BharatPe, a fintech company, has settled its ongoing legal dispute with Ashneer Grover, its former co-founder and managing director. This conflict, which began in early 2022, has finally come to an end, allowing BharatPe to shift its focus back to growth and development.
As part of the settlement agreement, Grover will no longer be associated with BharatPe in any capacity and will no longer hold any shares in the company. A portion of his shares will be transferred to the Resilient Growth Trust, a special fund created for the company’s benefit, while the remaining shares will be managed by Grover’s family trust. The settlement also includes a clause that prevents both parties from initiating any further legal actions regarding the dispute. This resolution ends the numerous legal battles that have troubled BharatPe and its stakeholders over the past two years.
In a public post, Grover expressed his trust in BharatPe’s current management and board. He stated, “I have faith in the management and board, who are doing great work in taking BharatPe forward. I continue to support the company’s growth and success.”
BharatPe Ashneer Grover Dispute
Since February 2022, Grover and BharatPe had been in conflict. After Grover resigned in March 2022, he accused BharatPe’s stakeholders and board members of conspiring against him. In response, BharatPe filed a criminal complaint against Grover and his family in December 2022, alleging fraud and seeking damages of over Rs 88.67 crore. The company also initiated legal action through the Singapore International Arbitration Centre (SIAC) regarding the transfer of Grover’s restricted shares.
The situation escalated when the Delhi Police Economic Offences Wing (EOW) filed a first information report (FIR) against Grover and his family members for alleged fund misappropriation. Just last week, the EOW arrested Deepak Gupta, a relative of Grover, during its investigation.
A New Beginning for BharatPe
This settlement marks a fresh start for BharatPe, allowing the company to refocus on its growth and innovation efforts. The Tiger Global-backed firm has already made progress in resolving other legal matters, such as its trademark dispute with PhonePe. With the resolution of these disputes, BharatPe can now concentrate on expanding its market presence.
The conclusion of this bitter chapter offers new opportunities for both BharatPe and Grover. As they move forward, the Indian fintech industry will be closely watching how this resolution impacts their future paths.
