Athira Sethu
Kochi, 30 September 2024
Fintech BharatPe has announced resolution to two-year-long legal battle with cofounder Ashneer Grover. In a statement, it outlined the terms of the settlement that marked a defining shift for the warring parties.
Under the deal, Ashneer will sever all his links with BharatPe, thus cutting all holding in the company. His shares will be transferred to a family trust, with portions going into the Resilient Growth Trust.
Ashneer himself stated that he has full confidence in BharatPe’s current management and board and remains committed to its future growth.
“I will no longer be associated with BharatPe in any capacity, nor be part of the capital table,” he said. This clearly marked the end of his involvement with the firm. The conflict of BharatPe vesus Ashneer Grover surfaced during 2022 in a financial misconduct allegation against Ashneer and his wife Madhuri Jain. The said allegations made BharatPe along with Ashneer as defendants, which, in turn, made their relationship complicated and affected the public image of the company.
According to data published by Tracxn as of the end of 2023, major shareholders in BharatPe include Peak XV Partners at 18.7%, Coatue Management at 13%, Ribbit Capital at 10.7%, & Founders have a 15.5% stake in the company.
The fintech firm and Ashneer have agreed to withdraw all cases filed or appealed so far in the dispute. The company is going to provide futuristic solutions for both merchants and customers while driving growth without missing out on profitability. Well-wishes were extended to Ashneer Grover as a fresh start for both the fintech firm and its former cofounder.
