BharatPe - Ashneer Grover Settle Two-Year-Long Dispute
BharatPe - Ashneer Grover Settle Two-Year-Long Dispute
The company accused the co-founder and his wife of misappropriation of funds
Fintech startup BharatPe and co-founder Ashneer Grover have resolved their two-year-long dispute, dropping all legal cases against each other.
The company’s statement read, "Both parties have decided not to pursue the cases filed. We wish Grover well. Bharat Pe continues to focus on delivering industry-leading solutions to its merchants and customers driving growth with profitability.”
It added, "As part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company.”
While some of Grover’s shares will be transferred to a family trust, the rest will be transferred to the Resilient Growth Trust.
Grover stated, "I have reached a settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I remain aligned with the company's growth and success. I will no longer be associated with it in any capacity, nor be part of the capital table.”
The company was entangled in a battle with Grover since 2022, due to allegations of misappropriation of funds against him and his wife Madhuri Jain. This led to a series of legal cases slapped on Grover.
According to the Tracxn data, by 2023-end, Peak XV Partners owned 18.7 percent shares, Coatue Management 13 percent and Ribbit Capital 10.7 percent, in the fintech company. The founders together have a shareholding of 15.5 percent.
