BharatPe Resolves Conflict with Ashneer Grover

Fintech company BharatPe has finally resolved its long-standing disagreement with former co-founder and managing director Ashneer Grover. BharatPe announced that both sides have come to a definite agreement, and as part of the resolution, Grover will have no further involvement with BharatPe in any capacity, nor will he hold any shares in the company.

Related: PhonePe Secures 50% UPI Market Share in August – A Dominant Force

“A portion of Mr. Grover’s shares will be transferred to the Resilient Growth Trust for the benefit of the Company, and the rest will be managed by his family trust,” the statement confirmed. Additionally, the agreement ensures that both parties will not continue with the legal cases that were previously filed.

Confirming the agreement, Grover stated in a message, “I have come to a final agreement with BharatPe. I trust the management and board, who are doing excellent work in steering BharatPe in the right direction. I am still committed to the company’s growth and success.”

Since February 2022, Grover and BharatPe had been in conflict. Following his resignation in March 2022, Grover continued to make serious accusations against BharatPe’s stakeholders, including co-founders, the board, and investors, alleging that his removal was part of a conspiracy. In December 2022, BharatPe filed a criminal complaint against Grover and his family, accusing them of fraud and claiming damages of over Rs 88.67 crore. Additionally, co-founders Bhavik Koladiya and Shahvat Nakrani raised concerns about a share dispute with Grover, with Koladiya lodging a complaint in January and Nakrani in March 2023. Moreover, BharatPe requested SICA (Singapore International Arbitration) to transfer Grover’s restricted shares to co-founder Shashvat Nakrani for a sum of Rs 33.02 lakh.

Nearly five months after BharatPe lodged a criminal complaint, the Delhi Police Economic Offences Wing (EOW) registered a first information report (FIR) against Grover, his wife Madhuri Jain, and other relatives. Just last week, the EOW of the Delhi Police apprehended Deepak Gupta, a family member of Grover, in relation to the mishandling of the company’s finances.

The agreement between both sides signifies a major progress, especially given the seriousness of the complaints filed by BharatPe. Earlier in May, the company backed by Tiger Global also settled all ongoing legal conflicts with PhonePe regarding the utilization of the trademark ending in ‘Pe.’

Fintech company BharatPe and former co-founder Ashneer Grover have reached a definitive agreement, leading to Grover’s disassociation from BharatPe and the transfer of his shares. This resolution signifies a significant step following months of conflict, legal disputes, and serious allegations. The agreement also entails the cessation of ongoing legal cases. Grover expressed trust in BharatPe’s leadership and commitment to the company’s prosperity. The settlement marks a substantial milestone, especially considering the magnitude of the issues faced. Additionally, BharatPe recently resolved trademark conflicts with PhonePe, marking further progress.