Ashneer Grover Inspirational Story
Ashneer Grover is the former co-founder & Managing Director of BharatPe, a mobile payments company valued at $2.85 billion. He is an excellent example of how to be successful in India’s fintech startup ecosystem. He has successfully raised capital, built a great team, and created a valuable product. BharatPe is currently one of the most promising startups in India and is quickly growing in popularity.
Though Ashneer had a great educational and career background, he faced multiple challenges. This article discusses his early life and success story.
Early Life and Education
Born on June 14, 1982, in a middle-class family in Delhi, Ashneer was very intellectual, which led him to IIT Delhi and later IIM Ahmedabad. When Ashneer pursued his B.Tech from IIT Delhi for the student exchange program, he was selected for the Institut National des Sciences Appliquées de Lyon, commonly known as INSA Lyon, France. It’s a premier and one of the largest engineering colleges in Europe. In 2002, he went to INSA Lyon to continue his studies. After graduating from IIT, he did his MBA in Finance from IIM Ahmedabad in 2006.
Initial Career
After completing his Master’s, Ashneer joined Kotak Investment Banking in 2006 and worked there for seven years as the Vice President. During his tenure, he made ten deals with USD 3 billion of transactional value. He later joined American Express (AmEx), a global financial services company. He was there from 2013 to 2015 as Director of Corporate Development, and his major role was covering payments and fintech for the company in India. He led a Series B investment in MobiKwik, an eCommerce payment systems and digital wallet company.
After leaving AmEx in 2015, Ashneer joined Grofers, now named Blinkit. He joined the startup as the Chief Financial Officer and built the company from scratch as a core team member, along with Albinder and Saurabh, founders of Grofers. Here, he raised USD 170 million for the startup from Softbank, Tiger, Sequoia, and Yuri Milner.
Later in 2017, PC Jewellers Ltd appointed Ashneer Grover as the Head of New Business. He led digital transformation and strategy at the second-largest jewelry retailer in India. He also enabled PayTM, PhonePe, Pine Labs, Magic Pin, and QwikCilver and consolidated e-comm operations under a single brand PCJ. He set the company up for the next phase of consumer experience-driven growth and diversification into adjacent businesses. He worked with PCJ for exactly one year, and in 2018 only, he founded his own company, BharatPe, with his co-founder Shashvat Nakrani.
Building BharatPe
After 12 years of rich experience in multiple brands, Ashneer decided to start his entrepreneurial journey. Thus, after studying the market condition thoroughly and having experience in finance, he co-founded a fintech payments services company, BharatPe, in 2018 with Shashvat Nakrani. Together, they built the company from scratch and made it the most used payment-receiving merchant via QR codes for shopkeepers.
Today, we can see BharatPe QR codes at every shop. In addition, BharatPe provides loans to small business owners who urgently need funds to scale up their businesses. Ashneer Grover revealed in the popular startup reality show Shark Tank India that when BharatPe’s valuation was $30 million, Google Pay offered him $50 million to acquire his company. Still, he refused this offer as he knew BharatPe would revolutionize the payment services scenario.
As an entrepreneur, he will scale his company and make it reach that level of success he and his co-founder have dreamt of. And his belief in himself & his team led BharatPe to new heights. Today, the company has a valuation of $2.85 billion.
Challenges Faced & Controversy
Ashneer Grover’s name was embroiled in a major controversy when an audio clip surfaced. In the clip, Ashneer was heard using abusive language and making threats towards an employee of Kotak Mahindra Bank. The context of this incident was the employee’s alleged failure to secure a shared allotment of Naykaa’s IPO for Ashneer and his wife, Madhuri Jain.
This controversy, along with subsequent accusations from the board of BharatPe, has cast a shadow on Ashneer’s otherwise illustrious career. Ashneer Grover faced accusations from the board of BharatPe. The board accused him and his wife of creating fraudulent transactions against fictitious vendors and using the company’s Money for their personal needs. They also questioned certain invoices that seemed to have been uploaded twice.
This controversy led Ashneer to take three months of voluntary leave. After finding financial irregularities in the company, the board members demanded Ashneer Grover’s official resignation from his current roles and responsibilities. He resigned from his position at BharatPe and while exiting the company, he also mentioned that the board forced him to resign.
In March 2022, Ashneer Grover was removed from his role as managing director of BharatPe, which started a long legal battle between him and the company. In October 2024, Ashneer Grover withdrew his petition from the National Company Law Tribunal (NCLT) after settling with the fintech firm BharatPe. As part of the settlement, Ashneer will no longer be associated with BharatPe in any capacity, and a family trust will handle his shares. Some shares will be transferred to the Resilient Growth Trust for the company’s benefit. This settlement marks the conclusion of their legal disputes, with Grover formally stepping away from any involvement with BharatPe.
Conclusion
The story of Ashneer Grover is a testament to the fact that no matter how successful you become, challenges and difficulties are inevitable. It’s how you navigate through them that truly defines your character and potential. Ashneer’s resilience in the face of adversity is truly inspiring.
Read: Kunal Bahl: The Visionary Entrepreneur Behind Snapdeal
Frequently Asked Questions (FAQs)
Who is Ashneer Grover, and what is he known for in the fintech industry?
Ashneer Grover is a prominent Indian entrepreneur and the co-founder of BharatPe. This fintech company revolutionized digital payments in India by empowering merchants with easy-to-use payment solutions.
What inspired Ashneer Grover to become an entrepreneur?
Grover was motivated by a desire to solve real-world problems in the payments sector and to support small businesses, helping them access digital payment tools to grow and compete.
How did Ashneer Grover start his journey in the fintech sector?
With experience in finance and management from IIT Delhi and IIM Ahmedabad, Grover worked in various corporate roles before founding BharatPe in 2018, combining his industry knowledge with a vision for digital transformation.
How did Ashneer Grover’s innovative ideas shape his company’s growth?
Ashneer Grover’s innovative ideas, such as introducing zero-fee digital payment solutions and QR codes for merchants, have significantly shaped BharatPe’s growth. His strategic vision and forward-thinking approach have set BharatPe apart and addressed a critical need for accessible, cost-effective payment options, leaving a lasting impression on the fintech industry.
What lessons can aspiring entrepreneurs learn from Ashneer Grover’s journey?
Ashneer Grover’s journey is a rich source of inspiration and learning for aspiring entrepreneurs. His story underscores the importance of innovation, customer-centricity, resilience, and the ability to turn challenges into opportunities for growth. These lessons can empower and enlighten anyone embarking on their entrepreneurial journey.