BharatPe hits back at Ashneer, says registered 4X sales growth in Q1 2022

AgenciesUpdated: Thursday, April 07, 2022, 09:05 PM IST
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BharatPe said it registered four times growth in its overall revenue in the said quarter over the same period last year. / Representative image |

As Ashneer Grover took a dig at the board members of BharatPe over its first quarter of alleged 'degrowth' and 'maximum cash burn', the fintech platform said on Thursday that it actually registered the strongest quarter (Q1 2022)-ever in its history.

The company said it registered four times growth in its overall revenue in the said quarter over the same period last year.

"On a sequential-quarter basis, the growth has been 30 percent, despite the third wave of Covid-19," a BharatPe spokesperson told IANS.

"Comparing month-on-month, all our metrics have grown at the fastest pace -- merchant total payments value (TPV) (17 percent), consumer TPV (39 per cent), loans facilitated (31 percent), and revenue (21 percent) in March over February," the spokesperson informed.

BharatPe revealed the first quarter numbers after Ashneer, former Co-Founder and Managing Director, hit out at the board members of the fintech company, saying "snatching the keys and running a corner shop are two different skill-sets".

"So I just heard @bharatpeindia closed its first quarter of 'degrowth' and 'maximum cash burn' under able (sic) leadership of Rajnish Kumar (Chairman) and Suhail Sameer (CEO). Chaabi chheenna and hatti chalana do alag alag skills hai! Ab Nani yaad aayegi - markets are the ultimate test & truth," he posted.

Last month, Ashneer was stripped of all company titles over alleged "extensive misappropriation of company funds" and using "company expense accounts" to "enrich themselves and fund their lavish lifestyles".

According to the company, they are tracking well to break even on its merchant business and would further strengthen its consumer business.

"We request the media to take official comments from the company and not from former employees who no longer possess business information," the spokesperson said.

Ashneer, also a popular judge on the reality show 'Shark Tank India', has accused BharatPe CEO Sameer of siding with the investors to remove him from the company.

The company sacked Ashneer's wife Madhuri Jain after the probe found misappropriation of funds during her time as head of controls, while Ashneer quit as BharatPe accused him, his wife and their relatives of being engaged in extensive misappropriation of company funds and grossly abusing company money to fund their 'lavish' lifestyles.

Amid the Ashneer Grover-BharatPe tussle, the fintech platform's Co-Founder Shashvat Nakrani had said that the whole episode is an aberration and not the norm, and the company will turn this crisis into an opportunity.

(With IANS inputs)

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