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‘Regulations Propel India to Fintech Pinnacle’


Harshil Mathur said that regulations have played a crucial role in driving innovation, financial inclusion and co-creating financial literacy…reports Asian Lite News

Regulations in the fintech industry have enabled India to become a global benchmark in fintech and unified payments interface (UPI)-based services are one such example, Harshil Mathur, CEO of full-stack financial services platform Razorpay, said on Monday.

Speaking to IANS, Mathur said that regulations have played a crucial role in driving innovation, financial inclusion and co-creating financial literacy.

“We firmly believe that regulations in the fintech industry have enabled India to become a global benchmark in the sector,” Mathur emphasised.

Transactions via the UPI platform surpassed the 100 billion-mark in 2023 to close at around 118 billion, representing 60 per cent growth as compared to 74 billion transactions recorded in 2022.

The total value of UPI transactions in 2023 stood at around Rs 182 lakh crore, up by 44 per cent as compared to Rs 126 lakh crore in 2022, according to latest data by the National Payments Corporation of India (NPCI).

Mathur said that the Digital India Stack is now a global benchmark for most countries, providing a competitive advantage for growing businesses.

“As the financial ecosystem and digital payment transactions grow, compliance and governance have to go hand in hand. Regulators have efficiently balanced innovation with risk management while they allow people to innovate,” Mathur stressed.

Currently, the key regulatory bodies that regulate fintechs in India are the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the Securities and Exchange Board of India (SEBI).

The RBI last month released a ‘draft framework for recognising Self-Regulatory Organisations (SRO) for FinTech Sector’, laying down the characteristics of a fintech SRO, and includes the required functions and governance standards.

According to the Central Bank, “self-regulation within the fintech sector is a preferred approach for achieving the desired balance”.

The Razorpay CEO said that given the growing prominence of the fintech industry, “it becomes a must for companies to possess the right regulatory insights and uphold high responsibility to ensure compliance, creating a layer of trust, protection and shield for the entire financial ecosystem”.

When it comes to data, the digital P2M (person-to-merchant) payments market in the country is likely to reach $4 trillion by 2030.

Razorpay said it has achieved an annualised total payment volume (TPV) of $150 billion across its business verticals.

“Recognising the ever-expanding potential of startups, freelancers and enterprises, the company believes businesses today require an intelligent real-time financial infrastructure to scale with evolving payment and banking needs and diverse consumers and markets,” Mathur added.

India has the fourth-highest funded fintech startup ecosystem globally. The enterprise fintech industry in the country is poised to expand exponentially, with projections estimating a market size of nearly $20 billion by 2030.

According to a latest report by Chiratae Ventures, in collaboration with The Digital Fifth, investment in technology across financial segments is expected to witness high growth over the coming decade.

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-Top News Tech Lite

Modi to lead Global Fintech Leaders’ meet

Event to bring together senior representatives from Google, IBM, Accenture, Capgemini, NYSE Group, Amazon Pay, NASDAQ, Stonex, Wells Fargo, and Standard & Poor’s…reports Asian Lite News

As part of the Vibrant Gujarat Global Summit (VGGS) 2024, Prime Minister Narendra Modi is set to engage with leaders of global fintech companies at the ‘Global Fintech Leadership Forum’ scheduled for January 10.

This meeting will bring together senior representatives from major global companies, including Google, IBM, Accenture, Capgemini, NYSE Group, Amazon Pay, NASDAQ, Stonex, Wells Fargo, and Standard & Poor’s (S&P).

Tapan Ray, Managing Director and Group CEO of GIFT City shared insights during a press conference, outlining the significance of this forum.

He mentioned that each global fintech leader would present their future project prospects to the Prime Minister. This initiative aims to strengthen collaboration and foster innovation in the financial technology sector.

Ray said, “A seminar on ‘Gift City – an inspiration of modern India’ will be organized at Mahatma Mandir Convention Center on January 11. This seminar will be divided into two sessions, inauguration and panel discussion. The inaugural session will be addressed by Union Finance Minister Nirmala Sitharaman. Finance Minister of Gujarat Government, Kanubhai Desai, Hasmukh Adhia, Chairman of GIFT City, and K. Rajaraman, Chairman of IFSCA will be present in this program”.

