3 highlights
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Since February 4, screenshots of a report, ostensibly by international consulting and risk advisory firm Alvarez & Marsal, have surfaced on social media. Alvarez & Marsal were appointed by BharatPe to conduct an independent audit of Bharat Pe’s internal processes and systems. The screenshots indicate Grover and Madhuri committed financial fraud.
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The screenshots reveal that in October 2021, the Directorate General of GST Intelligence conducted a search operation at the BharatPe’s head office and found close to Rs 51 crore was paid to 30 non-existent vendors.
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In August 2021, BharatPe became a unicorn when it secured funding of $370 million led by Tiger Global at a valuation of $2.85 billion. Among BharatPe’s existing investors are Ribbit Capital and Sequoia Capital India.