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BharatPe<\/a> cofounder Ashneer Grover<\/a> has held early talks with investors to sell his 9.5% stake in the fintech startup, potentially paving the way for his full exit from the company, two people in the know said.

The sale discussions initiated by Grover come on the back of an ongoing investigation and an independent audit of BharatPe, which has indicated financial irregularities<\/a> at the startup.

The company and its founder have been embroiled in a month-long corporate saga triggered by a leaked audio clip<\/a>, in which Grover is allegedly hurling abuses at an employee of Kotak Mahindra Bank.

The secondary sale, which Grover is pushing for, signals that he could be eventually ousted from the company once final findings of the ongoing probes are submitted.

ET reported on January 31 that Grover had hired lawyers<\/a> in anticipation of such a situation, even as the chasm between the founder, the BharatPe board<\/a> and company shareholders widened. Two people familiar with developments said Grover is rushing to close the stake sale before the final probe findings are tabled before the company’s board.

The Delhi-based firm, which helps small businesses and primarily offline merchants with a suite of financial services, is currently valued at $2.8 billion.

“While Grover is offering his stake at full price (current valuation), he would settle for anywhere around $1 billion valuation… But finding a buyer won’t be easy considering the events of the past month<\/a>,” said another person aware of developments, adding that with an ongoing financial probe mustering an investor will be tricky even at a steep discount.

People in the know are of the view that Grover may sell his shares at a discounted price in an effort to monetise his stake, but a deal is tough to pull off, they said.

“He (Ashneer) has begun talks with a whole host of investors for divesting his stake but the key investors hold right of first refusal (rofr) on founder’s shares and tag along rights. These would need clearances which will be critical to this proposition,” said one of the persons cited above, adding that it is unlikely that any of the existing shareholders will buy more stake in the fintech firm.

When contacted by ET, Grover did not respond to a query. Sequoia Capital India, Coatue Management and Ribbit Capital are the three largest shareholders in BharatPe. Sequoia Capital India declined to comment.

\"\"
<\/span><\/figcaption><\/figure>
Grover’s move to monetise his ownership follows his demand for a Rs 4,000 crore settlement, which was rebuffed<\/a> by the BharatPe board, as ET reported on February 4. “He (Grover) wanted to leave but hold onto his shares…but the board is trying to get him out without a payday,” said another person quoted above.

Valuation bump<\/strong>
Late last year, BharatPe was in discussions to raise a new funding round but those talks fell through due to the audio clip controversy, sources aware of the talks told ET.

Its major valuation bump came in August 2021 when it raised $370 million<\/a> in a funding round led by New York-based Tiger Global. In six months, the company’s valuation had trebled from the $900 million ascribed to it in February 2021.

Consulting firm Alvarez & Marsal is presently conducting a probe and had said in a preliminary note that it found financial irregularities at the company, putting Grover and his wife Madhuri Jain<\/a>, head of controls, under the scanner. A&M is expected to submit a final report by the end of February. PwC is also auditing the company’s functioning. The company board said it will take action once the final reports are in.

Hurdles For Grover’s Plan<\/strong>
For Grover, selling his shares will be tough keeping in mind the terms governing an event like this.

According to the BharatPe’s Articles of Association—a legal document containing rules for the internal management of a company—filed by its parent Resilient Innovations with the Registrar of Companies (RoC) in September last year, Grover needs to offer his shares to existing investors who have the first right to it.

If the investors or the other founder do not want to buy these shares, they can be sold to externals. Shashvat Nakrani is the other cofounder with less than 8% stake in the company.

ET reported on February 4 that Grover shot off a letter<\/a> to the company board seeking the removal of BharatPe CEO Suhail Sameer as a director on the board. Nakrani said in a separate statement that he was firmly behind Sameer.

Interestingly, the filing, sourced through business intelligence platform Tofler, showed that certain restricted shares of founders can be bought back by the firm at a lower fair market value or the price paid by the relevant founder at the time of acquisition of those shares, provided the company or the founder has terminated the employment showing cause.

As per the terms, restricted shares are defined as 75% of founder shares after BharatPe’s Series C funding in 2019 and follow-on shares issued at the closing of Series E funding. This can be transferred to an employee welfare trust or be acquired from the relevant founder with approval from board and consent of the majority (51% or more) of investors.