Following the fintech forum, a seminar themed ‘GIFT City – An Inspiration of Modern India’ is scheduled for January 11 at the Mahatma Mandir Convention Center.

The event, organized in collaboration with the Government of Gujarat, will include an inaugural session featuring Union Finance Minister Nirmala Sitharaman, Finance Minister of Gujarat Government Kanubhai Desai, Hasmukh Adhia, Chairman of GIFT City, and K. Rajaraman, Chairman of IFSCA.

The seminar will encompass three-panel discussions, each focusing on crucial aspects of modern India’s financial and urban landscape.

The first panel, ‘Creating the Roadmap for the Future of Finance – The Role of International Financial Centres,’ aims to discuss GIFT City’s advancements and its position among international financial institutions.

Factors such as taxation and ease of doing business have elevated GIFT City to global standards.

The second panel, ‘The Right Connect of Tech and Fin – Emerging Trends Globally,’ will explore the integral role of technology in various sectors and delve into GIFT City’s contribution to fostering technological advancements in finance, insurance, and capital markets.

The third panel, ‘Urban Resilience: Building Sustainable and Future Proof Cities,’ will deliberate on strategies for sustainable living and businesses in the face of limited resources.

Tapan Ray highlighted India’s commitment to becoming a global thought leader in environmental preservation and the use of alternative energy sources.

He emphasized GIFT City’s role in promoting India on the global financial map.

Ray concluded by extending a warm invitation to stakeholders, industry experts, and policymakers to participate in this session.

Investment proposals worth over Rs 7 lakh crore inked in a day

Investment proposals worth more than Rs 7 lakh crore were inked in a single day, mostly in petrochemicals, oil and gas, in the run-up to the much-awaited Vibrant Gujarat Global Summit.

NTPC has proposed investment worth Rs 1.50 lakh crore, Torrent Power Rs 48,000 crore, Power Finance Rs 25,000 crore, ONGC Rs 11,800 crore, GIPCL Rs 7900 crore, Power Grid Rs 15000 crore, HPCL Rs 4000 crore, NHPC Rs 4000 crore, IOCL Rs 1700 crore, Arvind Limited Rs 3000 crore, and ArcelorMittal Rs 1 lakh crore.

Separately, so far, 234 MoUs in as many as 17 phases, with a potential investment of about Rs 10.31 lakh crore and employment generation of 12.89 lakh were inked, the information department of the Gujarat government said.

Vibrant Gujarat Global Summit, started by Prime Minister Narendra Modi during his chief ministerial days, attracted investors from all over the world to invest in Gujarat, said Bhupendra Patel.

The state government has a proactive approach to enable industry and investors to move forward with ease, said the chief minister.

The Vibrant Gujarat Global Summit was initiated by Narendra Modi in 2003, then chief minister, to put Gujarat on the world map of trade and industry. The tenth edition of the Summit will be held from January 10 to 12, 2024.

The Summit event will be inaugurated by PM Modi on January 10.

The stage is all set for the tenth edition of the Vibrant Gujarat Global Summit, and as many as 100 countries are expected to participate in the three-day-long event.

Managing Director of Gujarat Industrial Development Corporation (GIDC), Rahul Gupta, said on Tuesday said a ‘Global Trade Show’ to be held on January 9 will mark the launch of the 10th edition of the Summit.

“About 100 countries will participate, with among them 32 partner countries and 16 partner organisations,” said Gupta.

Gupta said various seminars will be organised on various themes during the three-day event. For the smooth conduct of the event, several committees have been formed to look after various aspects of the summit. (ANI)

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Business

India’s Fintech Revenue to Hit $70B by FY30

With more than 9,000 fintechs, India is home to the third highest number of fintechs globally. Fintech is now capturing 14 per cent share of India’s startup funding…reports Asian Lite News

India’s fintech ecosystem, the third-largest globally, is expected to reach a scale of $70 billion in annual revenue by FY30, accounting for 18-20 per cent of the addressable financial services revenue pool, a report showed on Thursday.

