Cofounder to cease being a shareholder in fintech startup
BharatPe and its cofounder Ashneer Grover have settled their two-year long legal dispute, according to a statement issued by the New Delhi-based fintech firm.
“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,” the company said.
Grover’s shares will be transferred to a family trust, as per the statement. While some parts of his shares will be transferred to the Resilient Growth Trust, the remaining stake will be managed by his family trust, the company added.
“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. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table,” Grover said in a statement.
BharatPe has been entangled in a battle with Grover since 2022, spiralling into allegations of misappropriation of funds against the cofounder and his wife Madhuri Jain. This further led to a series of legal cases slapped by the company on Grover.
According to data from Tracxn as of the end of 2023, Peak XV Partners owned 18.7 per cent stake in BharatPe while Coatue Management held 13 per cent shares with Ribbit Capital’s stake at 10.7 per cent in the fintech. The founders together have a shareholding of 15.5 per cent.
“Both parties have decided not to pursue the cases filed. We wish Grover well. BharatPe continues to focus on delivering industry leading solutions to its merchants and customers driving growth with profitability,” the statement read.
