Ashneer Grover Although there is no need of any introduction today, yet let us tell that he was the co-founder of BharatPe, a payment solution fintech company. He started Bharatpay in 2018 with two of his friends Shasvat Nakrani and Bhavik Coladiya. But for some time, Ashneer is fighting a legal battle with Bharatpe for misuse of money and money irregularity. Because of which he had to leave India. Let us know some experiences and controversies related to the life of Ashneer Grover.
Ashneer Grover Early Life and Education
Ashneer Grover was born on 14 June 1982 in Delhi itself. His father is a chartered accountant by profession and mother is a teacher. So it can be understood that both their parents are well qualified and they have inherited education and knowledge.
After completing his initial studies, he graduated in B-tech and mastered management from IIM Ahmedabad.
Ashneer Grover Career
All the jobs and businesses Ashneer Grover has done in his life so far have been related to banking and fintech. In the early days of his career, he worked in Kotak Mahindra Bank and worked in the banking field for almost 8 years.
He has always been good in studies, he told that he was always in the top 3 ranks in his school class. So much so that we also doubted the Tank India show in which he appeared as a shark investor that his calculations were very quick. He used to do business valuation very quickly and accurately. He surprised everyone with his bargaining ability in the show. We have seen many times in the show that other sharks also forward Ashneer Grover to make the deal better.
Banking jobs were going well but due to the desire to do something big and different in life, he left the bank job. But till now he has not been able to decide properly what to do next in life. After leaving the bank job, Ashneer Grover worked for some time at PC Jeweler in Karol Bagh, Delhi. Where he learned how money is maintained at the ground level and also tried to know what problems a businessman has to face in money and banking.
He also worked at American Express where he used to evaluate startups and approve funding. Meanwhile, he saw that startups in India are pitching the business model everyday to solve some or the other problem. Ashneer saw that the one who is pitching is also a human being like him so why can’t he do the same. In this way, he started thinking of a business idea, meanwhile one of his batchmates approaches him to help him make a business plan. He was working on the model of Grofer, a grocery startup. The business model of Grofer was created by Ashneer at Amex at night only after his job hours were over. After Grofer got funding, his batchmate offered him to join Grofer, thus Ashneer and his friend started Grofer together.
BharatPe Founder Ashneer Grover
By the year 2018, Ashneer Grover started BharatPe with his two friends Shasvat and Bhavik. The same model on which BharatPe was launched, Fintech companies like Paytm and Phonepe had already made their mark in India. This was the time when after demonetization people started moving towards UPI and online payments. At that time a QR code was required to make payment, some shopkeeper had Paytm and sometimes some had Phonepe.
Due to lack of common QR code, both buyer and seller used to face problems, meanwhile Ashneer Grover succeeded in making single QR for all payment platforms. This is where the success of Ashneer and BharatPe begins. Because of this functionality, BharatPe became successful in putting his QR code on every shop and business overnight. It didn’t stop here as BharatPe being a tech company started tracking the performance of the merchants and giving them business loans according to their transaction behavior. In the year 2021, BharatPe gave a loan worth 3000 crores to its merchants and the default rate was negligible.
He had understood from the experience of his banking sector that when and for what reasons the merchant defaults. Ashneer found a solution to this problem from day one itself and gave the loan. After giving the loan, BharatPe deducts some amount from every payment and puts it in the merchant’s account, due to which there is no pressure on the merchant for EMI and loan repayment, and the merchant repays his loan in no time.
Ashneer Grover in Shark Tank India
Ashneer Grover appeared in Sony TV’s reality show Shark Tank as a judge in the role of a shark. Shark Tank India is a platform for one 2 one negotiation and deal by bridging the distance between investors and startups. Through this platform even a normal person used to get very excited seeing new innovations. Many startups came on stage with ideas that were picked up by the sharks and some had to face the wrath of Ashneer Grover. Ashneer used to do very accurate business valuation by understanding the pitch faster than the other 5 sharks sitting there, the rest of the sharks were also convinced of his ability. During the show, there was sometimes competition between a pitch for a deal between Ashneer and the rest of the sharks, and sometimes the startup had to face words like anger and hypocrisy from Ashneer for rejecting the deal with Ashneer. This duplicity had to be heard by the business boomer who came to take a funding by Word Schneer. During the show, the brand Sipline, who came for a funding, also got to hear the bitter words of Ashneer. Later sipline criticized Ashneer a lot on social media. Season 2 of Shark Tank India is going to come in January 2023 but this season Ashneer Grover is not in the show as a shark, the main reason being the ongoing controversy and legal battle between him and Bharatpe. Shark Tank India does not want to risk negative publicity for Ashneer. Ashneer says that the people of Shark India were short of money, due to which the auditions of the show were also held at their homes. As we heard on social media that Ashneer used to get 10 lakhs for an episode, he denies this news, he did not take even a single penny, but used to come on the set at 9 am in the show like free labor and sometimes the shooting used to end at 11 pm, even then none of the sharks charged a single penny from the producer of the show. So why did Ashneer and the rest of the sharks do the show, then Ashneer explains that coming on TV and becoming famous was Shark’s aim, according to him, even after doing so much in life, people did not recognize him by face, Shark had a celebrity feeling and Got fame only after appearing in the show.