India’s fintech industry offers a $400 billion value creation opportunity by 2030, according to the report by Elevation Capital, a leading early-stage venture capital firm.

“India’s fast-growing digital population, world-class Digital Public Infrastructure (DPI), and proactive regulators are three key tailwinds underpinning the fintech growth, which will expand into a $400Bn opportunity by 2030,” said Mridul Arora, Partner, Elevation Capital.

The report captured Elevation’s deep thesis on the fintech sector, insights from a comprehensive survey of more than 70 industry experts and conversations with over 20 industry leaders from prominent fintechs and financial services.

With more than 9,000 fintechs, India is home to the third highest number of fintechs globally. Fintech is now capturing 14 per cent share of India’s startup funding.

Around 84 per cent of respondents expect fintechs to play a significant or dominant role going forward, with SME lending, retail lending, fintech SaaS and wealth (advisory and brokerage) being categories that will see the most fintech growth and innovation.

However, industry participants believe that for continued growth, fintechs will need to overcome a few challenges, such as achieving sustainable profitability, ensuring a regulatory-compliant business model, and adhering to risk and security standards.

“Fintechs have emerged as significant players, making meaningful headways into key categories and capturing a sizable market share of 3-5 per cent of India’s very large and growing financial services revenue pools,” said Vaas Bhaskar, Principal, Elevation Capital.

“Over the next decade, we expect this value creation to accelerate, catalysed by India’s Digital Public Infra, allowing fintechs to capture 12-15 per cent of the financial services revenue pool by 2030,” Bhaskar added.

Elevation Capital has been investing in India since 2002, deploying almost $2 billion of capital in over 150 companies.

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-Top News UK News

UK govt launches £1 bn fintech fund to compete with Silicon Valley

The fund, which is being advised by U.K. investment bank Peel Hunt, looks to support companies at the growth stage of their funding cycle, as they seek Series C rounds and above…reports Asian Lite News

The U.K. has created an investment vehicle to back growth-stage financial technology companies until they can go public, in a bid to bolster Britain’s global image as a fintech investment hub.

Backed by the likes of Mastercard, Barclays and the London Stock Exchange Group, the Fintech Growth Fund aims to invest between £10 million to £100 million into fintech companies, ranging from consumer-focused challenger banks and payments tech groups to financial infrastructure and regulatory technology.

The fund, which is being advised by U.K. investment bank Peel Hunt, looks to support companies at the growth stage of their funding cycle, as they seek Series C rounds and above.

The venture was created in response to a 2021 government-commissioned review helmed by former Worldpay Vice Chairman Ron Kalifa and examined whether the U.K.’s listings environment is unattractive for tech firms.

It marks a rare commitment to a specialized fund focused on fintech backed by mega-industry players. While fintech-focused funds like Augmentum Fintech and Anthemis Group exist, the U.K. has yet to see a fintech-oriented fund that came about from a government-led strategy.

Britain has faced some industry criticisms that it poses barriers to fintech entrepreneurs and forces them to consider listings overseas — particularly after the country’s exit from the European Union, which has cast some shadow over the U.K.’s status as a global financial center.

The London Stock Exchange has committed to a number of reforms to encourage fintech firms to float in the U.K. rather than in the U.S. — a particularly pressing step, following British chip design firm Arm’s decision to ditch a London listing for New York.

The fund also counts Philip Hammond, the former U.K. finance minister, as an advisor. The move could also be an opportunity for financial heavyweights to access to expertise in the development of new technologies. Big banks and financial institutions are trying to advance their own digital ambitions, as they face competition from younger tech upstarts.

The U.K. is a hotbed of fintech innovation, only behind the U.S. when it comes to the scale of its fintech industry, he added. The U.K. is home to 16 of the world’s top 200 fintech companies, according to an analysis from independent research firm Statista.

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Business Economy World News

Global fintech investment nosedives in 2022

The sharp drop-off in fintech investment between the first half of 2022 and the second half highlights the rapidly shifting market conditions much more clearly….reports Asian Lite News

The global fintech market attracted $164.1 billion across 6,006 deals in 2022, falling from the high of $238.9 billion across 7,321 deals in 2021, a report showed on Friday.

