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BharatPe Settles with Ashneer Grover; Former Co-founder Forfeits 3% Stake, Ends Legal Dispute

Sep 30, 2024, 03:35 AM

BharatPe, the Indian fintech company, has reached a definitive settlement with its former co-founder Ashneer Grover, ending years of bitter and publicly fought legal disputes between them. As part of the agreement, Grover will forfeit about 3% of his 8.4% stake in the company, with certain shares being transferred to Resilient Growth Trust and the remainder managed by his family office. He will no longer be associated with BharatPe in any capacity and will not hold any role or shareholding in the company. Both parties have decided not to pursue further legal action, effectively withdrawing all pending cases, including BharatPe's allegations of fraud worth Rs 81 crore against Grover. Grover has also settled his dispute with BharatPe co-founder Bhavik Koladiya. In a statement, Grover said, "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." The settlement brings to a close one of the most high-profile disputes in India's startup ecosystem.