Tech 3 | BharatPe CEO steps down; Satya Nadella & Mumbai street food war: ChatGPT edition; and more

One important thing: Hospitality chain Oyo's wait for a public market debut just got longer. Capital markets regulator SEBI has directed the Gurugram-based firm to revise its draft IPO documents with certain updates and resubmit them.?

• Oyo had initially filed preliminary documents with SEBI in October 2021 for a Rs 8,430 crore IPO.

In today’s newsletter:

• BharatPe CEO steps down, turns investor
• ChatGPT recommends Mumbai's best street food to Satya Nadella
• What startups think of draft online gaming rules

BharatPe CEO steps down, turns investor

Chaos has returned to controversy’s favourite child.?

• In the morning, it surfaced that BharatPe chief executive officer Suhail Sameer is stepping down from his position and is planning to set up a VC fund.?
• By sunset, we learnt that former managing director Ashneer Grover has shot a damning letter to the company’s board members

In search of a CEO

While the BharatPe board has begun the search for a replacement for Sameer, the company has stated that the outgoing CEO will continue to serve as a strategic advisor.

• Meanwhile, BharatPe CFO Nalin Negi will take over as interim CEO. This means that BharatPe is now led by two former SBI executives, including Chairman Rajnish Kumar

Ashneer blasts board

In a letter to the BharatPe board, former managing director Ashneer Grover has alleged that he was threatened by the company's general counsel at the December 31 annual general meeting (AGM).

• Grover says that the absence of Chairman Rajnish Kumar and key investors at the meeting demonstrated their lack of commitment to running the company.
• The letter also questioned how 7,880 equity shares of the company worth Rs 315 crore were majorly allotted to four key managerial personnel of the company
• BharatPe rebutted saying 'these are retaliatory and diversionary tactics' in response to a recent lawsuit against Grover and his family

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