BharatPe announces settlement with Ashneer Grover

Fintech company BharatPe has resolved its long-standing dispute with former co-founder and managing director Ashneer Grover.

BharatPe in a statement said that both parties (BharatPe and Grover) have reached a definitive agreement, and that 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.

“Certain shares of Mr. Grover shall be transferred to the Resilient Growth Trust for the benefit of the Company and his remaining shares will be managed by his family trust,” the statement added.

The agreement also means that the two parties will not pursue the cases filed. 

Confirming the same, Grover said in a post, “I have reached a decisive 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 continue to remain aligned with the company’s growth and success…”

Grover and BharatPe had been at loggerheads since February 2022. After resigning in March 2022, Grover continued to make serious allegations against BharatPe’s stakeholders, including co-founders, the board, and investors, claiming that his ouster was part of a conspiracy.

BharatPe lodged a criminal complaint against Grover and his family in December 2022, alleging fraud and seeking over Rs 88.67 crore in damages. Furthermore, co-founders Bhavik Koladiya and Shahvat Nakrani filed complaints against Grover in January and March 2023, respectively, concerning a share dispute.

BharatPe also sought intervention from SICA (Singapore International Arbitration) to transfer Grover’s restricted shares to co-founder Shashvat Nakrani for a total amount of Rs 33.02 lakh.

Almost five months after BharatPe submitted a criminal complaint, the Delhi Police Economic Offences Wing (EOW) filed a first information report (FIR) against Grover, his wife Madhuri Jain, and other family members.

Last week, EOW of the Delhi Police arrested Deepak Gupta, a family member of Grover in connection with the misappropriation of the company’s funds.

The settlement between the two parties marks a significant development, considering the nature of the complaints filed by BharatPe. In May, the Tiger Global-backed firm also resolved all long-standing legal disputes with PhonePe related to the use of the trademark with the suffix ‘Pe.’