The bitter conflict between Ashneer Grover, cofounder of BharatPe, and the digital payment company has officially come to an end. After months of legal battles and public drama, both parties have reached a settlement that sees Grover completely exiting BharatPe. As part of the agreement, Grover will have no involvement with the company moving forward, and his shares will be transferred to different entities, including a family trust.
According to media reports, a portion of Grover’s shares will go to the Resilient Growth Trust, while the rest will be managed by his family trust. Both sides have agreed to drop all ongoing legal cases, effectively putting an end to their public feud. This resolution comes after BharatPe accused Grover and his family of misappropriating over Rs 88 crore, leading to a lengthy legal tussle.
Ashneer Grover’s Statement on the Settlement
In a statement, Grover expressed satisfaction with the agreement, saying, “I fully trust the management and board at BharatPe. They are guiding the company in the right direction. I wish for BharatPe’s continued growth and success. I will no longer have any association with the company, nor hold any shareholding.” He also added that his remaining shares would be handled by his family trust.
How the Dispute Started
The conflict between Grover and BharatPe started in early 2022 when an audio clip surfaced allegedly featuring Grover’s voice threatening a Kotak Bank employee. This triggered a series of events that escalated quickly. Following the audio leak, Grover took voluntary leave in January 2022. During this time, BharatPe’s board initiated an independent audit, which led to further complications.
In February, the investigation revealed that Grover’s wife, Madhuri Jain, was involved in embezzling company funds. BharatPe promptly terminated her. Shortly after, Grover resigned from his position as the company’s cofounder in March 2022.
Legal Battles and Accusations
The legal issues between Grover and BharatPe intensified throughout 2022. In December, the company filed a criminal case against Grover and his family, accusing them of misappropriation. BharatPe also submitted a complaint with the Economic Offenses Wing (EOW) of Delhi Police. At the same time, the company approached the Singapore International Arbitration Centre (SIAC) to revoke Grover’s restricted shareholding.
Bhavik Koladiya, another cofounder of BharatPe, filed a lawsuit to reclaim Grover’s shares. The legal fight continued when another cofounder, Shashwat Nakrani, dragged Grover to court over unpaid shares. This prolonged period of litigation led to significant changes within BharatPe.
Senior Executives Leave BharatPe Amid the Dispute
The fallout from the Grover-BharatPe dispute led to the exit of several top executives. In January 2023, CEO Suhail Sameer stepped down, with CFO Nalin Negi assuming the role of interim CEO. Later in the year, COO Dhruv Dhanraj Bahl and CPO Ankur Jain also left the company, signaling the lasting impact of the controversy on BharatPe’s internal structure.
In August 2023, Koladiya resigned, marking another high-profile departure. These resignations, along with the legal and financial challenges, made it clear that BharatPe was undergoing significant changes as it worked to recover from the scandal.
Moving Forward for BharatPe
With Ashneer Grover’s exit finalized and the legal cases dropped, BharatPe now has a clean slate to focus on its growth. The company, once embroiled in a very public dispute, can now concentrate on its operations without further distractions. As Grover steps away, BharatPe will be looking to regain its momentum in the highly competitive fintech space.
