BharatPe cofounder Ashneer Grover has held early discussions with financial backers to sell his 9.5% stake in the fintech startup, possibly preparing for his full exit from the organization, two individuals aware of the matter said.
The deal conversations started by Grover return on the back of an ongoing investigation and a free review of BharatPe, which has demonstrated financial irregularities at the startup.
The organization and its founder have been involved in an extended corporate adventure set off by a leaked audio clip, wherein Grover is supposedly mocking a representative of Kotak Mahindra Bank.
The auxiliary deal, which Grover is pushing for, signals that he could be in the end expelled from the organization once final discoveries of the ongoing probes are submitted.
On January 31 that Grover had recruited legal advisors fully expecting such a circumstance, even as the gorge between the founder, the BharatPe board and company investors broadened. Two individuals familiar with advancements said Grover is hurrying to bring the stake deal to a close before the final probe findings are tabled before the organization’s board.
The Delhi-based firm, which helps private ventures and essentially offline vendors with a suite of financial services, is as of now estimated at $2.8B.
“While Grover is offering his stake at full price (current valuation), he would settle for anywhere around $1B valuation But finding a buyer won’t be easy considering the events of the past month,” said someone aware of developments, adding that with a continuous financial probe gathering a financial backer will be precarious even at a lofty markdown.