also happening. But in between all these controversies, all those positive occurrences are being subsided. Its coming out is very important. For the startup ecosystem to grow and for the overall growth of the India Inc. So before leaving, do check out the Dhan app.
You can tell your opinions in the comment. And hit the LIKE button if you like the video and SUBSCRIBE the channel. And I see you in the next video, Till then, Stay Safe, Stay Sarcastic Bye Bye
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