Governance Issues at BharatPe

Governance Issues at BharatPe
Case Code: BECG180
Case Length: 7 Pages
Pub Date: 2022
Teaching Note: Available
Price: Rs.200
Organization: -
Industry: -
Countries: India
Themes: Business Ethics, Corporate Governance,Ethical Leadership
Governance Issues at BharatPe
Abstract Case Intro 1 Case Intro 2 Excerpts


The case highlights governance issues at Indian FinTech unicorn BharatPe following the controversy involving its co-founder Ashneer Grover (Grover). BharatPe was a Quick Response (QR) code-based payment app that allowed merchants and retailers to make digital payments for free.

The governance issues at BharatPe emerged after an audio clip came to light that purportedly had Grover abusing an employee from Kotak Mahindra Bank for declining to finance his personal investment in Nykaa IPO. Uday Suresh Kotak (Uday), Chairman and Managing Director of Kotak Bank, alleged that Grover had used abusive languages toward the bank’s>
Following the legal battle between him and Uday, Grover proceeded on leave up to the end of March. Grover was also on the radar of the news and media for promoting a toxic culture at the company and for his rude behavior on Shark Tank India, a TV show that involved entrepreneurs pitching their business models.

BharatPe came under intense investor scrutiny ahead of its plan to launch its IPO. Amid growing investor concern over the company’s internal governance issues, BharatPe engaged risk advisory firm Alvarez and Marsal (A&M) to review the company’s internal processes and systems. A&M observed instances of financial irregularities and issues related to operational matters at BharatPe.


The case is structured to achieve the following teaching objectives:

  • Understand the corporate governance practices at entrepreneurial FinTech firms
  • Evaluate the impact of lapses in corporate governance on stakeholders
  • Suggest measures to strengthen corporate governance practices



Ethics, Governance, Startup, Unicorn, Corporate Governance,; Financial irregularities; Stakeholders; Shareholders; Regulatory body; Independent audit;Founder vs. board management; IPO financing; Work culture

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