Madhuri Jain Grover

Early life and education

Madhuri Jain Grover was born on 30 May 1981, according to published biographical profiles. She is associated with Panipat, Haryana, although some online biographies identify Delhi as her birthplace. She spent her early years in India and developed an interest in fashion, design and business. She attended the National Institute of Fashion Technology (NIFT) in New Delhi, where she studied fashion design. Some published profiles also associate her with the Indira Gandhi National Open University (IGNOU) and the Foreign Trade Development Centre (FTDC). Her reported educational qualifications include a Bachelor of Computer Applications and a diploma in export management, in addition to her fashion-related studies. Her educational background in design and management provided the foundation for her subsequent work in the fashion, furnishing and business sectors.

Career

Fashion and interior design. Madhuri began her professional career in the design industry. She worked as a designer and interior design professional, gaining experience in fashion, furnishings and business management. She worked with established fashion and textile companies, including Satya Paul and Alok Industries. Her work involved design assignments and the development of products for the fashion and furnishing industries. She also established her own furnishing business, Mauve and Brown, through which she worked on residential and commercial interior projects. Her clientele reportedly included business professionals and public personalities, including Micromax founder Rahul Sharma and actor Asin. In an interview with YourStory published on 4 October 2019, Madhuri discussed her professional background, furnishing business and transition into the startup industry. She also spoke about her involvement in supporting her husband's entrepreneurial journey.

Association with BharatPe. In 2018, Madhuri joined BharatPe, a financial technology company founded by Ashneer Grover and his co-founders. She became involved in the company's internal functions during its early growth phase. Her responsibilities included human resources, finance, administration and operational management. She subsequently served as the company's Head of Controls, a position associated with internal controls and organisational processes. As part of her work, she was involved in coordinating internal departments, managing administrative functions and supporting the company's operational requirements. Her association with BharatPe brought her into the public spotlight as the company expanded its merchant payment and financial services business across India. In October 2019, she was interviewed by YourStory's HerStory platform in an article titled "He always wanted to do something different and I recognised that spark in him, says Madhuri Grover, spouse of BharatPe's Ashneer Grover". The interview covered her career, her role in BharatPe and the experiences of working alongside her husband in a startup environment.

Departure from BharatPe. In January 2022, Madhuri became involved in a corporate dispute at BharatPe following a governance review initiated by the company's board. She was placed on leave amid an internal investigation into the company's financial and administrative operations. On 23 February 2022, BharatPe terminated her employment as Head of Controls. The company alleged that certain financial transactions and expenses had involved irregularities. Reports published by The Indian Express stated that the termination was connected to allegations concerning the use of company funds for personal expenses and payments to vendors. Madhuri disputed aspects of the company's handling of her employment and maintained that her role and professional integrity had been unfairly questioned. Her departure occurred during a wider dispute involving Ashneer Grover, BharatPe's management and its board of directors. Ashneer subsequently left the company in March 2022.

Third Unicorn

In July 2022, Madhuri and Ashneer Grover registered a new company called Third Unicorn Private Limited, according to corporate filings reported by The Financial Express. The company was established following Ashneer's departure from BharatPe and was intended to serve as the platform for their next entrepreneurial venture. Aseem Ghavri was also associated with the company's founding. Third Unicorn subsequently entered the technology and digital business sector. In 2023, the company launched CrickPe, a fantasy sports platform. In December 2024, Third Unicorn was reported to be developing ZeroPe, a digital platform intended to facilitate medical loans in partnership with a non-banking financial company. Madhuri's association with Third Unicorn represented a continuation of her entrepreneurial activities following her departure from BharatPe.

BharatPe controversy and legal proceedings

Madhuri's departure from BharatPe was followed by a series of corporate and legal disputes involving the company, Ashneer Grover and other individuals associated with the Grover family. In 2023, BharatPe filed a complaint with the Delhi Police's Economic Offences Wing (EOW), alleging financial misconduct and misappropriation of company funds. The police registered FIR No. 36/2023 on 10 May 2023 against Ashneer Grover, Madhuri Jain Grover and other individuals. According to the Delhi Police EOW, the complaint alleged a financial loss of approximately Rs 81 crore involving payments to allegedly non-existent vendors and human resources consultancy firms. The allegations were investigated under provisions of the Indian Penal Code relating to criminal breach of trust, cheating, forgery and criminal conspiracy. These were allegations in the investigation and were not findings of guilt.

Settlement and quashing of the FIR. In September 2024, the Grovers and BharatPe reached a settlement concerning their disputes. On 3 October 2024, the Delhi High Court recorded the settlement proceedings in the matter titled Madhuri Jain Grover & Others v. State of NCT of Delhi & Another. In November 2024, the Delhi High Court quashed the FIR following the settlement between the parties. The court also ordered the cancellation of the Look Out Circulars issued against Madhuri and Ashneer. The settlement brought the criminal proceedings arising from the FIR to an end.

Personal life

Marriage and family. Madhuri Jain Grover is married to Indian entrepreneur and investor Ashneer Grover. The couple married on 4 July 2006, according to published biographical profiles. Ashneer Grover is known for co-founding BharatPe and appearing as an investor on the Indian business reality television programme Shark Tank India. He subsequently became associated with Third Unicorn. The couple have two children, a son named Avy and a daughter named Mannat. Madhuri has occasionally discussed her family life and experiences as an entrepreneur in interviews. Her husband and children have also featured in some of the interviews and public discussions concerning her professional and personal life.

Net worth

Madhuri Jain Grover's individual net worth has not been officially disclosed through a reliable public financial statement. Her professional income and business interests have been associated with her work in the design industry, BharatPe and Third Unicorn. However, publicly circulated estimates of the Grover family's combined wealth should not be treated as her individual net worth.

Social media

Madhuri maintains a limited public presence on social media. Instagram: @madsj30. X: @madsj30.

Facts and trivia

Madhuri is a graduate of the National Institute of Fashion Technology (NIFT), New Delhi. She has professional experience in fashion and interior design. She worked with fashion and textile businesses, including Satya Paul and Alok Industries. She established a furnishing business named Mauve and Brown. She worked with BharatPe from its early growth period. She served as Head of Controls at BharatPe. Her responsibilities at BharatPe included internal operations, human resources and finance. She is married to entrepreneur Ashneer Grover. She has two children, Avy and Mannat. She was associated with the incorporation of Third Unicorn Private Limited in 2022. Third Unicorn subsequently launched the CrickPe fantasy sports platform. The FIR registered against her and other individuals in connection with BharatPe was quashed by the Delhi High Court in November 2024 following a settlement.

Profile Summary

Frequently Asked Questions

References

• YourStory
• The Indian Express
• Financial Express
• Onmanorama
• LiveLaw
• LiveLaw
• Moneycontrol