BharatPe Founder Faces Kotak Banks “Legal Action”

Kotak Mahindra Bank on Sunday announced that it would pursue “legal action” against

co-founder and managing director of Fintech Bharatpe Ashneer Grover and his wife Madhuri

regarding the abusive phone call.

It acknowledged that they sent a legal notice to it on the 30th of October, but without

providing any explanations for the similar.

According to reports in the media, they had accused the lender of being unable to secure

financing and the allocation of shares for Nykaa’s Nykaa initial public offering (IPO) and

demanded 500 million in compensation.

“This notice was received by us and was replied to appropriately at the time, including

placing on record our objections to inappropriate language used by Grover.

Accordingly, appropriate legal action is being pursued,” an announcement in the media

from the lender with a city-based headquarters said.

The court did not detail why this legal proceeding was taken.

A spokesperson from Bharatpe did not respond to questions about the recent

developments.

However, a few days ago, an audio clip was posted on social media in which two people are

said to be speaking to an associate manager at the bank.

The male voice shouts abuse while the male voice can be heard soothing him.

The possibility was raised that the Grover couple appeared in the viral video, but Ashneer

Grover rejected the idea declaring the tape to be “fake.”

Mr. Grover stated that the audio was fake audio made by “some scamster trying to extort

funds (USD 2,40,000 bitcoins)” and said the suspect “refused to buckle.”

“I’ve got more character. And, the internet has got enough scamsters,” the actor tweeted.

BharatPe provides services to more than 75 lakh merchants in more than 150 cities. It has

already assisted in distributing loans of more than 3,000 crores to its merchants following

the company’s launch.

BharatPe has raised more than USD 700 million in equity and debt.

Its clients are Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue

Management, Ribbit Capital, and many more.

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