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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The peer-to-peer lending platform finds itself in a tricky position amid the fintech’s internal issues, the RBI’s intensified scrutiny of P2P lenders and the risky nature of the business.
In May, R, a finance professional with nearly two decades of experience, decided to gradually pull out his funds of over Rs 5 lakh invested in BharatPe’s peer-to-peer lending platform 12% Club. His reasons? One, the public—and often ugly—tussle between BharatPe and its former chief executive Ashneer Grover was making him jittery. And two, his funds were no longer accruing a daily interest of 12%.
R’s concerns peaked on 12 May, when Grover posted on LinkedIn that “BharatPe will be shut down/sold in fire sale overnight like [Silicon Valley Bank].” In the same post, he advised against investing funds with …