Payments space remained the strongest fintech sub-sector globally, attracting $53.1 billion in total investment, according to KPMG’s ‘Pulse of Fintech H2-2022’ report.

The sharp drop-off in fintech investment between the first half of 2022 and the second half — from $119.2 billion to $44.9 billion — highlights the rapidly shifting market conditions much more clearly.

“The variance between the first half of the year and the second highlights the rapid shift in investor sentiment amidst a combination of challenges — high inflation and rising interest rates, the lack of IPO exits, the downward pressure on valuations, and, of course, the turbulence in the crypto space,” said Anton Ruddenklau, Global Head of Financial Services Innovation and Fintech, KPMG International.

“But the news wasn’t all negative. Regtech (regulatory technology), in particular, saw incredible investment in 2022,” he added.

Regionally, the Americas remained the dominant force of fintech investment globally, accounting for $68.6 billion in investment in 2022 (the US accounted for $61.6 billion of this total).

The Asia-Pacific region reached a marginal new high of $50.5 billion during 2022, while the EMEA region attracted $44.9 billion, the report said.

Investment in crypto and blockchain fell from $30 billion in 2021 to $23.1 billion in 2022.

The decline in the second half of the year was particularly sharp, as scrutiny in the space picked up significantly.

“With interest rates still rising, valuations are going to remain quite tricky for some time. This will likely keep a lot of the biggest potential M&A transactions on the shelf as investors wait to see if prices come down even further,” said Ruddenklau.

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Business Economy Uttar Pradesh

Fintech platform PayMe bets big on UP

Founded in 2016, Noida-based PayMe offers a pool of comprehensive financial services for individuals and corporates….reports Asian Lite News

Fintech platform PayMe on Thursday said it will invest Rs 200 crore in Uttar Pradesh to create 2,000 jobs in the area, focusing on training and developing skilled resources in the fintech space.

The company signed a memorandum of understanding (MoU) with the state government in the presence of Shailendra Bhatia, OSD YEIDA and Nodal officer for UP Investors Summit and Manav Munjal, Director of PayMe and Vishal Ranjan, VP of HR.

“I come from Gorakhpur, a tier II district, where obtaining a quality education and getting job opportunities were scarce. Now that we have the means to give back to society, it is our duty to be a part of the UP Investor Summit initiative,” said Mahesh Shukla, Founder and CEO of PayMe.

The investment will contribute to the growth and development of the fintech sector in Uttar Pradesh, providing new opportunities for the local workforce, said the fintech company.

“PayMe has been growing at a tremendous pace, having expanded six times in terms of employee count in the past year, and we anticipate generating 5,000 employment opportunities in the next 5 years,” said Shukla.

Founded in 2016, Noida-based PayMe offers a pool of comprehensive financial services for individuals and corporates.

With a seed capital of $2 million, the company was rated among the top 30 emerging FinTech start-ups by leading startup news portal Inc42.

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Business India News

Fintech, a force multiplier: RBI Guv

This is the third edition of the Global Fintech Fest, and the first one where domain experts are participating from across the globe in-person and virtually…reports Asian Lite News

RBI Governor Shaktikanta Das in his address to the Global Fintech Fest (GFF) 2022 marked the theme of his talk as Fintech as a Force Multiplier.

“Technology, innovation and fintech are working in tandem and contributing to the dynamism of the sector. In our journey towards higher level of sustainable development and financial inclusion, these forces morphed into force multipliers,” Das said.

“We see lot of opportunities not only for enhancing the scope and depth of all that is happening in the fintech sector, but also the way it can deepen financial inclusion and enhance its footprint in the journey of our country towards 2047. I think there is a lot of potential and if the regulator and the fintech players work together, we can create several milestones in our journey towards India at 2047,” he explained.

“The next decade of finance will be more focused on two central themes – sustainable development and technology-led innovations transforming the lives of the common people,” Das added.

“The total number of broadband internet users in India stood at 80.7 crore at the end of July 2022. Similarly, with more than 46.5 crore Jan Dhan accounts and 120 crore mobile connections, new opportunities are opening up for implementing innovative ways of integration and development. This is reflected in the emergence of 100 unicorns in the country, with a record of 44 unicorns established only during the last year,” he underlined while talking about the exponential growth India has witnessed in recent years.

