Ashneer Grover
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Ashneer Grover | |
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| Born | 14 June 1982 Mumbai, Maharashtra, India |
| Nationality | Indian |
| Education | B. Tech in Civil Engineering from IIT Delhi |
| Occupation | Entrepreneur |
| Known for | BharatPe |
| Spouse(s) | Madhuri Jain |
| Children | Son - Avy: Daughter - Mannat |
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Ashneer Grover is an Indian businessman and entrepreneur, best known as the co-founder and CEO of BharatPe. He has been recognized for his contributions in the fintech industry and was listed in Forbes 30 under 30 Asia 2020 for Retail & E-commerce.
Early life and education
Ashneer Grover, born in Delhi on June 14, 1982, hails from a Punjabi household. His father was a Chartered Accountant (CA), and his mother worked as a teacher. Growing up in the national capital, he completed his elementary education and pursued a B Tech. in civil engineering from the prestigious Indian Institute of Technology (IIT) Delhi.
Ashneer Grover is a prominent figure in the Indian business scene, renowned for his unique investment perspective. Despite personally abstaining from alcohol, he has mastered separating personal preferences from lucrative opportunities in his business strategies. Ashneer's upbringing in a Punjabi household exposed him to alcohol, a common cultural presence. However, his college friends at IIT, surprisingly, shared little interest in alcohol, and Ashneer himself never acquired a taste for it. Nevertheless, he astutely recognizes the immense business potential that lies within products people habitually consume.
Continuing his educational journey, Ashneer embarked on a student exchange program at INSA Lyon University in France from 2002 to 2003, furthering his studies. Subsequently, he completed his MBA from the esteemed Indian Institute of Management (IIM) Ahmedabad in 2006.
Career
Ashneer Grover began his professional journey in the banking sector, serving in diverse roles across Kotak Mahindra Bank and HDFC Bank. His key responsibilities involved risk and credit analysis - skills he would later bring into play as a fintech entrepreneur. However, the turning point in Grover’s career came when he co-founded BharatPe with Shashvat Nakrani.[1] in 2018. The venture aimed to revolutionize India's digital payment landscape by providing QR code-based payment solutions to small and medium-sized businesses. Under Grover's leadership, BharatPe saw rapid growth and gained significant traction in India’s bustling fintech space. He steered the company towards integrating digital payment systems with traditional business models, making digital transactions more accessible and efficient for Indian merchants.
- MD, Co-Founder : BharatPe [August 2021 - March 2022]
- Head Of New Business : PC Jeweller Ltd [Nov 2017 - Oct 2018]
- Chief Financial Officer : Grofers [Mar 2015 - Aug 2017]
- American Express [May 2013 - Mar 2015]
- Vice President (VP): Kotak Investment Banking [May 2006 - May 2013]
BharatPe controversy
BharatPe, a digital payment platform, empowers merchants to accept payments through UPI (Unified Payments Interface) and other digital modes. Additionally, it provides merchants with access to loans, insurance, and credit cards through its partner banks. Under Ashneer Grover's leadership, BharatPe has experienced remarkable growth and emerged as a prominent fintech company in India, valued at over $2 billion.
However, in light of recent events, Ashneer Grover has resigned as Managing Director and board director. This decision came shortly after receiving the agenda for the upcoming Board meeting, which included submitting the PwC report addressing his conduct and potential actions based on its findings. BharatPe's official statement states that the board retains the authority to act accordingly based on the report's conclusions[2]
On February 28, 2022, Grover resigned as MD and board director. The company promptly announced that Grover's resignation was submitted mere minutes after receiving the agenda for the board meeting regarding the PwC audit report.
Awards & recognitions
Ashneer Grover's innovative approach to the fintech space has earned him various honors. In 2021, he was recognized as the 'Entrepreneur of the Year,' a prestigious accolade that reflects his enduring impact on Indian entrepreneurship. Additionally, his business acumen led to his inclusion in Fortune India's '40 Under 40 list, highlighting India's brightest young business minds.
Beyond the realm of fintech, Grover also showcased his investment skills on the popular television show Shark Tank India. In the show's first season[3], which aired from 20 December 2021 to 4 February 2022, Grover emerged as the second-highest investor, deploying ₹2.95 crore across 11 deals. This achievement underscored his keen eye for promising startups and further consolidated his reputation as a leading figure in India's entrepreneurial landscape.
Publications
Ashneer Grover, known for his candid demeanor and keen business insight, is also a published author. His book, "Doglapan:[4] The Hard Truth about Life and Start-Ups," offers an unfiltered look into entrepreneurship and start-ups. Drawing from his personal experiences and lessons learned while navigating the challenging landscape of Indian entrepreneurship, Grover provides invaluable advice to aspiring entrepreneurs. The book is acclaimed for its raw honesty and pragmatic insights, serving as a practical guide for anyone looking to venture into the world of start-ups.
New ventures
BharatPe co-founder and former MD Ashneer Grover is embarking on a new venture with Third Unicorn Private Limited. This highly-anticipated business has been touted as a game-changer in the market. Following the successful launch of their fantasy gaming app, CrickPe, Third Unicorn is now gearing up to introduce a range of exciting products.
In an exclusive interview with Inc42, Grover shares his optimism about the CrickPe model. He reveals that Third Unicorn has already secured an impressive $5 million (INR 40 crore) in funding, valuing the startup at approximately $36 million (INR 290 crore). This valuation is a testament to their potential and places them among the highest-valued seed-stage startups in 2023.
Ashneer Grover's investment choices demonstrate his keen eye for lucrative opportunities. Despite not being a drinker himself, he recognizes the profitability of products that become ingrained in people's habits. This insight led him to invest substantially in Bira 91, a popular beer company. As of 2023, this investment has proven tremendously successful, with Bira 91[5] now valued at Rs 4,500 crore. Grover's foresight extends beyond alcohol, as evidenced by his enthusiasm for a cocktail company called 'In a Can' on Shark Tank India. He believes that this company, like Bira 91, possesses the potential to captivate consumer habits, making it a promising investment.
During a candid conversation with YouTuber Raj Shamani, Ashneer Grover shares his candid views on the challenges of doing business in India. Drawing from his experience as the CFO of Grofers, he highlights the demanding nature of Indian customers. They seek high-quality products at incredibly low prices, expecting swift delivery and discounts. This presents a significant challenge in pricing products fairly, as Indian consumers often prioritize price over additional services. Grover's firsthand insight into the complexities of the Indian market has provided valuable perspective.
Overall, Ashneer Grover's entrepreneurial journey showcases his astute decision-making and ability to navigate the intricate landscape of the Indian business market.
References
- ↑ "Meet Shashvat Nakrani, Ashneer Grover's co-founder who dropped out of IIT for startup, his net worth is whopping now". DNA India. Retrieved 2023-10-20.
- ↑ Kashyap, Hemant (2023-06-05). "Ashneer Grover Claims 'No Fraud', But What Does BharatPe's FY22 Annual Report Say?". Inc42 Media. Retrieved 2023-10-20.
- ↑ Livemint (2023-07-19). "Ashneer Grover emerges as second highest deployer in Shark Tank season 1". mint. Retrieved 2023-10-20.
- ↑ Grover, Ashneer (2022-12-10). Doglapan : The Hard Truth about Life and Start-Ups. Penguin Business. ISBN 978-0-670-09711-1.
- ↑ "Ashneer Grover doesn't consume alcohol but says, 'anything habit-forming is great business'". Moneycontrol. 2022-02-17. Retrieved 2023-10-20.
External links
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