Story of Bharat Pe becoming a brand: Ashneer cleverly defeated Paytm and PhonePe, then how a 21 thousand crore company got into controversies

Posted on 2nd Mar 2022 by rohit kumar

Ashneer Grover, who came into the limelight with his tough behavior and spot retaliation in the reality show Shark Tank, is once again in the news. The company in which Bharat Pe was till now co-founder, now he has to resign from the same company.

 

How did the company start in Bharat Pe?

 

The story of the formation of a company in Bharat is very interesting. In 2017, Ashneer, who was working as Business Head in PC Jewelers Limited Company, met Shashwat Nakrani and Bhavik Koladia. In this meeting, Shashwat shared the idea of ​​making an app for online transactions with Ashneer.

 

Ashneer, who has worked at top posts in several companies including American Express, Grofers, liked this idea. While Shashwat was versed in technical matters, Ashneer handled its marketing and business from registering the company.

 

Eventually, the three friends together decided to start this company in 2018. The story will continue, but give your opinion by giving some time to a poll.

 

Now first know what is a fintech company?

 

FinTech is the short name for 'Financial Technology'. This technology is used in the online transaction of money. Through this, work related to money transactions, digital loans, bank work, cryptocurrencies, etc. is done online through an app. With the increase in the number of smartphone users in India and the growth of online payments, the market of companies like Google Pay, Paytm, and Bharat Pe is increasing continuously.

 

Let us tell you that there are mainly three types of earnings of fintech companies.

 

1. Some companies charge money for using the app and for the transaction.

 

2. Through company e-wallet and subscription.

 

3. Fintech companies also make money through advertising.

 

Only 2 years after its formation in India, it is included in the top fintech companies

 

Within a few days of its launch in June 2018, the Bharat Pe app has received more than a thousand

People started using After seeing this, the number of people using this app has increased to lakhs. The number of people who have downloaded Bharat Pe from the Google Play Store is more than 10 million. Not only this, the valuation of this company, which does online money transactions and loans, in February 2022 is more than Rs 21 thousand crores. During the Corona period, the users of the Bharat Pe app and the company's earnings increased rapidly.

 

What is the reason for giving competition to a company like 'Paytm' and 'PhonePe'?

The reason for the success of Bharat Pe Company among companies like Paytm and PhonePe in India is that the company has made its business strategy out of these companies. Bharat Pe Company emphasized these four points to start its business-

 

Through UPI QR code, customers can pay money to the shopkeeper.

 

You can make multiple payments with the same QR code of Bharat Pe.

 

The shopkeeper can accept the payment through the Bharat Pe app for free.

 

Loans are also being given to people through the Bharat Pe app.

 

The result of the understanding of the three friends was that more than one crore people joined this app. Apart from this, every day more than 50 lakh transactions are being done through this app. Not only this, the company started giving loans to shopkeepers based on their business. Till December 2021, the company has given loans to shopkeepers and businessmen of more than Rs 3,000 crore.

 

Why did Ashneer, the managing director of Bharat Pe, come into controversy?

Ashneer Grover, the co-founder of Bharat Pe, has been in controversies for the past two months. The main reason behind this is that earlier this year audio of Ashneer went viral. In this, he was heard speaking the abusive language to an employee of Kotak Mahindra Bank. Apart from this, he was also accused of having behavior against the rules of the company.

 

On receiving a complaint against Ashneer and his wife, the company decided to set up an inquiry. In this investigation, his wife Madhuri Jain Grover was found to be involved in money laundering. Thereafter he was dismissed from the company.

 

Then Grover appealed against the decisions of his own company to the Singapore International Arbitration Center (SIC). Here too he had to face defeat. After this Ashneer had to leave the company in Bharat Pe.

 

How many shares does Ashneer Grover own in Bharat Pe?

 

As per the previous fund of Bharat Pe company, his stake stood at 9.5% i.e. Rs 1,800-1,900 crore. Now Grover has said that he is planning to sell his entire share in Bharat Pe. Resigning, Ashneer Grover has mentioned in the resignation letter that even at this time he is one of the largest shareholders of the company.