Payment startup BharatPe has stripped its co-founder, Ashneer Grover of all positions for his alleged "misdeeds", here's what is likely to happen next in the boardroom battle between Grover and BharatPe

BharatPe co-founder Ashneer Grover has been embroiled in a controversy since an audio clip that is allegedly of him abusing an employee of Kotak Mahindra Bank was leaked online in January.

Fintech company BharatPe on March 2 removed co-founder Ashneer Grover from all positions of the company, accusing his family of extensively misappropriating the company’s funds.

BharatPe said that external advisors had reviewed the company’s internal controls, and Mr. Grover resigned shortly after he was informed that these findings will be presented to the company’s Board.

The Grover family’s alleged misappropriation of funds included creating fake vendors to siphon money away from the company’s expense amount to fund lavish lifestyles.

BharatPe has over 75 lakh merchants using its services across 150 cities. The company was co-founded by Mr. Grover and Shashvat Nakrani in 2018

The company has facilitated the disbursement of loans of over ₹3,000 crore to its merchants since its launch. BharatPe has also raised $ 178 million in equity and debt, to date.

BharatPe said to uphold the highest governance standards, and in light of complaints received, the Board directed a thorough review of the company’s internal controls.