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<ul><li>On Monday, Gunjan Patidar, Zomato’s co-founder and chief technology officer tendered his resignation.</li><li><keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword>’s CEO Suhail Sameer has quit the top job to become its strategic advisor.</li><li>There has been a lot of churn in new-age companies like Nykaa, and also big techs like Meta India, WhatsApp Pay, Amazon India and more.</li></ul>New age companies in India have been hit by a flurry of exits by top executives, leaving them scurrying for replacements. This comes at a time when startups have been battling funding winter and elevated inflation, in a rising interest rate regime. BharatPe, a fintech is amongst those with multiple high profile exits, including its co-founder and former managing director Ashneer Grover, along with his wife Madhuri Jain Grover – who not only had to leave the company, but were also sued by BharatPe in December 2022 for ₹88.6 crore. The company alleged that both husband and wife engaged in misappropriation of funds including creating fake bills, enlisting fictitious vendors and so on. Adding to BharatPe’s woes is the <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">departure</a> of its CEO Suhail Sameer on January 3. Sameer took over as the company’s CEO in August 2021, a year after being appointed as the company’s president. He will now serve as a strategic advisor starting January 7, 2023. Before Sameer, BharatPe witnessed the departure of four other high level executives last November. This includes Nehul Malhotra, head of PostPe which is BharatPe’s ‘Buy Now Pay Later’ arm. The others were the CTO Vijay Aggarwal; Rajat Jain, the chief product officer; and Geetanshu Singla, VP of technology. They moved on to pursue their own entrepreneurial passions, the company had then said in a statement. Zomato rocked by multiple top level exits, too Sameer’s resignation comes hours after Gunjan Patidar, Zomato’s co-founder and chief technology officer, tendered his resignation. Patidar was one of the first few employees of Zomato who built the core tech systems of the company. “Over the last ten plus years, he (Patidar) also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable,” said the company. Patidar’s exit is the third high-level exit at the food delivery giant in two months. In November last year, another one of Zomato’s co-founders Mohit Gupta tendered his resignation. Its head of new initiatives Rahul Ganjoo; and Siddharth Jhawar, vice-president of global growth also quit in the same month. The list goes on as in September 2022, Zomato’s deputy CFO Nitin Savara also tendered his resignation. The company has been bleeding money and it reported a consolidated loss of ₹251 crore in Q2 FY23. New age companies’ top heads move in and out of big tech companies There is a lot of churn among top executives of new-age tech companies as well as big techs. Online beauty retailer Nykaa’s CFO Arvind Agarwal, who had been with the company through its IPO, quit and joined fintech major PayU as its India CFO, this November. On the other hand, new-age companies have also been able to attract executives from major companies into their fold as well. Case in point is Sugar Cosmetics who brought in Amit Aggarwal, Marico’s head of finance of its India business, as its CFO. Adding to it, Amazon India’s director of grocery, food and health Sameer Khetarpal resigned and moved to Jubilant FoodWorks as CEO, a franchisee that runs Domino’s Pizza, Dunkin Donuts outlets in India. Meta India country head Ajit Mohan tendered his resignation in November 2022, to join rival Snap as the President of Asia Pacific. Following this, WhatsApp India’s head Abhijit Bose and Meta India’s public policy head Rajiv Aggarwal also resigned. The latter joined Samsung India. WhatsApp Pay’s director and head Manesh Mahatme also left his position in September to join Amazon India as director, product and engineering. Last but not the least, another shocking exit was of Parag Agarwal, former CEO of Twitter who was fired by Elon Musk in October, a year after he was appointed for the position. Soon after his ouster, Agrawal changed his LinkedIn bio to “Not the CEO you are looking for”. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/radiant-cash-management-shares-debut-at-a-10-premium-after-company-reduces-ipo-size/articleshow/96727374.cms">Radiant Cash Management shares debut at a 10% premium after company reduces IPO size</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/shark-tank-indias-season-2s-sharks-meet-the-serial-investors-cas-and-iit-and-iim-alumni/articleshow/96714262.cms">Shark Tank India’s Season 2’s sharks: Meet the serial investors, CAs, and IIT and IIM alumni</a>

Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies

'<keyword id="1417364" type="General" weightage="20" keywordseo="Shark-Tank" source="Orion">Shark Tank</keyword> India 2' judge and <keyword id="12758425" type="General" weightage="20" keywordseo="shaadi-com" source="Orion">Shaadi.com</keyword> founder <keyword id="127971" type="General" weightage="80" keywordseo="anupam-mittal" source="Orion">Anupam Mittal</keyword> said that it is never justified to humiliate anyone for their business idea even if it doesn't sound appealing. Without taking any name he pointed toward the <keyword id="7349800" type="General" weightage="50" keywordseo="bharatpe" source="Orion">BharatPe</keyword> founder Ashneer Grover, who once on the show asked an entrepreneur to make a mop of the clothes she was selling as they were not up to the mark according to him. However, <keyword id="2288" type="General" weightage="100" keywordseo="anupam" source="Orion">Anupam</keyword> asserted that there is a proper way to criticise someone and one cannot insult anyone in a rude manner. He also added that this won't be happening in the second season of the show. In an interview given to Film Companion, he said: "I'm not going to talk about specific sharks but as a team, we gave a lot of leeway to people in a lot of pitches last year. This year, you might see that change a little bit." He added that giving suggestions is one thing but humiliating a person is altogether a different matter and even if the person is presenting a business idea that is not so good, it is not going to make the person 'bad'. He added: "I think there is a difference between being critical and insulting someone. You might have a bad idea or a bad business or a terrible business plan but that doesn't make you a bad person." "So I, and I think everybody, draws a line at criticising your business and your idea and your plan and to give you a reality check and to show you the mirror because this is season two. Humiliating somebody is not acceptable and anybody who does that does not deserve a seat on 'Shark Tank'," he concluded. 'Shark Tank 2' is starting from January 2 on <keyword id="11908357" type="General" weightage="50" keywordseo="sony-entertainment-television" source="Orion">Sony Entertainment Television</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shilpa-shetty-kunal-bahl-promoters-to-sell-stake-as-mamaearth-parent-goes-in-for-an-ipo/articleshow/96594970.cms">Shilpa Shetty, Kunal Bahl, promoters to sell stake as Mamaearth parent goes in for an IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/mukesh-ambanis-son-anant-ambani-engaged-to-radhika-merchant-in-rajasthan/articleshow/96598326.cms">Mukesh Ambani's son Anant Ambani engaged to Radhika Merchant in Rajasthan</a>

Humiliating somebody will not be tolerated in Shark Tank says Shaadi.com founder Anupam Mittal

Former <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> Co-founder and Managing Director <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> on Saturday claimed that his book "<keyword id="13252074" type="General" weightage="80" keywordseo="doglapan" source="Orion">Doglapan</keyword>" created panic among BharatPe executives and this is the reason the fintech company had apparently filed several cases against him, including an over Rs 88.6 crore fraud case. Reacting to a follower on Twitter who asked for a free copy, <keyword id="3433" type="General" weightage="100" keywordseo="grover" source="Orion">Grover</keyword> said: "Na bhai - business is business -- kitaab pehle aa gayi thi -- yeh case shase to isliye aaye kyun ki kitaab se sab ki fat li (My book came first and this triggered the cases against him as it created panic for all (at BharatPe)". He further posted: "By the way - the real truth is now available for immediate delivery on Amazon. The book which precipitated so much onslaught - padhni to Banti hai! Ab aayega asli mazaa! (Read it as real fun will now happen)". He, however, did not mention BharatPe directly as to avoid the Delhi High Court's wrath where the hearing is currently on and the next date is in January. The court has issued notice and summons to BharatPe's former Managing Director and his kin in a plea filed by the company, seeking orders to restrain them from making defamatory statements against the company. In yet another move against Grover, BharatPe has filed for arbitration with the Singapore International Arbitration Centre (SIAC) to restrict his 1.4 per cent shareholding as well as strip him off his founder title. Grover has about 8.5 per cent share of the company and of this, 1.4 per cent is yet to be vested. With this, BharatPe has taken on Grover from three sides, along with a civil case in the Delhi High Court asking him to reply on the Rs 88.6 crore he allegedly swindled at the company along with his wife and close relatives, and a criminal complaint with the Economic Offences Wing (EOW). Earlier, Grover attacked the fintech platform's co-founder <keyword id="10222571" type="General" weightage="50" keywordseo="shashvat-nakrani" source="Orion">Shashvat Nakrani</keyword>, saying he once asked him to bunk office for a whole year in order to complete his IIT degree while remaining on the payroll. He has written his memoir called "Doglapan (double standards) - The Hard Truth about Life and Start-ups" which will be available from December 16. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/microsoft-acquires-firm-developing-high-speed-cables/articleshow/96132213.cms">Microsoft acquires firm developing high-speed cables</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/elon-musk-could-lose-worlds-richest-person-title-as-tesla-lost-half-market-value/articleshow/96132060.cms">Elon Musk could lose world's richest person title as Tesla lost half market value</a>

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Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies

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Humiliating somebody will not be tolerated in Shark Tank says Shaadi.com founder Anupam Mittal

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BharatPe filed cases because my book 'Doglapan' created panic: Ashneer Grover

IANS

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