The RBI Governor was joined by Kris Gopalakrishnan, Chairman, GFF 2022 Advisory Board, Chairman, Axilor Ventures, and Co-founder, Infosys.

Organised and presented by the Department of Economic Affairs, Reserve Bank of India, International Financial Services Centres Authority (IFSCA), National Payments Council of India, and Fintech Convergence Council (FCC), the Global Fintech Fest aims to demonstrate India’s fintech ecosystem to the world, creating solutions for six billion global consumers and driving financial inclusion adoption for the 1.4 billion unbanked adults at an even higher pace.

This is the third edition of the Global Fintech Fest, and the first one where domain experts are participating from across the globe in-person and virtually.

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Business

India’s raise in fintech sector global funding  

While the number of fintechs scaled up between 2014 and 2021, funding was low till 2015 after which the sector received a rapid funding boost…reports Asian Lite News

Indian fintech market has received $29 billion in funding across 2,084 deals to date (January 2017-July 2022), gaining 14 per cent share of the global funding and No 2 spot on the deal volume, a new report has said.

India’s CAGR in the fintech sector grew by 20 per cent, which was higher than that of the US, the UK, and China which witnessed a growth of 16 per cent, 15 per cent, and 10 per cent, respectively, according to ‘State of the Fintech Union 2022’ report by the Boston Consulting Group (BCG) and Matrix Partners India.

With 7,460 fintech companies, India is now third behind the US (22,290 fintech companies) and China (8,870).

The India fintech ecosystem has 23 unicorns (out of 106 in total) and has reached a scale to establish a strong position in the global financial services market and be benchmarked for its speed of innovation, customer inclusion, and growth, the report noted.

“Clocking over $800 billion annual payments transaction value, fintechs have made a strong contribution to the Indian economy, and play a powerful role in the provision of full-fledged financial services to all Indians. We see this collective segment to be mission critical for the $5 trillion Indian economy,” it mentioned.

Many large fintechs had started operations from 2008, with Neobanks being the recent entrants.

While the number of fintechs scaled up between 2014 and 2021, funding was low till 2015 after which the sector received a rapid funding boost.

Covid further boosted payments space, leading to a 210 per cent spike in funding between CY 2020 and 2021.

“With rising funding and valuations, we have seen an acceleration in the rate at which Fintechs have become unicorns vs the past,” the report said.

The report said that “we have a game changing 5 years ahead of us as the financial services landscape is expected to have many strong actors on the stage, like large Incumbents, niche as well as diversified non-banks, new-age and mature fintechs, aggregators and Financial Service Providers”.

It, however, mentioned that “more than 70 per cent of respondents believe most Fintechs may not be profitable in the next 2-3 years. While scale is an important driver of profitability, early stage focus on ‘unit economics’ is a critical orientation needed”.

The volume of digital investment in the country grew from 4.5 million in 2021 to 9 million in 2022, reporting a growth of 100 per cent.

The neo banking volume, at the same time, went up from 2.5 million to 4 million, reporting a 60 per cent growth in just one year, the report noted.

Bullish about the digital power and accessibility of the internet in India to transact and its deep penetration into the society, Scott Rigby, chief technology advisor and principle product manager for enterprise solutions at JAPAC, during a recent visit to India stated: “India is very lucky. You’ve got a deep pool of technical talent to be able to execute on that and be able to realise that.”

Currently, India is also eyeing upon the expansion of 5G network to capitalise its advantages, which would further expand digital foot print.

The penetration of digital footprint has expanded to all the sectors of the Indian economy which is attributed mainly to the factors of affordability, i.e. availability of cheap data as well as local talent along with federal government’s push, and it is catching up. The momentum of digital revolution could be gauged from increase in the smart phone users base, multiplying 5 times during the period 2014-2019. Global telecom gear makers expect India to account about 15% of the worldwide market for the 5G network. It would cover over 50 per cent of the geographical area of the country in the next two years. The development would usher India in a big way into a digital economy.