For the ‘cause’ to be established for termination, the founder has to be charge-sheeted for an offence involving ‘moral turpitude’ or fraud in relation to the company affairs, resulting in material adverse effect on the company’s business. Wilful misconduct or gross negligence are also described as causes for such termination in BharatPe’s AoA. All of this needs to be certified by one of the Big Four audit firms which currently doesn’t have any relation with BharatPe.
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Ashneer Grover谈判出售他BharatPe 9.5%的股份

Ashneer Grover急于接近Alvarez & Marsal股权出售之前的审计报告是BharatPe董事会前提出。二级销售信号,最后发现他最终会被提交。

Samidha沙玛 Digbijay Mishra
  • 更新于2022年2月8日08:04点坚持
阅读: 100年行业专业人士
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BharatPe创始人之一Ashneer Grover初举行会谈投资者出售fintech创业公司9.5%的股份,可能为他铺平了道路完全退出公司,知道两人说。

销售讨论由格罗弗的一个正在进行的调查和BharatPe的独立审计,也表明金融违规行为在启动。

该公司及其创始人就被卷入了一场为期一个月的企业事件引发的泄露的音频剪辑,格罗弗·科塔克马辛德拉银行涉嫌滥用扔的员工。

Grover的二次销售,是推动,表明他可能最终被逐出公司一旦提交正在进行的调查的最后结果。

广告
1月31日报道,格罗弗已聘请律师在这种情况下,尽管创始人之间的鸿沟BharatPe董事会和公司股东扩大。两位知情人士说,格罗弗急于发展关闭前的股权出售前的最后调查结果提出公司的董事会。

德里公司,帮助小企业和一套金融服务主要是线下商家,目前价值28亿美元。

“虽然Grover提供他在全价(当前估值)的股份,他将接受任何估值约10亿美元…但并不容易找到买家考虑过去一个月发生的事情”,说另一个人意识到发展,与一个正在进行的金融调查召集一个投资者甚至将是棘手的,以大幅折扣价。

知道的人认为,格可能会出售自己的股票以打折的价格为了套现股份,但很难达成协议,他们说。

“他(Ashneer)已经开始与许多投资者对剥离他但关键投资者持有的股份的优先购买权(rofr)创始人的股份和标记的权利。这些需要许可将这一命题的关键,“说上面所提到的一个人,不太可能的任何现有股东fintech公司将购买更多的股份。

当联系等,格罗弗没有回应查询。红杉资本印度,Coatue管理和Ribbit BharatPe资本是三个最大的股东。红杉资本印度拒绝置评。

广告

Grover的货币化所有权之前,他要求4000卢比结算,这是拒绝了由BharatPe板,等公布2月4日。“他(Grover)想离开但他持有股票…但董事会试图让他没有发薪日,”另一个人说上面的引用。

估值撞
去年年底,BharatPe讨论提高新一轮筹资但这些谈判告吹是因为音频剪辑争议,意识到谈判的消息人士告诉等。

其主要估值撞在2021年8月筹集了3.7亿美元在一轮融资由总部位于纽约的全球老虎。六个月后,该公司的估值已从9亿美元的两倍归因于它在2021年2月。

Alvarez & Marsal咨询公司目前正在进行一项调查,在初步报告中称,发现公司财务违规行为,将格和他的妻子玛杜丽耆那教徒的的控制,在扫描仪。农工预计将在2月底提交最终报告。普华永道也审计公司的运作。该公司董事会表示,将采取行动的最后报告。

障碍Grover的计划
格罗弗,出售自己的股票很难记住条款管理这样的一个事件。

根据BharatPe的文章的协会的法律文档,其中包含规则由其母公司的内部管理弹性的创新与企业监管局(RoC)去年9月,格需要提供自己的现有股票投资者有权优先。

如果投资者或其他创始人不想买这些股票,他们可以卖给外部。Shashvat Nakrani是另一个创始人在公司不到8%的股份。

2月4日报道称,格罗弗拍摄了一封信公司董事会寻求消除BharatPe CEO Suhail Sameer作为董事在董事会。Nakrani在另一项声明中表示,他坚定地Sameer后面。

有趣的是,申请,采购通过商业智能平台Tofler,表明某些限制性股票的创始人可以由公司回购公允市场价值或价格较低时由相关的创始人收购这些股份,提供公司或创始人终止就业表现的原因。

根据条款,限制性股票被定义为75%的创始人股份2019年BharatPe的C系列融资后关闭和后续股票发行的系列E资助。这可以被转移到一个员工福利信托或被收购相关的创始人和董事会的批准和同意,绝大多数(51%以上)的投资者。

“原因”的建立为终止,创始人必须的罪行的指控涉及“道德堕落”或欺诈的公司事务,对公司的业务造成重大不利影响。故意不当行为或重大过失也称为原因终止BharatPe AoA。所有这一切需要认证的一个四大审计公司目前与BharatPe没有任何关系。
  • 发布于2022年2月8日08:02点坚持
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BharatPe<\/a> cofounder Ashneer Grover<\/a> has held early talks with investors to sell his 9.5% stake in the fintech startup, potentially paving the way for his full exit from the company, two people in the know said.

