SharkTank's Ashneer Grover Demands Rs.4000 Crore to Leave His Company BharatPe

Shark Tank Shark Tank's Indian host Ashneer Grover landed in controversy in the last month after an audiotape of him where he's accused of threatening and hurling abuse at the Kotak Mahindra Bank employee, was released. Ashneer has denied all allegations and said the company he works for will be BharatPe in exchange for investors giving him the sum of Rs4,000 crore.

After the release of the audiotape in the last one month ago, Ashneer declared it to be fake audio recorded by a fraudster seeking to steal money." The statement that was made in a tweet that was later removed by Ashneer. Now, legal actions are being taken by Kotak Mahindra Bank against Ashneer for “inappropriate language” used against their employees.

In a recent conversation with Money Control, Ashneer has stated that he will quit his employer only after an individual investor purchases out his 9.5 percent stake in the company.

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Ashneer stated, I am the MD and I run the company. If the board decides that I'm not needed to be the MD, and somebody else should be the CEO of the business, then please place my Rs 4,000 crore on the market and get the keys off my hands. If you're looking to purchase me, you would like to purchase me at the fair market value you think it is, right? According to me, a fair value would be about $6 billion.

After the alleged audio making rounds on the internet, Ashneer is on a voluntary leave from his duties on BharatPe until March-end. Similarly, last week, Ashneer’s wife - Madhuri Grover - also went on a voluntary leave for a vacation.

About Ashneer Grover

Ashneer, an IIM alumni, worked as an executive vice president at Kotak Mahindra Bank, after which Ashneer was hired by American Express. Later, Ashneer went on to co-found both Grofers and BharatPe.

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About BharatPe

BharatPe is an Indian fintech firm that caters to small-sized merchants and owners of kirana stores in India. It offers a wide range of fintech solutions, including interoperable QR codes to facilitate UPI transactions, Bharat Swipe for card acceptance, as well as small business financing. BharatPe’s revenue for fiscal 2021 jumps over six times to Rs 700 crore. BharatPe’s valuation was $3 billion last year when it raised $370 million from Tiger Global, Coatue and others. BharatPe’s net worth today is around $6 billion.

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Nykaa Updates Its Latest Equity Offer to Raise 630 Crore in IPO

Nykaa IPO News

A marketplace that is primarily focused on beauty, Nykaa has updated its red prospectus for herrings (DRHP) to boost the value of its new offering by Rs 100 crore. Based on regulatory reports, Nykaa is now seeking to raise around 630 crore in IPO.

In August, the company stated within the DRHP, that it planned to raise 525 crore through the forthcoming Initial public offer (IPO). According to media reports, Nykaa could raise $500 million (Rs 4000 crore) however, the company did not reveal the exact amount of its IPO it had announced in the DRHP at a price of between $4.5-5 billion (Rs 35,000-40,000 crore).

According to sources in the industry the company has been granted acceptance from SEBI for the public listing of its stock and will likely be listed at the exchange before the end of the month.

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Planning of lower stakes in Nykaa IPO

Nykaa will use the fresh funds to open warehouses and stores as well as to fund operations online and also repay its borrowers. Promoter Sanjay Nayar Family Trust and Nykaa's investors: Lighthouse, TPG Growth, Sunil Munjal among others will lower their stakes in the planned Nykaa IPO.

If the company is listed at $4.5-5 billion, it would be a 2.5X increment from the $1.8 billion value in November of 2020 when Massachusetts-based Fidelity Investments had picked up additional shares of the Mumbai-based company.

Contrary to most companies that are preparing for public listing, Nykaa is a profitable venture. Based on its DRHP report, the company reported the sum of Rs 61.94 crore in profit and operating revenues of 2440.89 crore for the fiscal which ended March 2021.

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The fact that promoters are a part of Nykaa differs from other IPO-bound businesses. Falguni along with Sanjay Nayar, along with their trusts of family members hold 53 percent of the company with a variety of rights that are favorable.

Nykaa is also older than the other internet-based consumer businesses that are preparing to go public. It was founded in 2012 by Nayyar back in the year 2012 Nykaa is able to fulfill more than 60,000 daily orders it claims that they have more than 15 million users registered. There are 73 physical stores spread across 38 cities across India with three stores at the close of FY21.

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