A Deleted Tweet, An Allegedly Abusive Call: Fintech BharatPe vs Kotak

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IndiaP’s Ashnir Grover and Madhuri Grover say Kotak has backtracked on IPO promises.

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New Delhi:
A few days after an audio clip abusing a bank employee went viral, Kotak threatened to sue Mahindra Bank Fintech Bharatpi founder Ashnir Grover for using “inappropriate language” in a call with a bank employee.

This great story contains your 10-point cheatsheet:

  1. Kotak Mahindra Bank has alleged that the audio clip threatened and abused their employees to deceive Ashneer Grover and his wife Madhuri Grover over their investment in E-Teller Nykaa’s blockbuster initial public offer, or IPO, last year.

  2. An account called “abBabuBongo” shared the 4.29-minute clip with the comment: “How rich founders deal with poor bank employees”.

  3. Mr Grover, in a now-deleted tweet on Friday, claimed it was fake. “People. Chill. This is a fake audio that is trying to raise some fraudulent funds (USD 240,000 bitcoin). I refused to buckle. I have more characters. And, there are enough scatters on the internet,” he wrote.

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  4. Ashani Grover sent a legal notice to Kotak Mahindra Bank in October last year alleging that Nykaa had turned down a promise to acquire shares worth Rs 500 crore when the IPO was launched.

  5. In response, Kotak Mahindra Bank said it was looking at legal options against Mr Grover for using “inappropriate language” in a call with his employees.

  6. Mr Grover’s notice, dated 28 October, after repeatedly assuring them that Nykaa shares would be allotted to them, Kotak said it would not be able to finance the Nykaa IPO. Kotak cited “irregular FIIs (foreign institutional investors)” and “very high debt rates,” the notice said.

  7. Grovers have complained that Kotak’s refusal to provide IPO financing for the eleventh time completely crippled their ability to participate in the Nykaa IPO and deprived them of the investment opportunities they had informed Kotak Mahindra Bank more than a month before the IPO was launched.

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  8. Kotak Mahindra Bank in a statement denied any breach or breach in the agreement with Grovers and said it would take legal action. “This notice was accepted by us and was properly answered at that time, including recording our objections to the inappropriate language used by Mr. Grover. Appropriate legal action is being taken. The statement said.

  9. Ashneer Grover and Shashvat Nakrani co-founded BharatPe in 2018. BharatPe serves more than 75 million merchants in 150 cities and has so far raised over $ 650 million in equity and debt. Its investors include Tiger Global, Dragoner Investment Group, Steadfast Capital, Kotu Management, Rebit Capital and others.

  10. Nykaa’s IPO debut e-teller in October is valued at around Rs 96,000 crore.

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