The sale discussions initiated by Grover come on the back of an ongoing investigation and an independent audit of BharatPe, which has indicated financial irregularities<\/a> at the startup.

The company and its founder have been embroiled in a month-long corporate saga triggered by a leaked audio clip<\/a>, in which Grover is allegedly hurling abuses at an employee of Kotak Mahindra Bank.

The secondary sale, which Grover is pushing for, signals that he could be eventually ousted from the company once final findings of the ongoing probes are submitted.

ET reported on January 31 that Grover had hired lawyers<\/a> in anticipation of such a situation, even as the chasm between the founder, the BharatPe board<\/a> and company shareholders widened. Two people familiar with developments said Grover is rushing to close the stake sale before the final probe findings are tabled before the company’s board.

The Delhi-based firm, which helps small businesses and primarily offline merchants with a suite of financial services, is currently valued at $2.8 billion.

“While Grover is offering his stake at full price (current valuation), he would settle for anywhere around $1 billion valuation… But finding a buyer won’t be easy considering the events of the past month<\/a>,” said another person aware of developments, adding that with an ongoing financial probe mustering an investor will be tricky even at a steep discount.

People in the know are of the view that Grover may sell his shares at a discounted price in an effort to monetise his stake, but a deal is tough to pull off, they said.

“He (Ashneer) has begun talks with a whole host of investors for divesting his stake but the key investors hold right of first refusal (rofr) on founder’s shares and tag along rights. These would need clearances which will be critical to this proposition,” said one of the persons cited above, adding that it is unlikely that any of the existing shareholders will buy more stake in the fintech firm.

When contacted by ET, Grover did not respond to a query. Sequoia Capital India, Coatue Management and Ribbit Capital are the three largest shareholders in BharatPe. Sequoia Capital India declined to comment.

\"\"
<\/span><\/figcaption><\/figure>
Grover’s move to monetise his ownership follows his demand for a Rs 4,000 crore settlement, which was rebuffed<\/a> by the BharatPe board, as ET reported on February 4. “He (Grover) wanted to leave but hold onto his shares…but the board is trying to get him out without a payday,” said another person quoted above.

Valuation bump<\/strong>
Late last year, BharatPe was in discussions to raise a new funding round but those talks fell through due to the audio clip controversy, sources aware of the talks told ET.

Its major valuation bump came in August 2021 when it raised $370 million<\/a> in a funding round led by New York-based Tiger Global. In six months, the company’s valuation had trebled from the $900 million ascribed to it in February 2021.

Consulting firm Alvarez & Marsal is presently conducting a probe and had said in a preliminary note that it found financial irregularities at the company, putting Grover and his wife Madhuri Jain<\/a>, head of controls, under the scanner. A&M is expected to submit a final report by the end of February. PwC is also auditing the company’s functioning. The company board said it will take action once the final reports are in.

Hurdles For Grover’s Plan<\/strong>
For Grover, selling his shares will be tough keeping in mind the terms governing an event like this.

According to the BharatPe’s Articles of Association—a legal document containing rules for the internal management of a company—filed by its parent Resilient Innovations with the Registrar of Companies (RoC) in September last year, Grover needs to offer his shares to existing investors who have the first right to it.

If the investors or the other founder do not want to buy these shares, they can be sold to externals. Shashvat Nakrani is the other cofounder with less than 8% stake in the company.

ET reported on February 4 that Grover shot off a letter<\/a> to the company board seeking the removal of BharatPe CEO Suhail Sameer as a director on the board. Nakrani said in a separate statement that he was firmly behind Sameer.

Interestingly, the filing, sourced through business intelligence platform Tofler, showed that certain restricted shares of founders can be bought back by the firm at a lower fair market value or the price paid by the relevant founder at the time of acquisition of those shares, provided the company or the founder has terminated the employment showing cause.

As per the terms, restricted shares are defined as 75% of founder shares after BharatPe’s Series C funding in 2019 and follow-on shares issued at the closing of Series E funding. This can be transferred to an employee welfare trust or be acquired from the relevant founder with approval from board and consent of the majority (51% or more) of investors.

For the ‘cause’ to be established for termination, the founder has to be charge-sheeted for an offence involving ‘moral turpitude’ or fraud in relation to the company affairs, resulting in material adverse effect on the company’s business. Wilful misconduct or gross negligence are also described as causes for such termination in BharatPe’s AoA. All of this needs to be certified by one of the Big Four audit firms which currently doesn’t have any relation with BharatPe.
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