Ashneer Controversy With BharatPe
Ashneer Grover outspoken nature repeatedly brings him into one or the other controversy. Everyday he has to face criticism for one reason or the other. Ashneer Grover first controversy which came to light was when he missed the opportunity of investing in an IPO due to non-receipt of loan of 500 crores on time to the manager of Kotak Mahindra over the phone. This phone call of his became very viral, in the beginning Ashneer Grover accepted this call as someone’s conspiracy but later after the talk got too much it was his voice in that call. Because of this call, his reputation took a huge hit.
The second controversy due to which he had to leave BharatPe was the misuse of the company’s money.
Ashneer Grover wife Madhuri Jain Grover also used to work at the director level in the company’s board and appointing new staff comes under her work area, passing fake bills of her own acquaintances for the recruitment of staff and embezzling the company’s money. There is an allegation of wrongful expulsion which was found correct by the company’s managing committee after investigation, due to which Madhuri Grover also had to resign and for this she is also facing legal action.
After all this, Ashneer Grover thought it better to leave BharatPe and wants to exit BharatPe forever by selling his equity which is around 10% but it is not looking that easy.
Now in December 2022, a claim of 88 crores INR has been filed on the company, as the investigation is still going on, during the same time this 88 crores INR has been done by the Additional Drug Management Committee. He says that Ashneer Grover spent this money in building his house and in family foreign trips.
Recently, in all these controversies, he took his co-founder Shashvat hand on hand, in which he helped him to complete IIT at the beginning of the company and against the board which is taking legal action against him, in which he did not defend the side of Ashneer. he told Shashvat DOGLAPAN.
Sharing the incident on Twitter, Ashneer wrote, “Doglapan: Shashvat (Co-Founder) to me. Bhai degree poori karni hai. Ek saal office bunk kar ke IIT poora kar leta hoon. Secondary kara dena aur salary bhi mat rokna – investor ko mat batana. Shashvat to Board: No objection in filing case against Ashneer.”
Ashneer Grover Net Worth
Although it is difficult to estimate the exact net worth of Ashneer, but as the last valuation of Bharatpe was 22000 crores i.e. $3 billion. According to his equity in BharatPe, we can say that his net worth is $ 90 million i.e. 700 crores.
How Does Ashneer Grover Grow His Fortune?
While Grover received paychecks and dividends as part of his now-terminated contract with BharatPe, the majority of his wealth was amassed through astute investments in powerful emerging companies. As a fintech expert, he has invested heavily in companies such as EasyRewardz, Recko, and Egregore Labs, as well as several other fintech firms that handle reward systems, software, fund management, and more.
He has also dabbled in non-fintech investments, such as MyHQ, a co-working space, and Bira, a homegrown beer brand.
Ashneer Grover also invests in venture capital funds Ribbit and Vinny Pujji, the latter of which previously invested in BharatPe, according to MoneyControl. Both are worth $700 million and $400 million, respectively.
What Does Ashneer Grover Drive?
With this much money in the bank, you can afford to splurge on almost any vehicle you can think of. Grover’s personal car collection consists of a stately Mercedes Maybach S650 (worth approximately Rs 2.5 crore), a Porsche Cayman S, a Mercedes Benz GLS 350, and an Audi A6.
Grover is also said to still own a modest white Hyundai Verna, which is thought to be his first car before his fortunes improved dramatically.
Where does Ashneer Grover Live?
The 39-year-old businessman resides in Delhi’s upscale Panchsheel Park, a well-known neighborhood within his birth city. Based on current average property prices, the value of his 18,000-square-foot home is estimated to be around Rs 30 crore.
Ashneer Grover DOGLAPAN Book PDF Download
Ashneer Grover has just written a book called DOGLAPAN. It sums up today’s struggle between startups and investor for money and very well describes today’s reality. This book is available on Amazon store for Buy and leading book stores in the market and it is getting very good response and appreciation. Buy the Original Copy at Amazon, it encourages author and actually with this only author can track the book success or Failure.
Recently, Vijay Shekhar who is the founder of Paytm congratulated Ashneer for this book.
Frequently Asked Questions?
Yes he is not in Season 2 Shark Tank, due to Controversy Between Ashneer and BharatPe and in Season 2 Amit Jain Co-founder Cardekho will be the shark instead of Ashneer.
At Present Suhail Sameer is the CEO if BharatPe.
Ashneer has lots of Controversy in last few months, this may be one of the reason.
Aman Gupta: Net worth- ₹700 crores. Aman Gupta is known for being the co-founder and managing director of boAt. the boAt is India’s one of the biggest wearable brands.
He takes the Exit from Grofers and Sold his equity and Focused On BharatPe.
BharatPe is on Growth after Ashneer left, last Quarter they Booked the Growth of 116%
[…] Also Read | Ashneer Grover Controversy and Doglapan […]