Analysts point out at the difference between ‘access’ and ‘usage’ of technology, especially in digital infrastructure and India had already mastered both of them. The issue facing the developed world is ‘usage’, i.e., consumer privacy, security, data protection, productivity. The developing world needs ‘access’, i.e. digital availability, affordability and usage of infrastructure. India’s path in digitalisation showed a universal approach that is necessary to reconcile these factors and became a successful leader in its programmes.

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Business

Uber brings mobility fintech Moove to India

Moove aims to launch 5,000 CNG and electric vehicles within the first year and plans to scale to 30,000 over the next five years in India…reports Asian Lite News

Ride-hailing major Uber on Monday announced to bring Moove, its largest vehicle supply partner in the Europe, the Middle East and Africa (EMEA) market, to India to help people buy new vehicles using a percentage of their weekly revenue, first in Mumbai, Bengaluru and Hyderabad, and become its driver-partners.

Founded in 2020, mobility fintech Moove embeds its alternative credit scoring technology onto ride-hailing platforms and leverages proprietary performance and revenue analytics to underwrite loans to drivers who have previously been excluded from financial services.

Moove aims to launch 5,000 CNG and electric vehicles within the first year and plans to scale to 30,000 over the next five years in India.

“Moove has created an innovative rent to own” model that provides a flexible option for drivers who want to get into the business of ride hailing without having to borrow from car owners or take bank loans to finance cars brought from dealerships,” said Abhilekh Kumar, Director, Business Development, Uber India South Asia.

“The addition of new cars will help provide superior customer experience to riders while creating sustainable earning opportunities for drivers on the Uber platform,” Kumar added.

The startup recently raised $105 million to expand across new markets in Asia and Europe.

With over 600,000 drivers on Uber in India, the launch will unlock an opportunity for Moove to provide accessible financing to thousands of drivers.

“We’re excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country, where there are some of the lowest vehicle ownership rates in the world, in part because of the lack of access to credit,” said Ladi Delano, co-founder and co-CEO at Moove.

Moove aims to be a global leader in the electrification of ride-hailing and mobility with a commitment to ensuring that 60 per cent of the vehicles it finances globally are hybrid or electric.

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Business India News

Ashneer Grover’s profile removed from BharatPe website

Along with BharatPe, Unity Small Finance Bank, which is a joint venture between BharatPe and the Centrum Group, has also removed his profile from its portal…reports Asian Lite News

Fintech platform BharatPe on Thursday removed Ashneer Grover’s profile and photo from its website after the company accused him, along with his wife Madhuri Jain, of allegedly engaged in extensive misappropriation of company funds and grossly abusing company money to fund their lavish lifestyles.

The About Us page on the website now carries the names of Shashvat Nakrani, Co-Founder, Suhail Sameer, Chief Executive Officer, Bhavik Koladiya, another Co-founder and Nishit Sharma, Chief Revenue Officer, along with other senior executives.

However, Grover’s LinkedIn page still shows him as a co-founder and Managing Director of BharatPe.

Along with BharatPe, Unity Small Finance Bank, which is a joint venture between BharatPe and the Centrum Group, has also removed his profile from its portal.

Grover on Tuesday midnight quit BharatPe in a dramatic fashion, amid serious allegations of financial wrongdoings against him and his wife.

“As a result of his misdeeds, (Ashneer) Grover is no longer an employee, a founder, or a director of the company,” the company said in a statement on Wednesday.

“The Grover family and their relatives engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company’s expense account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles,” the company elaborated.

The board will not allow the “deplorable conduct of the Grover family to tarnish BharatPe’s reputation or that of its hard-working employees and world-class technology”.

Grover hit back at the Board of the company, saying he is “appalled at the personal nature of the BharatPe Board’s statement, but not surprised”.

In a LinkedIn post, he said that “it comes from a position of personal hatred and low thinking”.

Slamming the Board, Grover said in the post that it “can get back to working soon. I as a shareholder am worried about the value destruction. I wish the company and the board a speedy recovery. Please get back to your actual day jobs”.

BharatPe had earlier sacked his wife Madhuri Jain over allegations of financial irregularities during her tenure at the company as head of controls.

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