A day after BharatPe co-founder and managing director Ashneer Grover lost an arbitration that he had filed against the company's investigation against him, he has resigned from the fintech company with immediate effect. According to media reports, he will continue as the single largest individual shareholder of the company.

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Following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices, Grover had taken a two-month leave of absence and had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company's investigation against him was illegal. However, his appeal was rejected by the emergency arbitrator (EA). So far, neither BharatPe nor Grover has issued a public statement on the development.

Here's how BharatPe-Ashneer Grover controversy unfolded:

March 2018

: Ashneer Grover and Shashvat Nakrani founded BharatPe.

February 2019: BharatPe raised $14.5 million in a Series A funding round.

June 2019: BharatPe raised $50 million in a Series B funding round.

February 2020: BharatPe raised $75 million in Series C funding.

August 2020: Grover had a heated exchange with Harshjit Sethi, Sequoia Capital India’s Managing Director, after the investing firm retracted on providing the investment promised in BharatPe's Series B funding round.

February 2021: BharatPe raised $108 million in a Series D funding.

August 2021: BharatPe became a unicorn after raising $370 million in a Series E funding round.

August 2021: Sameer Suhail, who joined BharatPe in 2020, is appointed CEO.

October 10, 2021: Grover, and his wife Madhuri Grover applied for Nykaa’s IPO through Kotak Mahindra Bank.

October 28, 2021: Citing high lending rates, Kotak Mahindra Bank told Grover and his wife that the bank cannot provide IPO financing.

October 30, 2021: Grover sent a legal notice to Kotak Mahindra Bank and Uday Kotak.

October 2021: Directorate General of GST Intelligence searched BharatPe’s head office.

January 5, 2022: An audio clip was leaked on social media where Grover was allegedly threatening and abusing Kotak Bank’s staff member over Nykaa’s IPO.

January 6, 2022: Grover called the audio clip fake.

January 9, 2022: Kotak Mahindra Bank said it will send legal notice to Grover and his wife.

January 17, 2022: The emails, in which Grover allegedly used foul language for Harshjit Sethi, became public.

January 19, 2022: Grover takes voluntary leave till March 2022.

January 29, 2022: Madhuri Grover, Head of Controls at BharatPe, takes voluntary leave as well.

January 29, 2022: BharatPe appoints Alvarez and Marsal (A&M), New York-based professional services firm, for an internal audit at the board’s recommendation.

January 29, 2022: Media reports, citing sources, claim that BharatPe is likely to terminate Ashneer Grover.

January 30, 2022: Grover hires a Delhi law firm as pressure mounts for him to leave the company.

February 4, 2022: Investigations by A&M reveal inconsistencies in payment transactions. The audit report said all invoices generated were from Panipat -- Grover’s wife Madhuri and his brother-in-law Shwetank Jain's native town. The "fake invoices" fraud was estimated at Rs 10.97 crore.

February 4, 2022: Grover seeks the removal of Suhail Sameer from the board.

February 10, 2022: Madhuri writes to Alvarez & Marsal (A&M) questioning the consulting firm about recent media leaks. Her letter threatens legal action against the firm.

February 22, 2022: Grover files an arbitration plea in Singapore, looking to protect his 9.5% stake in the company.

February 23, 2022: BharatPe sacks Madhuri on charges of misappropriating funds.

February 27, 2022: Grover lost the arbitration that he had filed against the company’s investigation against him. EA rejected all the five grounds of relief.

February 28, 2022: Grover steps down as BharatPe's managing director.

Read Also | Ashneer Grover says investigation a sham, seeks to learn from Nithin Kamath and Bhavin Turakhia to build bootstrapped firms

(Edited by : Thomas Abraham)